As reported by Forbes, citing CNN, these cards will grant their holders the right to live and work in the U.S. and significantly simplify the path to citizenship.
“We have green cards, but this will be an even better option – the ‘golden card.’ It will cost around $5 million and provide all the benefits of a green card as well as an easier route to citizenship. Wealthy people from all over the world will come and take advantage of this opportunity,” Trump stated.
According to him, the program will launch in about two weeks, and he expects it to be highly popular. When asked about the possibility of Russian oligarchs purchasing such cards, Trump replied, “Quite possible. I know some Russian businessmen – they are wonderful people.”
U.S. Secretary of Commerce Howard Lutnick added that the new initiative could serve as an alternative to the existing EB-5 program. The latter allows obtaining a green card through investment in the U.S. economy and job creation.
The EB-5 program was introduced by the U.S. Congress in 1990 to stimulate economic growth by attracting foreign capital. Investors and their families can obtain permanent resident status in the U.S. if they invest at least $1,050,000 or $800,000 in economically distressed regions. Moreover, these investments must create or preserve at least 10 jobs for U.S. citizens, and the source of funds must be legally verified. The application may include a spouse and children under 21.
However, the EB-5 program has repeatedly faced fraudulent schemes. For instance, investors were encouraged to invest in non-existent projects, or intermediaries (lawyers, agents) charged excessive fees for “assistance” in processing documents. Some even misappropriated part of the investment funds, leaving clients empty-handed.
Thus, the “golden card” initiated by Trump could become a new tool for attracting wealthy foreigners, although its effectiveness and transparency remain to be assessed.
Source – Financial Club.