February 26, 2025 | 02:38 pm
TEMPO.CO, Jakarta - President of the United States Donald Trump has publicly announced plans to attract a specific type of immigrant: wealthy individuals. As reported by Politico, Trump and U.S. Commerce Secretary Howard Lutnick informed reporters on Tuesday that the government intends to offer a "gold card" that will provide permanent residency to foreigners for a cost of approximately US$5 million, or nearly Rp82 billion.
Trump stated that the gold card would replace the existing U.S. visa program for foreign investors, which he described as controversial. He indicated that this immigration program, which he deemed legal, could begin in about two weeks. Trump added that Russian oligarchs could potentially qualify for the gold card.
Trump and Lutnick outlined a program that would also allow companies to purchase residency in the U.S., commonly known as a green card, for highly skilled or highly educated employees, suggesting that it might replace certain types of work visas.
"It’s going to be giving you green card privileges plus," said Trump. "It’s gonna be a route to citizenship, and wealthy people will be coming into our country."
They did not provide further details during the press conference at the White House, which also included Health and Human Services Secretary Robert F. Kennedy J. They also did not mention any involvement from the U.S. Congress, which created the investor visa, known as EB-5, in 1990 and reauthorized it for another five years in 2022.
"Generally speaking, it will be people with money and people that create jobs," said Trump.
Lutnick stated that the new gold card would replace the "ridiculous" EB-5 program, which was designed to stimulate the U.S. economy by issuing green cards in exchange for job-creating investments. This program requires a minimum investment of approximately US$1 million, or US$500,000 in certain rural areas or places with high unemployment.
The U.S. Congress mandated additional oversight in the reauthorization to address ongoing complaints of fraud and abuse. Lutnick said applicants would be screened under the new program.
"We are going to make sure they are wonderful, world-class global citizens," he said. "They can come to America, the president can give them a green card. They can invest in America."
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