A whimsical statement every day. On Tuesday, February 25, US President Donald Trump said he was planning to introduce a new visa to attract wealthy foreigners to the United States. The sale of this residence title, which he wishes to baptize “Golden Card Trump” (“Trump gold card” in French), should start in two weeks, he said during a press conference at the White house.
“Rich people will arrive in this country by buying this card. They will be rich, and they will be successful and they will spend a lot of money and will pay a lot of taxes and will employ a lot of people,” said the American president. “It is in a way like a green card”, permanent resident in the United States, “but at a higher level of sophistication,” said Donald Trump, adding that this “golden card” would allow his holders of Access the “path to citizenship” in the longer term.
The end of the EB-5 program
The system mentioned by Donald Trump resembles the EB-5 visa program, one of the types of green cards, which has existed since 1990. Until now, this permanent resident green card could be obtained by foreign nationals who make investments of a certain amount in the United States.
But according to Howard Lutnick, American Minister of Commerce, this existing program is subject to too many fraud, is “full of absurdities” and “pretenses”. In addition, according to the minister, he represents “a means of obtaining a green card at low cost”. The United States will therefore end this EB-5 program. “We are going to replace him with the ‘golden card Trump’,” said the minister in the oval office alongside the president, who campaigned in 2024 on the strengthening of clandestine immigration restrictions.
The American weekly Time Magazine reports that around 8,000 people obtained investor visas during the 12 -month period ending on September 30, 2022, according to the latest directory of immigration statistics from the Department of Internal Security. In addition, the Congressal Research Service had reported in 2021 that the EB-5 visas presented risk of fraud, in particular with regard to the verification of legal obtaining of funds.
Potentially eligible Russian oligarchs
According to the American president, the “golden card” will allow “to bring people in computer science who create jobs, very high level people”. “I think companies will pay to bring people,” he said. “So Apple and all these companies who want people to come to work for them can buy a card,” added Donald Trump.
Russian oligarchs, mostly sanctioned by the United States since the invasion of Ukraine by Russia, can potentially apply for this program. “I know some Russian oligarchs who are very good people,” said Donald Trump. “It is possible” that they are eligible, he added.