U.S. golden visa: Trump proposes $5 million 'gold card' to replace EB-5 foreign investor visa

U.S. President Donald Trump proposed a new plan on Tuesday, suggesting replacing the EB-5 investment immigration visa program with a "Gold Card." Under the plan, investors could obtain a path to U.S. citizenship by paying $5 million.

Trump told reporters that "the Gold Card will give holders green card privileges and provide a path to (U.S.) citizenship." He added that details about the plan would be released in two weeks. Trump announced the Gold Card plan in the Oval Office, stating that the card would provide holders with green card privileges and serve as a path to obtaining U.S. citizenship. He explained to reporters, "Rich people will come to our country by purchasing this card. They will be rich and successful, they will spend a lot of money, pay a lot of taxes, and hire a lot of people."

The current EB-5 program allows foreign investors to obtain a green card by investing in U.S. businesses. According to the program, if an investor makes the necessary investment in a commercial enterprise in the United States and plans to create or preserve 10 permanent full-time jobs for qualified U.S. workers, then the investor, their spouse, and unmarried children under the age of 21 are eligible to apply for lawful permanent residence. The program was established by Congress in 1992, and according to the U.S. Citizenship and Immigration Services website, the EB-5 program can grant green cards to immigrants who invest at least $1,050,000, or $800,000 in economically distressed areas known as Targeted Employment Areas, thereby creating jobs for American workers.

Commerce Secretary Howard Lutnick, commenting on Trump's Gold Card proposal, stated that the EB-5 program is an underpriced way to obtain a green card. He added that under the new system, eligible individuals would pay $5 million to the U.S. government. "Of course, they have to be vetted to make sure they are outstanding world-class global citizens before they can come to America," Lutnick said.

When asked if Russian oligarchs would be eligible for the Gold Card, Trump responded, "Yes, possibly. Hey. I know some very good Russian oligarchs."