Trump proposes selling gold cards to prospective investor immigrants
U.S. President Donald Trump proposed on Tuesday that he would allow wealthy people to pay $5 million to buy a "gold card" (also known as the "Trump Gold Card") to obtain permanent U.S. residency, a move that would replace the existing EB-5 investment immigration program.
Trump estimates that the United States can sell 1 million or more "gold cards", which will employ many people and boost the U.S. economy.
U.S. Commerce Secretary Howard Lutnick pointed out that there are too many frauds in the current EB-5 program and it is a "low-cost way to get a green card". He believes that the United States should terminate the program, strengthen restrictions on illegal immigration, and replace it with the Trump Gold Card.
The proposal is still in the conceptual stage, and abolishing the EB-5 program requires the approval of the U.S. Congress. Pursuant to the United States' Grandfather Clause, applicants who have already submitted applications will not be affected.
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