New Delhi:
In a bold move to reshape immigration policies, U.S. President Donald Trump has announced plans to replace the EB-5 immigrant investor visa program with a new “gold card” system. This initiative, unveiled in Washington, D.C., allows wealthy individuals to purchase residency for $5 million, offering a pathway to U.S. citizenship. The decision comes as part of a broader strategy to leverage high-value investments to bolster the U.S. economy and reduce the national debt.
The EB-5 program, established in 1990, has been criticized for its perceived vulnerabilities to fraud and low investment thresholds. In contrast, the “gold card” system aims to attract high-net-worth individuals who can contribute significantly to the U.S. economy. President Trump expressed optimism about the program’s potential, suggesting it could lead to the sale of up to one million cards and generate substantial revenue for the government.
“We’re going to be selling a gold card… We’re going to be putting a price on that card of about $5 million,” Trump explained. “It’s going to give you green card privileges plus it’s going to be a route to American citizenship, and wealthy people would be coming into our country by buying this card,” he added. The program is set to be rolled out in two weeks, with further details expected soon.
Commerce Secretary Howard Lutnick emphasized the vetting process for potential buyers, ensuring that only qualified individuals participate. Trump also hinted at the possibility of Russian oligarchs being eligible, stating, “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.”
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