Rep. Bryan Steil, R-Wis. sends a message to Republicans who plan to not vote for President Donald Trump’s budget bill on “Varney & Co.”
President Donald Trump proposed the introduction of a “gold card” visa on Tuesday afternoon. This is a potential opportunity for foreign investors to buy the path to American citizenship.
The United States currently offers similar opportunities through the EB-5 Immigration Investor Program, which was founded in 1990 and is administered by the U.S. Citizens’ Immigration Service (USCIS). According to the USCIS website, visas are open to investors “making necessary investments in commercial American companies” and “creating 10 permanent full-time jobs for qualified US workers.” Or a plan to maintain it.
But Trump’s recent proposal will replace the EB-5 program, with the Republican president planning to propose a $5 million “gold card” visa.
“We’re going to sell gold cards,” Trump explained to reporters. “We’re going to price that card about $5 million.”
President Donald Trump has proposed the introduction of a “gold card” visa. (Andrew Harnik / Getty Images / Getty Images)
“It will give you the privilege of a green card, and it will also be the path to citizenship (of America) and the wealthy people will come to our country by purchasing this card. “The president continued.
When reporters asked if it was possible for Russian oligarchs to obtain the card, Trump replied in affirmation.
“Yeah, probably,” the American leader replied. “Hey, I know of a Russian oligarch who is a very nice person.”
Trump defends tariffs and accuses Canada of “very abusive America”: Video
Trump’s recent proposal will replace the EB-5 program with a “Gold Card” visa with a $5 million song. (Jabin Botsford / The Washington Post / Getty Images)
At least one member of the Trump administration has shown support for the measure. Speaking to reporters on Tuesday, Commerce Chief Secretary Howard Lutnick accused the EB-5 program of “full of nonsense, makeup, fraud and fraud.”
“It was a way to get a low-cost green card,” Rutnick said. “So, rather than having this kind of ridiculous EB-5 program, the President is going to end the EB-5 program. He’s going to replace it with a Trump Gold card.”
Click here to get your Fox business on the go
When reporters asked if it was possible for Russian oligarchs to obtain the card, Trump replied in affirmation. (Anna Money Maker/Getty Images)
More information about the “Gold Card” will be available in the coming weeks. Similar visas are available in other countries. The UK offers tier 1 (investment) visas. This will allow for the path to citizenship for foreigners who invest between 5 million and £10 million.
Reuters contributed to this report.
