On Tuesday, President Trump issued a new gold card, which would give immigrants the right to work and live within the country as well as grant them a direct pathway to citizenship in exchange for a $5 million fee. “The people that can pay $5 million, they’re going to create jobs,” Trump said. “It’s going to sell like crazy. It’s a bargain.”
This gold card program is set to replace the United States’ existent EB-5 immigrant investor program, which allows similarly wealthy foreigners to pump money into US based projects and then apply for a work visa and green card off of that. As of right now, the EB-5 program grants green cards to those who invest at least $1,050,000 in total or $800,000 to economically struggling areas. This EB-5 program has received criticism from both Republicans and Democrats and congressman signaled on Wednesday that they would be looking for ways to close the program, which is set to end in April when government funding runs out. Lawmakers have acknowledged that the EB-5 program has helped grow job opportunities, but have also cited the gerrymandering used by investors to bypass the $1,050,000 investment fee, the fact that most participants of the EB-5 program are of Chinese descent, and the fact that the president personally stands to benefit from the program.
Trump’s gold card has drawn criticism from both parties, politicians and civilians alike. Many have cited the fact that the only foreigners who could consistently afford such hefty fees and pursue them would be those with criminal or unsavory backgrounds, such as that from the cartels or the oligarchy. Despite Trump’s claims that there “are some very nice” Russian Oligarchs who’s inclusion would benefit the US economy, most believe that he is simply putting the “country on sale to the highest bidder”. Furthermore, many claim that this gold card program would only further increase the wealth disparities present in the world and personally benefit Trump himself, as his family and many other wealthy business owners have had a history reaping high rewards from EB-5 and other such premium immigration programs.
