Trump gov’t will end EB-5 investor visa, replace with ‘Gold Card’ valued at $5 mil.: commerce secretary.
U.S. President Donald Trump’s administration will abolish the EB-5 immigrant investor visa program and replace it with the “Gold Card” for those who will be able to pay $5 million to the U.S. government, Commerce Secretary Howard Lutnick said Tuesday.
Lutnick made the remarks, casting the EB-5 program as “full of nonsense” and a way to get a “low-priced” green card, officially known as a permanent resident card.
“The president said, rather than having this sort of ridiculous EB-5 program, we are going to end the EB-5 program,” he said, standing next to the president during a press availability in the Oval Office of the White House.
If you add up the numbers, they are pretty good. As an example, a million cards would be $5 trillion. If you sell 10 million of the cards, that’s a total of $50 trillion,” he said. “We have $35 trillion in debt. That would be nice. So, we will see.”
Source: KOREATIMES
