Trump Proposes $5 Million 'Gold Card' as New Citizenship Route

President Donald Trump proposed replacing the EB-5 investor visa program with a new 'gold card' that costs $5 million, providing a direct route to American citizenship for foreign investors. This move aims to attract wealthy individuals and potentially includes candidates like Russian oligarchs.

U.S. President Donald Trump announced a bold proposal on Tuesday, suggesting that the EB-5 visa program, which allows foreign investors to become permanent residents, be replaced with a new initiative known as the 'gold card.' This card, priced at $5 million, would not only grant investors green card privileges but also offer a direct pathway to American citizenship.

Trump emphasized that the new program aims to attract affluent foreign nationals to the United States, including potential candidates such as Russian oligarchs. 'We are going to be selling a gold card,' Trump stated, noting that further details will emerge in the coming weeks.

Commerce Secretary Howard Lutnick criticized the existing EB-5 program, labeling it as 'nonsense' due to alleged issues of fraud and its lower cost, as compared to the envisioned gold card scheme. The restructuring is part of efforts to enhance the U.S. economy through high-value investments.