Donald Trump has announced a plan to replace the EB-5 visa program with a $5 million gold card that would grant wealthy investors green card privileges and a path to American citizenship, Trump told to reporters on Tuesday (via Reuters).
The EB-5 program, which has long allowed foreign investors to secure residency by creating jobs, has been criticised for inefficiencies and alleged fraud. Trump argued that his proposal would attract high-net-worth individuals while simplifying the process.
When asked whether Russian oligarchs could qualify, he acknowledged the possibility, adding that he knew some personally. Details of the program are expected in the coming weeks. For now, it remains to be seen how this proposal will be received by lawmakers and the public.