President Donald Trump announced a new US immigration initiative on Tuesday, introducing a “gold card” visa scheme for wealthy foreigners.
The scheme will allow individuals to live and work in the US and provide a path to citizenship for a $5 million fee.
The card will offer the same privileges as a green card, with the potential for millions of cards to be sold, according to Trump.
The program will replace the EB-5 investor visa program, which grants green cards to foreign investors who contribute to job creation in the US.
Trump’s proposal is expected to undergo vetting to ensure applicants meet the standards of “world-class global citizens.” Commerce Secretary Howard Lutnick emphasized the new plan’s rigorous vetting process.
The announcement comes as the EB-5 program faces bipartisan criticism, and reforms have been considered over the years. The gold card plan is set to begin within two weeks.
