In a significant shift in US immigration policy, President Donald Trump announced on Tuesday (25 February) the introduction of a "gold card" visa programme. This initiative will allow wealthy individuals to obtain permanent residency and a route to American citizenship for a fee of $5 million.
The "gold card" is set to replace the existing EB-5 Immigrant Investor Programme, which has been in place since 1990, reports the New York Times.
Speaking from the Oval Office, President Trump described the "gold card" as "somewhat like a green card, but at a higher level of sophistication."
He emphasised that this new visa would attract affluent and talented individuals who are expected to make substantial economic contributions to the United States.
"They'll be wealthy and successful, spending a lot of money, paying taxes, and employing many people," the US president stated.
Commerce Secretary Howard Lutnick, present alongside the president, elaborated on the decision to phase out the EB-5 programme.
He criticised the current system as being "full of nonsense, make-believe, and fraud," and highlighted that the "gold card" would offer a more straightforward and lucrative alternative.
Applicants will undergo thorough vetting to ensure they are "wonderful world-class global citizens."
The administration anticipates that the "gold card" programme could significantly reduce the national debt.
President Trump projected the sale of up to one million cards, potentially generating $5 trillion in revenue.
He also suggested that companies like Apple might purchase these cards to secure top talent from around the world.
When questioned about the eligibility of individuals such as Russian oligarchs, President Trump acknowledged the possibility, noting, "I know some Russian oligarchs that are very nice people."
He expressed confidence in their ability to afford the $5 million fee.
The "gold card" initiative is slated to commence in approximately two weeks.
While the US president asserted that the programme is legally sound and does not require congressional approval, the full legal implications and potential challenges remain to be seen.
