President Donald Trump announced a new visa program for investors coming to the United States on Tuesday that would cost applicants $5 million.
Trump, touting the project as a “Gold Card” program mimicking the Green Cards permanent residents get, told reporters in the Oval Office that it would be up and running in two weeks.
Why It Matters
The announcement came as other immigration routes expanded during the Biden administration are being curtailed, particularly for those from Central and Southern America. Trump has advocated for legal immigration, particularly work-based visas, which he has said help bring money and jobs into the country.
What To Know
The president said the current investor visa, known as EB-5, would be scrapped in favor of “selling a Gold Card” to those who want to invest in the U.S.
“It’s going to be a route to citizenship, and wealthy people will be coming into our country by buying this card,” Trump said. “They will be wealthy, they will be successful, they will be spending a lot of money and paying a lot of taxes.”
What Is The EB-5?
Trump was joined by Commerce Secretary Howard Lutnick, who said that the current EB-5 program was just a way to get a Green Card, which was “low priced.”
Currently, the EB-5 costs between $100,000 and $200,000 in fees from the United States Citizenship and Immigration Service (USCIS), but that is on top of a commitment applicants have to make to invest between $800,000 and $1 million.
The visa program, one of many job-based visas offered by the U.S., also requires at least 10 jobs to be created by the investment, and the applicant has to prove they have the capital in the first place.
EB-5 holders get a two-year Green Card and can apply for an extension. Beyond that is the chance to apply for U.S. citizenship.
What Will A Gold Card Offer?
According to Trump, the Gold Card will be a “Green Card plus” for those Lutnick described as “wonderful, world class global citizens.” Applicants will still be vetted to ensure they meet the requirements set out by USCIS.
Trump said he hoped the new category would help to create jobs for the best and brightest currently studying at U.S. colleges, speculating that anywhere between one and 10 million Gold Crds could be offered.
Lutnick also said the money could help offset the country’s current deficit, thanks to the high price point, which would only outpace the current EB-5.
Trump repeatedly mentioned selling the visas despite the fact that the USCIS generally collects fees for processing applications, which it can deny regardless of the amount paid.
What People Are Saying
Immigration attorney Steven Brown told Newsweek: “It’s really interesting to see what his plan is. Granted, so many things are ready, fire, aim. Right now, EB-5 Regional Center Integrity Act sunsets September 2027. So, I guess the thought would be to lobby Congress to make this change to highly increase the investment amount and possibly change the criteria.”
Corporate law attorney Florian Hauswiesner, on X, formerly Twitter: “President Trump is correct that the current Eb-5 program is flawed and has been abused in the past… A ‘gold card’ would be similar to what many other countries are already offering and level the playing field to bring successful entrepreneurs and their families to America.
What Happens Next
While Trump said the program could be up and running within two weeks, the power to create new visa categories lies with Congress, which would need to create legislation, pass it, and then send it to Trump’s desk for approval.
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