On Tuesday evening, former President Donald Trump proposed significant reforms to the U.S. visa system, announcing plans to introduce a $5 million “gold card” that would grant wealthy foreigners U.S. residency.
Speaking at an Oval Office signing ceremony, Trump also ordered the Commerce Department to launch a Section 232 investigation into copper imports. He told reporters the new program could roll out within two weeks, offering green card privileges in exchange for a substantial investment.
“This gold card will attract individuals who create jobs,” Trump said, describing it as a “pathway to citizenship” for affluent immigrants. He argued that the initiative would bring in successful individuals who would contribute to the economy through spending, taxation, and job creation.
Commerce Secretary Howard Lutnick, present at the event, stated that the new program would replace the EB-5 Immigrant Investor Program, which he dismissed as ineffective.
The EB-5 program currently allows foreigners to obtain a visa by investing $1 million and generating at least 10 jobs.
The legal feasibility of altering or eliminating the EB-5 program remains uncertain, as it was established by Congress in 1990.
Anticipating concerns over potential misuse, Lutnick assured that applicants would undergo thorough vetting to ensure they are “world-class global citizens.” He emphasized that the investment would benefit the U.S. economy, helping to reduce the national deficit.
