WASHINGTON: President Donald Trump announced a new immigration initiative on Tuesday. The U.S. will introduce a “gold card” for wealthy foreigners. This card allows individuals to live and work in the U.S. Trump stated that it will also provide a pathway to citizenship. The cost of obtaining this special residency status will be $5 million.
Official Announcement
Speaking from the Oval Office, Trump explained the program’s purpose. “We’re going to be selling a gold card,” he said. He compared it to the existing green card but emphasized its exclusive benefits. “This is a gold card. It grants green card privileges and a path to citizenship.” He claimed the initiative would attract wealthy individuals to the country.
Sales Begin Soon
Trump revealed that sales for these cards will start within two weeks. He suggested that millions of gold cards could be issued. The new program aims to replace the existing EB-5 visa. That program allows foreign investors to gain residency by funding U.S. job-creating projects.
Question on Oligarchs
A reporter asked Trump about eligibility for Russian oligarchs. Trump responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.” His statement raised concerns regarding potential beneficiaries of the program. Critics worry about the transparency and fairness of this initiative.
Vetting Process Ensured
Commerce Secretary Howard Lutnick stood alongside Trump during the announcement. Lutnick assured that applicants would undergo strict vetting procedures. “They’ll have to go through vetting, of course,” he said. “We must ensure they are wonderful, world-class global citizens.” He confirmed that the program’s primary goal is economic benefit.
Replacing EB-5 Program
The EB-5 visa program has been in place for years. It allows foreign investors to immigrate by investing in U.S. projects. However, Trump’s new “gold card” proposal aims to simplify and expand this concept. Officials believe the new plan will generate significant revenue.
Potential Revenue Boost
Trump and his administration expect the program to bring billions of dollars into the economy. If millions of gold cards are sold, it could transform immigration policies. The administration hopes this move will attract high-net-worth individuals to invest in the country.
Critics Express Concern
Some lawmakers and policy experts voiced concerns about the plan. They argue that selling residency and a citizenship pathway could undermine traditional immigration policies. Others fear it could lead to favoritism towards the wealthy while neglecting skilled workers.
Legal and Ethical Questions
The proposed plan also raises legal and ethical issues. Critics question whether selling U.S. residency aligns with American values. The move could face legal challenges from immigration advocates and lawmakers.
Awaiting Further Details
As the plan moves forward, more details are expected to emerge. The vetting criteria and application process remain unclear. Lawmakers and immigration officials will closely monitor the implementation of this policy.
