Restoration News announced that President Trump's proposed "Gold Card" visa would grant U.S. residency to wealthy foreigners for $5 million, aiming to reduce the federal deficit without raising taxes. The report was published in an article.
According to CBS News, President Donald Trump introduced the "Gold Card" visa program on February 25, 2025, offering wealthy foreigners U.S. residency for a $5 million fee. The initiative aims to replace the existing EB-5 visa program, which requires investments in U.S. businesses and job creation. Trump emphasized that the new program would provide a direct route to citizenship, attracting affluent individuals to contribute to the U.S. economy without imposing additional taxes on American citizens.
The EB-5 visa program, established in 1990, mandates a minimum investment of $800,000 to $1.05 million in a U.S. business, along with the creation of at least 10 full-time jobs. However, the program has faced criticism for its complexity and susceptibility to fraud. For instance, in 2014, the Securities and Exchange Commission (SEC) obtained settlements in a $150 million EB-5 investment fraud case involving the Chicago Convention Center, highlighting the program's vulnerabilities.
Commerce Secretary Howard Lutnick reported that 1,000 Gold Cards had been sold in a single day, generating $5 billion in revenue. He estimated that the program could potentially raise up to $1 trillion if 200,000 cards were sold. Lutnick also noted that many applicants view the Gold Card as an "insurance policy," providing them with residency options without immediate plans to relocate to the U.S.
According to its official site, Restoration News is a conservative media outlet focused on constitutional governance, religious liberty, and cultural developments. The platform provides news and commentary on legislative actions, judicial decisions, and executive policies affecting faith-based and traditional values. It aims to inform readers engaged in protecting life, family, and liberty.
