US President Donald Trump has announced that he plans to sell "golden cards" to foreigners that will allow them to live and work in the US, as well as apply for citizenship. "We will sell a gold card. You have a green card, this is a gold card. We will put a price on this card of about $5 million", Trump told reporters in the Oval Office.
Russian oligarchs? "It is possible."
What kind of people will this program attract? "They will be rich and successful, they will spend a lot of money, they will pay a lot of taxes and they will hire a lot of people. We think this will be extremely successful," the US president also said.
Will the gold card also be available to oligarchs? Why not, Trump replies. "I know some Russian oligarchs who are very good people. It's possible," Trump said. "They're not as rich as they used to be. I think they can. I think they can afford $5 million."
Instead of EB-5 visas
Trump also said the golden card would not require congressional approval, although it is up to Congress to set citizenship requirements. He hopes to sell up to a million of the cards.
Commercial Secretary Howard Lutnick said the new program would replace the EB-5 visas in two weeks. Created in 1990 by Congress, EB-5 visas were intended to generate foreign investment and were available to people who spent $1 million. dollars for a U.S. company that employs at least 10 people.
Lyutnik added that the golden card is essentially a green card or permanent residency card, but it raises the price for investors in the U.S. He also explained that it would eliminate the fraud and "nonsense" associated with the EB-5 program. In 2021, a congressional report concluded that the program poses a risk of abuse.