Washington: U.S. President Donald Trump's administration has announced plans to abolish the EB-5 immigrant investor visa program, replacing it with a new initiative known as the "Gold Card." This change, revealed by Commerce Secretary Howard Lutnick, will require applicants to contribute US$5 million to the U.S. government.
According to Yonhap News Agency, Lutnick criticized the current EB-5 program, labeling it as "full of nonsense" and implying it allows for a "low-priced" green card. Addressing reporters in the Oval Office, Lutnick elaborated on the administration's decision to discontinue the EB-5 program in favor of the more lucrative Gold Card initiative.
President Trump emphasized the potential benefits of the Gold Card, which he believes will attract high-level individuals who can contribute significantly to the U.S. economy by creating jobs and generating substantial tax revenue. Trump optimistically projected the potential sale of up to a million Gold Cards, which could result in $5 trillion in revenue. He proposed even larger figures, suggesting that selling 10 million cards could generate a total of $50 trillion, which he noted could substantially offset the nation's $35 trillion debt.
While the financial benefits are promising, Trump assured that each Gold Card application would undergo thorough vetting to ensure the integrity and success of the program.