Trump Announces New ''Gold Card'' Visa for Foreign Investors

U.S. President Donald Trump has announced a new residency program for foreigners, the “Gold Card,” which will cost $5 million and offer a pathway to American citizenship. This new visa will replace the EB-5 program, which grants green cards to foreign investors who create jobs in the U.S. but has been criticized for fraud and low investment thresholds.

The EB-5 program, established in 1990, requires foreign investors to invest at least $1 million in businesses that generate a minimum of 10 jobs in the U.S. or $800,000 in economically disadvantaged areas. Although it has funded various infrastructure projects, hospitals, and transportation systems, the program has faced scrutiny over alleged irregularities and the need for reforms.

The “Gold Card” will not require job creation and will be targeted at ultra-wealthy individuals. There is no clear limit on the number of visas that will be issued, and Trump has suggested that millions could be sold to help reduce the national deficit. Additionally, the program may attract investors who avoid the EB-5 due to global taxation on their income.

The proposal comes at a time when the Trump administration is tightening policies against illegal immigration, enforcing mass deportations. The final details of the program will be released soon, and visa sales are expected to begin in the coming weeks.