Trump unveils $5 million ‘Gold Card’ visa program to replace EB-5

The announcement took place in the Oval Office on Tuesday, where Trump detailed the new program as an effective replacement for the EB-5 visa, which he criticized as flawed and rife with fraud.

"We’re going to be doing something that’s very good. We’re going to be selling a ‘Gold Card.’ You have a green card, this is a gold card," Trump said.

"We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges, it’s going to be a route to citizenship, and wealthy people will be coming into our country by buying this card. They’ll be wealthy, they’ll be successful, they’ll be spending a lot of money, paying taxes and employing a lot of people. We think it’s going to be extremely successful. Never been done before, anything like this. This is something we’re going to be putting out over the next two weeks."

Trump confirmed that in addition to the $5 million payment, recipients of the Gold Card would also be required to make an investment in the U.S. economy. He contrasted the new program with the existing EB-5 visa system, which allows foreign investors to secure green cards by investing either $800,000 in targeted employment areas or $1.05 million elsewhere.

Howard Lutnick, U.S. Secretary of Commerce, further explained the shift: "The EB-5 program was really, you lend some money but it was full of nonsense, make-believe, and fraud. It was a way to get a green card that was low price," Lutnick said. "Rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program, we’re going to replace it with the Trump Gold Card, which is really a green card."

Under the new system, individuals would pay $5 million directly to the U.S. government and undergo a vetting process to ensure they are "wonderful, world-class global citizens," Lutnick said. The administration intends to use the revenue from the program to reduce the national deficit while attracting high-net-worth individuals who will contribute to the economy through investment, job creation, and tax payments.

Further details on the Gold Card program are expected to be released in two weeks, Trump said.