Donald Trump announced that he’s replacing the EB-5 visa program with a “Gold Card” that allows rich foreigners to buy “green card privileges ‘plus’” from the government for $5 million. The change is expected to occur in two weeks.
The current EB-5 visa program offers foreign investors a route to obtaining a green card by investing in U.S. businesses, along with other requirements that guarantee the investment creates jobs and adds to the economy.
From his initial statements, made alongside Commerce Secretary Howard Lutnick, we can assume that the purchase of a Trump Gold Card will give money to the government rather than to American workers.
When asked if Russian oligarchs would be eligible for a gold card, Trump responded “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
This is a developing story. Check back for updates.
