President Donald Trump announced plans for a new visa program, dubbed the “gold card,” that would grant lawful permanent residency to foreign nationals willing to invest $5 million in the United States. Trump said the initiative, set to launch in two weeks, would attract wealthy, high-level individuals and generate revenue to help reduce the national deficit.
Commerce Secretary Howard Lutnick stated that the “Trump Gold Card” would replace the existing EB-5 investor visa, which currently grants residency to foreign investors who commit at least $1.05 million to U.S. businesses. Lutnick criticized the EB-5 program as being plagued by fraud and inefficiency.
Trump, when asked if Russian oligarchs could apply, jokingly responded, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.” The administration argues that the new visa system would eliminate wasteful green card lotteries while offering a pathway to citizenship for affluent immigrants.
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