Trump told reporters in the Oval Office, “They’ll be rich and successful, and they’ll spend a lot of money, pay a lot of taxes, and hire a lot of people. We think it’s going to be a huge success.”
Howard Lutnick, the secretary of commerce, said that in two weeks, the “Trump Gold Card” would take the place of EB-5 cards. Congress made EB-5s available to people who spend about $1 million on a business that hires at least 10 people. They were made to attract foreign investment.
It’s actually a green card, which means lifelong legal residency. Lutnick said the gold card would make it more expensive for investors to get in and get rid of the “nonsense” and fraud that he said are typical of the EB-5 program. It would have a way to become a citizen, just like other green cards.
The most current Yearbook of Immigration Statistics from the Homeland Security Department shows that about 8,000 people got investor visas in the year ending September 30, 2022. In 2021, the Congressional Research Service said that EB-5 visas can lead to fraud because it is hard to prove that the money was properly obtained.
The whole world gives out investor visas all the time. An advisory company called Henley & Partners says that more than 100 countries around the world, such as the US, UK, Spain, Greece, Malta, Australia, Canada, and Italy, give “golden visas” to wealthy people.
Trump didn’t say anything about the things that need to happen to create jobs. The government can only give out a certain number of EB-5 visas, but Trump thought that they could sell 10 million “gold cards” to cut the deficit. He said, “It might be great, or it might be great.”
“It’s kind of like a green card, but more advanced. It’s a way for people to become citizens, and it’s mostly for rich people or people with a lot of talent. Rich people pay for talented people to come to the country, which means companies will pay for people to come here and stay for a long time,” he explained.
Congress decides who can become a citizen, but Trump said that “gold cards” would not need approval from Congress.
Trump said on Tuesday that he wants to replace a 35-year-old investor visa with a “gold card” visa that comes with a road to citizenship for $5 million.
Trump told reporters in the Oval Office, “They’ll be rich and successful, and they’ll spend a lot of money, pay a lot of taxes, and hire a lot of people. We think it’s going to be a huge success.”
Howard Lutnick, the secretary of commerce, said that in two weeks, the “Trump Gold Card” would take the place of EB-5 cards. Congress made EB-5s available to people who spend about $1 million on a business that hires at least 10 people. They were made to attract foreign investment.
It’s actually a green card, which means lifelong legal residency. Lutnick said the gold card would make it more expensive for investors to get in and get rid of the “nonsense” and fraud that he said are typical of the EB-5 program. It would have a way to become a citizen, just like other green cards.
The most current Yearbook of Immigration Statistics from the Homeland Security Department shows that about 8,000 people got investor visas in the year ending September 30, 2022. In 2021, the Congressional Research Service said that EB-5 visas can lead to fraud because it is hard to prove that the money was properly obtained.
The whole world gives out investor visas all the time. An advisory company called Henley & Partners says that more than 100 countries around the world, such as the US, UK, Spain, Greece, Malta, Australia, Canada, and Italy, give “golden visas” to wealthy people.
Trump didn’t say anything about the things that need to happen to create jobs. The government can only give out a certain number of EB-5 visas, but Trump thought that they could sell 10 million “gold cards” to cut the deficit. He said, “It might be great, or it might be great.”
“It’s kind of like a green card, but more advanced. It’s a way for people to become citizens, and it’s mostly for rich people or people with a lot of talent. Rich people pay for talented people to come to the country, which means companies will pay for people to come here and stay for a long time,” he explained.
Congress decides who can become a citizen, but Trump said that “gold cards” would not need approval from Congress.
