The “gold card” would replace the existing EB-5 immigrant investor visa program, which allows foreign investors to apply for lawful permanent residence if they invest in commercial enterprises and plan to create or preserve 10 permanent full-time jobs for U.S. workers, according to U.S. Citizenship and Immigration Services (USCIS ).

The new visa would replace the EB-5 program, which offers U.S. visas to investors who spent around $1 million on an American company that employs at least 10 people. Other nations offer similar “golden visas.