Washington: US President Donald Trump announced plans to offer a “gold card” visa with a path to citizenship for $5 million. The new system would replace the existing EB-5 program, a system launched in 1990 that offers green cards to individuals who invested in the United States, and serve as a route to citizenship, Trump told reporters in the Oval Office.

According to Qatar News Agency, Trump stated, “We’re going to be selling a gold card,” indicating that he believes it will bolster the economy. He emphasized that wealthy individuals purchasing this card would contribute significantly to the economy by spending money, paying taxes, and creating employment opportunities.

Commerce Secretary Howard Lutnick announced that the “Trump Gold Card” would replace EB-5 visas in two weeks. The EB-5 program, created by Congress in 1990, was designed to generate foreign investment and is available to individuals who invest about $1 million in a company that employs at least 10 people.

Lutnick explained that the gold card, which is essentially a green card or permanent legal residency, would increase the investment requirement and eliminate fraud associated with the EB-5 program. Similar to other green cards, it would also provide a path to citizenship.

The Department of Homeland Security’s most recent Yearbook of Immigration Statistics noted that approximately 8,000 people obtained investor visas in the 12-month period ending September 30, 2022. The Congressional Research Service reported in 2021 that EB-5 visas pose risks of fraud, including the verification of legally obtained funds.