President Trump unveiled his plan to offer a new 'gold card' residency permit priced at $5 million, targeting wealthy investors as a replacement for the EB-5 visa. This new program aims to generate substantial tax revenue and job creation while tackling existing fraud issues associated with the EB-5. Commerce Secretary Howard Lutnick clarified that this gold card would serve as a path to permanent residency and would not require Congressional approval. Trump indicated the program would also accommodate wealthy individuals from countries like Russia.
"We're going to be selling a gold card. You have a green card, this is a gold card. We're going to be putting a price on that card of about $5 million."
"They'll be wealthy and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people."
"The gold card was ultimately a green card or a permanent residency card, which raised investors' entry price in the US."
"I know some Russian oligarchs that are very nice people. It's possible. They're not as wealthy as they used to be. I think they can afford $5 million."
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