On Tuesday, Donald Trump announced a new initiative called the “gold card.” This proposal aims to attract wealthy foreigners to live and work in the United States. For an investment of about $5 million, these individuals could obtain the gold card, which would offer benefits similar to those of a green card.
During a press briefing in the Oval Office, Trump described the gold card as a significant upgrade from the existing EB-5 visa. The EB-5 program has allowed foreign investors to gain U.S. residency through a minimum investment of $1.05 million, or $800,000 in specific rural or high-unemployment areas. The U.S. issues around 10,000 EB-5 visas annually.
Commerce Secretary Howard Lutnik, who joined Trump at the announcement, criticized the EB-5 program. He suggested it has issues related to fraud and inefficiencies. In contrast, he portrayed the new gold card program as a smarter investment for both foreign individuals and the U.S. economy.
According to Lutnik, the money generated from the gold card program could help lower the national deficit. Trump emphasized that wealthy cardholders would contribute positively to the economy by creating jobs and paying taxes.
While discussing potential buyers, Trump did not shy away from mentioning that the program could attract individuals from various backgrounds, including Russian oligarchs. However, Lutnik reassured reporters that all applicants would go through thorough vetting to confirm they are “world-class global citizens.”
Similar programs already exist in other countries like the UAE, Caribbean nations, and New Zealand. As Trump refocuses on immigration issues since returning to the White House, he aims to balance attracting investment with stricter immigration controls.
More details about the gold card initiative are expected to be released within the next two weeks, giving potential investors clarity on what to expect from this new opportunity.
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