US to Launch $5 Million 'Gold Card' Visa Program Replacing EB-5

The U.S. government, under Commerce Secretary Howard Lutnick, is set to introduce the "Gold Card" visa program within a week, replacing the EB-5 Immigrant Investor Program. This new initiative requires a $5 million investment for permanent residency and a path to citizenship. The program aims to attract wealthy foreigners who can contribute to the American economy. President Trump has suggested the revenue generated could help reduce the national debt, estimating potential sales of up to a million cards. The EB-5 program, established in 1990, grants green cards to foreign nationals who invest in a U.S. commercial enterprise that creates at least 10 jobs for American workers. The minimum investment is $1.05 million, or $800,000 if the investment is made in a Targeted Employment Area (TEA). Representative Ro Khanna has criticized the "Gold Card" as favoring wealth over merit, arguing that talent, not cash, should drive immigration policy. Some experts also express concern that the new program may undermine the EB-5's economic benefits by prioritizing wealth over investment and job creation.