Trump to Replace "EB-5" Visa Program with $5 Million 'Gold Card'

On Tuesday, U.S. President Donald Trump proposed replacing the existing visa program for foreign investors with a “gold card” that would grant a path to American citizenship for a $5 million purchase.

The “EB-5” immigrant investor visa program allows foreign investors of large sums of money that create or preserve U.S. jobs to become permanent residents.

“We are going to be selling a gold card,” Trump said. “We are going to be putting a price on that card of about $5 million,” he added.

“It’s going to give you green card privileges plus its going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card,” Trump said, adding that details about the scheme will come out in two weeks.

When asked by a journalist if Russian oligarchs could qualify for the gold cards, Trump answered: “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people,” he said.

Source: Reuters