President Donald Trump
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Former President Donald Trump has unveiled a proposal to supplant the existing EB-5 immigrant investor visa program with a new initiative termed the "gold card."
The initiative would grant green card privileges and a path to the US citizenship in exchange for a $5 million investment. Speaking from the Oval Office earlier this week, Trump characterized the gold card as a more refined version of the green card, intended to attract affluent individuals and skilled professionals to bolster the US economy through increased investment and job creation. Commerce Secretary Howard Lutnick elaborates on the vetting process for prospective gold card recipients, assuring that eligibility would be restricted to "wonderful world-class global citizens."
Lutnick criticizes the existing EB-5 program as being riddled with fraud and inefficiencies, positioning the gold card as a more effective and transparent alternative. Established by Congress in 1990, the EB-5 program was designed to stimulate economic activity by offering foreign investors green cards in return for substantial investments in the US projects, particularly in economically distressed areas.
However, the program has been criticized for its vulnerability to abuse and inadequate oversight. The proposal to replace EB-5 with the gold card has ignited debate among policymakers and the public. Proponents argue that the initiative could attract high-net-worth individuals and stimulate economic growth, while critics express concerns about the potential for exacerbating inequality and commercializing the US citizenship.
Trump's suggestion to extend gold cards to Russian oligarchs has also garnered scrutiny, particularly in light of ongoing geopolitical tensions between the US and Russia. Trump defends the idea, asserting that he knows some "very nice" Russian oligarchs who could positively contribute to the US economy. As the administration prepares to launch the gold card program in the coming weeks, its long-term consequences remain unclear.
The debate over balancing economic advantages with ethical considerations is likely to continue as stakeholders assess the potential impact of this new initiative.