What's Trump's 'gold card,' a $5M route to US citizenship
What's the story
United States President Donald Trump has unveiled a new immigration initiative, the "Gold Card," which promises a pathway to US citizenship for a price tag of $5 million. Dubbed a "premium version of a Green Card," the proposal was announced in the Oval Office. The president said, "We're gonna be selling a gold card... We're gonna be putting a price on that card of about $5 million and that's gonna give you green card privileges plus."
Program shift
Gold Card: A potential replacement for EB-5 program
The Gold Card is being proposed as a replacement for the current EB-5 immigrant investor visa program. The current program provides Green Cards to foreign investors who invest in US businesses and fulfill certain investment and job creation requirements. Commerce Secretary Howard Lutnick proposed that the Gold Card could replace the EB-5 program, with its funds going directly to the US government instead of individual businesses.
Fiscal benefits
Gold Card's economic impact and eligibility criteria
The Gold Card initiative aims to lure wealthy individuals who can boost the US economy through spending, taxes, and job creation. Trump hinted that the program could help reduce the national deficit by selling as many as 10 million Gold Cards. However, details on how the Gold Card program will be implemented are still awaited, and it remains unclear if Congressional approval is needed.
Eligibility scope
Trump's response to eligibility of Russian oligarchs
The president also didn't mention any job creation conditions for Gold Card holders or any limitations on eligible applicants. When asked if Russian oligarchs would be eligible under this new scheme, Trump answered in the affirmative. "Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people," he said. "I think they can afford $5 million," Trump said.