President Trump has proposed a new “Golden Card” investment immigration program, aiming to significantly increase the investment threshold and phase out the existing EB-5 immigrant investor program within two weeks.
During the signing of an executive order in the Oval Office of the White House on Tuesday, President Trump mentioned for the first time the reform of the EB-5 visa program.
“They (referring to visa applicants) must have the ability to pay 5 million U.S. dollars to the U.S. government. Of course, they have to go through scrutiny…they can invest in the United States, and we can use this money to reduce the deficit,” Trump said.
He added that this card, priced at around 5 million dollars, will grant you green card privileges and could also serve as a pathway to obtaining U.S. citizenship.
“It’s somewhat like a green card, but more complex,” he said.
“Rich people will enter our country by purchasing this card,” Trump continued. “They will become wealthy, successful, spend a lot of money, pay a lot of taxes, and employ a lot of people. We believe the golden card will be very successful and unprecedented.”
Trump stated that wealthy individuals with the golden card can enter the U.S., operate their businesses successfully, create a significant amount of employment, and must pay taxes to the U.S. government like ordinary citizens.
Commerce Secretary Howard Lutnick later explained that the Trump administration plans to terminate the EB-5 immigrant investor program within two weeks and “replace it with the golden card.”
Lutnick stated that the EB-5 program is “filled with nonsense, falsehood, and fraud,” and it is “a way to obtain a green card at a low price.”
Once approved, golden card holders can “invest in the U.S., and we can use this money to reduce the deficit,” Lutnick added.
“Of course, applicants must go through scrutiny to ensure that they are outstanding global citizens,” Lutnick said.
The President predicted that the golden card will attract world-class talents who will create job opportunities. He mentioned that the U.S. will receive support from high-taxpayers and job creators, selling approximately one million golden cards or even more.
Trump also noted that foreign students from some Ivy League schools in the U.S. and employees of major tech companies like Apple could consider the golden card.
The EB-5 visa is a way for immigrants to obtain a green card (permanent residency) in the U.S. by investing in American enterprises. The EB-5 investor visa program allows foreign individuals investing in U.S. businesses to obtain a green card and become lawful permanent residents.
Operated by the U.S. Citizenship and Immigration Services (USCIS), the EB-5 program was established by the U.S. Congress in 1990 to encourage increased investment in the U.S. economy. The investment can lead to a green card, allowing investors, along with their spouses and unmarried children under 21, to live and work permanently in the U.S.
According to U.S. immigration regulations, EB-5 investments must create or preserve at least 10 full-time jobs for qualified U.S. workers. The creation or preservation of these job opportunities usually must occur within two years after the investor obtains conditional permanent residency and enters the U.S.
As immigration matters fall under the jurisdiction of Congress, it is currently unclear whether President Trump’s golden card proposal will be approved or endorsed by Congress.