Trump floats $5 million ‘gold card’ as a path to U.S. citizenship

U.S. President Donald Trump on Tuesday floated the thought of changing a visa program for overseas buyers with a so-called “gold card” that might be purchased for $5 million as a path to American citizenship.

Trump advised reporters he’ll exchange the “EB-5” immigrant investor visa program, which permits overseas buyers of huge sums of cash that create or protect U.S. jobs to develop into everlasting residents, with a so-called “gold card.”

The EB-5 program grants “inexperienced playing cards” to foreigners promising to spend money on U.S. companies.

“We’re going to be promoting a gold card,” Trump mentioned. “We’re going to be placing a value on that card of about $5 million,” he added.

“It is going to provide you with inexperienced card privileges plus its going to be a path to (American) citizenship, and rich individuals can be coming into our nation by shopping for this card,” Trump mentioned, including that particulars concerning the scheme will come out in two weeks.

Trump added it’s attainable Russian oligarchs might qualify for the gold playing cards, when requested by a journalist if these individuals can be eligible. “Yeah, probably. Hey. I do know some Russian oligarchs which are very good individuals,” he mentioned.

The EB-5 Immigrant Investor Program, administered by the U.S. Citizenship and Immigration Companies, was created by Congress in 1990 to “stimulate the U.S. economic system by way of job creation and capital funding by overseas buyers,” in line with the USCIS web site.

“The EB-5 program … it was stuffed with nonsense, make consider and fraud, and it was a strategy to get a inexperienced card that was low value. So the president mentioned, slightly than having this kind of ridiculous EB-5 program, we’ll finish the EB-5 program. We’ll exchange it with the Trump gold card,” Commerce Secretary Howard Lutnick advised reporters on Tuesday.