President Donald Trump announced plans to introduce a new visa program, dubbed the 'Trump Gold Card,' during a recent Oval Office briefing. This initiative aims to replace the existing EB-5 investor visa, which has been in place for 35 years. The proposed 'gold card' visa would offer a path to citizenship for a fee of $5 million, targeting wealthy individuals who are expected to contribute significantly to the economy through spending, tax payments, and job creation.
Commerce Secretary Howard Lutnick revealed that the 'Trump Gold Card' would be rolled out in two weeks, effectively replacing the EB-5 visas. The current EB-5 program requires investors to allocate around $1 million towards a business that employs at least 10 individuals. Lutnick emphasized that the new visa program would raise the investment threshold, aiming to eliminate fraudulent activities and streamline the process for obtaining permanent legal residency.
