Commerce Secretary Howard Lutnick told reporters in the Oval Office that the Trump administration would be ending the existing EB5 visa program, while President Trump boasted the new visa would bolster the economy.
“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, plus it’s going to be a route to citizenship," Trump said.
"And wealthy people will be coming into our country by buying this card. They’ll be wealthy, and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful,” he continued.
While Trump said the new system has “never been done before, anything like this,” the broad strokes of what he announced sound similar to the existing EB5 investor program, albeit with a higher price tag.
The current program requires would-be investors to invest a little over $1 million and create at least 10 jobs. It also puts investors on a pathway to a green card and later citizenship.
Read the full report at TheHill.com.
