U.S. President Donald Trump unveiled plans for a new residency permit named the "Trump Golden Card," priced at $5 million during a briefing in the Oval Office. This new permit would be in addition to the existing Green Card program, aiming to attract high-value individuals, including Russian oligarchs.
The current EB-5 program, which grants permanent residency in exchange for a specific investment level, has faced issues with fraud, according to U.S. Commerce Secretary Howard Lutnick. In response, the Trump administration plans to discontinue the EB-5 program and replace it with the "Trump Golden Card," offering a more secure option for investors.
President Trump highlighted the potential of the Golden Card to draw talent in the technology sector and stimulate job creation. While emphasizing that cardholders will not gain U.S. citizenship, he mentioned that companies like Apple could use the program to bring in skilled individuals, thus contributing to economic growth.
With an expected target of selling around a million Golden Cards, Trump expressed confidence in the success of the program, expecting substantial tax revenue and job opportunities to emerge. The President also noted the interest from wealthy individuals, including Russian oligarchs impacted by U.S. sanctions amid the conflict in Ukraine, who may seek the Golden Card for entry into the United States.
