President Donald Trump introduced Tuesday a brand new “gold card” visa providing a path to U.S. citizenship for $5 million, set to interchange the long-standing EB-5 investor visa. Commerce Secretary Howard Lutnick confirmed the “Trump Gold Card” will change the 35-year-old EB-5 program inside two weeks. The EB-5 visa, established by Congress in 1990, grants residency to traders who spend roughly $1 million on a enterprise that creates at the very least 10 jobs. Round 8,000 folks acquired investor visas within the 12 months ending Sept. 30, 2022, based on the Homeland Safety Division’s newest immigration statistics. A 2021 Congressional Analysis Service report warned of fraud dangers within the EB-5 program, together with considerations over verifying the authorized supply of funding funds.
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