U.S. President Donald Trump has announced plans to replace the EB-5 visa program with a new "gold card" that would grant foreign investors the right to live and work in the U.S. for a $5 million price tag.
The initiative, which Trump describes as a fast-track to American citizenship, is expected to attract wealthy individuals looking for residency without traditional visa hurdles.
"It will provide the privileges of a green card and become a path to citizenship," Trump said, according to Reuters. "Rich people will come to our country and buy this card."
Russian Oligarchs Welcome?
When asked if Russian billionaires would qualify, Trump didn’t hesitate. “Yes, it’s possible. I know some Russian oligarchs who are very good people,” he responded, adding with a grin, “They’re not as rich as they used to be, but they can still afford $5 million.”
The comments are already stirring controversy, as Trump has previously faced scrutiny over his business ties to Russia.
Critics argue that the proposal could create an easy pathway for sanctioned Russian elites to enter the U.S., despite existing restrictions due to Russia’s war in Ukraine.
A Shift From the EB-5 Visa Program
The current EB-5 investor visa, established in 1990, allows foreign nationals to obtain a U.S. green card by investing at least $800,000 in high-unemployment or rural areas or $1.05 million elsewhere.
After five years, investors can apply for citizenship.
Trump’s new "gold card" would eliminate the investment-location restrictions and offer a direct path to a U.S. passport, potentially making it more attractive to the ultra-wealthy.
Commerce Secretary Howard Lutnick sharply criticized the EB-5 program, calling it “complete nonsense and a scam”. He emphasized that the new gold card system would be far more beneficial to the U.S. economy, stating:
“This program will bring in people who will spend a lot of money, pay a lot of taxes, and employ a lot of Americans.”
