Trump launches $5 million 'Gold Card' program to replace EB-5 investment immigration program

According to multiple media reports, US President Trump announced the launch of a new program called "Gold Card" within two weeks. This program allows foreign investors to obtain permanent residency and citizenship in the United States by paying $5 million. US Commerce Secretary Lutnick pointed out that the program may replace the existing EB-5 investment immigration program. Russian oligarchs may be eligible for a gold card. The EB-5 program requires immigrants to invest $1 million in the United States or $500000 in high unemployment areas and create 10 job opportunities for two consecutive years to obtain a two-year temporary green card. 90 days before the expiration of the two-year period, if the investment behavior and job opportunities created by the project still exist, investment immigrants can apply for a permanent green card. Trump stated that the "Gold Card" program aims to attract wealthy and talented individuals to contribute to the US economy. The Trump administration believes that the plan can be implemented without congressional approval.