Wed Feb 26 09:30:19 UTC 2025: ## Trump Announces $5 Million ‘Gold Card’ US Residency Program
**Washington D.C.** – President Donald Trump announced a new program offering foreign nationals US residency and a pathway to citizenship for a $5 million fee. This “gold card” program will replace the existing EB-5 immigrant investor visa, which the administration has criticized as rife with fraud.
The new program will grant permanent residency, similar to a green card, with a route to full citizenship. Unlike the EB-5 program, which requires a $1 million investment and job creation, the “gold card” program has no stated job creation requirements, though applicants will undergo thorough vetting. President Trump suggested the program could generate revenue to reduce the national deficit, potentially selling up to 10 million visas.
Commerce Secretary Howard Lutnick characterized the EB-5 program as plagued by “nonsense, make-believe, and fraud,” citing its low cost as a factor contributing to its abuse. The President indicated that the new program would attract wealthy individuals, including potentially Russian oligarchs, stating, “It’ll be people with money.”
Experts like Kristin Surak, associate professor of political sociology at the London School of Economics, have noted that the $5 million price tag would make it the world’s most expensive golden visa program. However, Surak also suggests that high demand is likely due to the promise of a streamlined path to citizenship. The program’s potential impact on US taxes and the possibility of attracting individuals involved in money laundering remain concerns.
While the details are still to be finalized, the program is expected to launch in two weeks. The announcement has sparked controversy, particularly given the lack of Congressional approval, which is typically required for determining citizenship qualifications. The program’s launch comes amidst the Trump administration’s ongoing crackdown on undocumented immigrants.
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