Trump's 'Gold Card' Visa to Replace EB-5 Program

President Donald Trump announced a $5 million 'gold card' visa program, offering a path to U.S. residency and citizenship for wealthy foreign investors, replacing the existing EB-5 visa program. The gold card aims to attract affluent individuals who will create jobs, pay taxes, and contribute significantly to the U.S. economy. Trump predicts the program could sell up to one million cards, generating substantial revenue to help reduce the national debt. Critics, like immigration reform advocate Ajay Bhutoria, argue the scheme unfairly benefits the wealthy while sidelining skilled workers stuck in the green card backlog. Commerce Secretary Howard Lutnick criticized the EB-5 program for being ineffective and assured the new plan would include thorough vetting processes. The program has faced scrutiny, including concerns about eligibility for controversial figures like Russian oligarchs, though Trump acknowledged their potential involvement.