cross-posted from: https://lemmy.ca/post/39729942
President Donald Trump said he is starting a program which would offer residency and a path to citizenship for investors who commit at least $5 million to projects in the US.
Trump said the program, dubbed the “gold card,” would launch in two weeks, adding that he did not believe his administration needed to secure approval from Congress.
“We’re going to be selling a gold card,” Trump said Tuesday in the Oval Office as he signed executive orders alongside Commerce Secretary Howard Lutnick.
“We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges,” he added, referencing the permits currently issued to US permanent residents.
And he thinks by increasing the cost by 5x, it’s going to be more attractive.
The EB-5 typically gets used 5-10k/year at $1m. He wants to sell 10 million. That’s how the business stable genius thinks price elasticity works
There’s a whole bunch of conditions for the old visa, (eg . You need to ‘create’ 10 jobs, invest in certain areas, etc) which presumably wouldn’t apply to this one.
So just multiply the amount of fraud compared to the existing visa by 5x as well.