The Trump administration stated Tuesday that it might be revamping the U.S. investor visa, rising the funds required to safe the standing whereas dubbing the brand new possibility a “gold card.”
Commerce Secretary Howard Lutnick instructed reporters within the Oval Workplace that the Trump administration can be ending the prevailing EB5 visa program, whereas President Trump boasted the brand new visa would bolster the economic system.
“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 and that’s going to give you green card privileges, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card. 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, and we think it’s going to be extremely successful,” Trump stated.
Lutnick stated the brand new card would elevate funds to pay down U.S. money owed.
“They’ll have to go through vetting, of course, to make sure they’re wonderful world class global citizens, they can come to America. President can give them a green card, and they can invest in America, and we can use that money to reduce our deficit.”
Whereas Trump stated the brand new system has “never been done before, anything like this,” the broad strokes of what the lads introduced sound much like the prevailing EB5 investor program, albeit with a better price ticket.
The present program requires would-be buyers to take a position a bit over $1 million and create at the very least 10 jobs and it additionally places buyers on a pathway to a inexperienced card and later citizenship.
It’s unclear, nonetheless, whether or not Trump can finish the EB5 program with out Congress’s blessing because the investor program was simply reauthorized in 2022.
Alex Gangitano contributed.
