President Trump speaks to reporters as Commerce Secretary Howard Lutnick appears on within the Oval Workplace on Feb. 25, 2025.
Alex Wong/Getty Photographs North America
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Alex Wong/Getty Photographs North America
President Trump mentioned he’s planning to introduce a brand new visa to draw wealthy foreigners to America — one thing he’s calling a “gold card.”
For $5 million, folks will be capable to apply to develop into lawful everlasting residents. Trump mentioned this system can be rolled out in two weeks, would herald “very high-level folks,” and mentioned the proceeds from this system might assist pay down the deficit.
“It’ll be a path to citizenship, and rich folks will likely be coming into our nation by shopping for this card. They’re going to be rich, and so they’ll achieve success, and so they’ll be spending some huge cash and paying plenty of taxes,” Trump advised reporters at an unrelated occasion within the Oval Workplace on Tuesday.
Trump’s Commerce Secretary Howard Lutnick referred to as it the “Trump Gold Card” and mentioned it might successfully substitute the present EB-5 immigrant investor visa. That program provides residency to foreigners who make investments at the least $1.05 million in a brand new enterprise that creates jobs — or $800,000 if the enterprise is in a rural space, excessive unemployment space or an infrastructure mission.
Lutnick advised reporters the EB-5 program was “stuffed with nonsense, make-believe and fraud.” He emphasised that candidates for the “gold card” can be vetted.
Requested by a reporter whether or not Russian oligarchs might apply for “gold playing cards,” Trump mentioned — seemingly tongue-in-cheek — “Yeah, probably. Hey, I do know some Russian oligarchs which can be very good folks.”
