EB-5 Program News
President Donald Trump announced a new visa program for investors coming to the United States on Tuesday that would cost applicants $5 million. Trump, touting the project as a "Gold Card" program mimicking the Green Cards permanent residents get, told reporters in the Oval Office that it would be up and running in two weeks.
Why It Matters
The announcement came as other immigration routes expanded during the Biden administration are being curtailed, particularly for those from Central and Southern America. Trump has advocated for legal immigration, particularly work-based visas, which he has said help bring money and jobs into the country.
What To Know
The president said the current investor visa, known as EB-5, would be scrapped in favor of "selling a Gold Card" to those who want to invest in the U.S.
"It's going to be a route to citizenship, and wealthy people will be coming into our country by buying this card," Trump said. "They will be wealthy, they will be successful, they will be spending a lot of money and paying a lot of taxes."
What Is The EB-5?
The EB-5 visa program requires all applicants to invest between $800,000 and $1 million to create 10 jobs in a business enterprise.
What Will A Gold Card Offer?
According to Trump, the Gold Card will be a "Green Card plus" for those Lutnick described as "wonderful, world-class, global citizens." Applicants will still be vetted to ensure they meet the requirements set out by USCIS.
Trump said he hoped the new category would help to create jobs for the best and brightest currently studying at U.S. colleges, speculating that anywhere between one and 10 million Gold Cards could be offered.
The administration expects to release the proposed regulations in two weeks.