President Trump proposes $5 million ‘gold card’ to replace EB-5 visa for foreign investors seeking US citizenship.

In Short

Trump proposes a $5 million “gold card” for citizenship, replacing the EB-5 visa to attract wealthy foreign investors. The plan aims to streamline immigration and tackle fraud, with more details expected soon.

U.S. President Donald Trump has proposed a new pathway to citizenship involving a $5 million “gold card.”

The idea would replace the current EB-5 immigrant investor visa programme, which permits foreign investors to gain U.S. residency by investing in U.S. businesses.

Trump stated this gold card would offer green card privileges and serve as a route to American citizenship.

He indicated that wealthy individuals could obtain this card and hinted at the potential eligibility of Russian oligarchs.

Fun of fraud

Commerce Secretary Howard Lutnick criticized the EB-5 programme, labelling it full of fraud and suggesting the gold card would eliminate such issues.

Details regarding the gold card scheme are expected to be released in two weeks.

The EB-5 programme has been in place since 1990 and aims to stimulate the U.S. economy through job creation by foreign investment.

Historically, it has faced scrutiny and criticism, leading to calls for reform.

Trump’s announcement provokes discussions around immigration policy and foreign investment in the U.S.