President Donald Trump says he wants to replace the EB-5 visa program, which sells green cards to wealthy investors, with a higher-cost “gold card” program.
“Wealthy people will come to our country by purchasing this card,” he told reporters Tuesday. “They'll be successful, they'll spend a lot of money, pay a lot of taxes, hire a lot of people.”
“We could probably sell one million of these cards.
The EB-5 program is “full of nonsense, makeup and fraud,” Commerce Chief Secretary Howard Lutnick told reporters. “It was a way to get a low-cost green card.”
The Bipartisan EB-5 program offers a Green Card family package for investors who only lend $1 million to a company that creates one temporary job. Green cards can later be traded with citizenship.
The E-5 program concludes with approximately 10,000 green cards a year.
The gold cards offer green cards and citizenship opportunities at a higher price of $5 million, Trump said.
The $5 million price is a very low price for US citizenship.
Citizenship allows people to move their descendants and wealth under the protection of the US government – and from China, India, and other countries where wealth and children can be grasped by the government.
Each year, the federal government gives slices of American citizenship to about one million legal immigrants, usually at a minimum cost. “We'll hand them out — we shouldn't give them,” Trump said.
However, the influx of almost poor immigrants places a great deal on ordinary Americans who lose wages, citizen stability and political importance in the diversity of government imports.
Trump cannot establish his own Gold Card program, but he needs Congress to pass the law.
After much effort, Congress revamped it EB-5 Visa Program In 2022, we will guide more investment funds to business projects in poor areas. EB-5 money is primarily used in the construction and real estate industry to fund the launch of multi-year development projects.
