President Donald Trump has introduced a new "Golden Card" program offering permanent residency to foreigners investing $5 million in the United States. This initiative is designed to attract affluent individuals who can boost the American economy through investments, job creation, and tax contributions.
During a press briefing at the White House, Trump outlined that the "Golden Card" will grant privileges similar to those of a "Green Card," including a pathway to U.S. citizenship. However, he emphasized that this does not equate to purchasing citizenship outright.
The announcement, covered by The New York Post, included Trump's mention of knowing "some very nice Russian oligarchs" who might take advantage of this program. The new scheme is set to replace the existing EB-5 program, which previously granted "Green Cards" to foreigners investing between $900,000 and $1.8 million in projects creating at least ten jobs in the U.S.
Commerce Secretary Howard Lutnick indicated that the EB-5 program will be phased out due to issues of fraud and mismanagement, with the "Golden Card" expected to roll out in about two weeks. Lutnick did not provide evidence to support his initial claims.
The Trump administration anticipates that this program will appeal to companies seeking to bring highly skilled professionals into the country, with projections of selling up to a million "Golden Cards." The collected funds are intended to help reduce the national budget deficit. Nonetheless, the legal feasibility of altering or eliminating the EB-5 program without Congressional approval remains uncertain.
The announcement has prompted varied reactions, particularly in the context of Trump's immigration policies. While some business sectors appreciate the potential economic stimulus, others criticize the preferential treatment for the wealthy in immigration processes.
This move starkly contrasts with Trump's immigration stance following his return to the White House on January 20, characterized by a restrictive approach. For instance, the U.S. Immigration and Customs Enforcement (ICE) was granted new powers for expedited deportations of immigrants admitted under programs like humanitarian "parole" and CBP One, which were introduced during the previous administration.
Furthermore, immigration processes for thousands of beneficiaries of programs such as humanitarian "parole" and family reunification were suspended, affecting Latin American and Ukrainian nationals who had legally entered the country and were awaiting status regularization.
Understanding Trump's New Golden Card Residency Program
What is the Golden Card residency program?
The Golden Card residency program is a new initiative introduced by President Trump to offer permanent residency to foreigners who invest $5 million in the United States.
How does the Golden Card compare to the EB-5 program?
The Golden Card replaces the EB-5 program, which required investments between $900,000 and $1.8 million and job creation. The Golden Card requires a higher investment but aims to offer similar benefits.
Who might benefit from the Golden Card program?
Affluent individuals, including foreign investors and companies looking to bring highly skilled professionals to the U.S., may benefit from the Golden Card program.
What are the potential criticisms of the Golden Card program?
Critics argue that the program prioritizes wealthy individuals in immigration processes, contrasting with Trump's restrictive immigration policies.