President Trump has unveiled a plan to sell $5 million “gold cards” to affluent foreigners, providing them with residency and a pathway to U.S. citizenship.
Quick Takes
- Trump’s plan offers green card and citizenship pathways for a $5 million price.
- The initiative aims to help reduce the national debt and replace the EB-5 program.
- A strict vetting process ensures applicants are reputable and distinguished.
- Citizenship pathway requires Congressional approval while residency is administratively feasible.
A Strategic Initiative
President Trump announced the introduction of a $5 million “gold card” for affluent foreigners, granting green-card residency and a pathway to citizenship. This initiative aims to attract a million buyers, subsequently generating $5 trillion to tackle national debt. The gold card targets wealthy individuals and those with exceptional talents willing to invest in the U.S., representing a more refined version of the EB-5 visa program.
The Trump administration anticipates launching the initiative within two weeks, with legal approval from the administration’s lawyers. The objective is to ensure applicants meet high standards through a rigorous vetting process, confirming their distinguished status on a global scale and eliminating concerns over fraud and abuse prevalent in the existing EB-5 program.
A Shift from EB-5
Commerce Secretary Howard Lutnick detailed plans to phase out the EB-5 visa program, which grants green cards to selected investors, introducing the “gold card” as a replacement. Lutnick expressed confidence in the gold card’s appeal, emphasizing its sophistication and higher level of privilege. This change intends to remedy the issues previously encountered with the EB-5 initiative while attracting a new class of investors.
“Rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump Gold Card, which is really a green card.” – Lutnick
The gold card’s introduction echoes Trump’s strategy to draw wealthy individuals, including potential applicants from Russia and India, offering a mutually beneficial agreement where the U.S. economy could flourish through new job creations and capital injections.
Congressional Approval Required
While the “gold card” grants residency, the citizenship pathway mandates Congress’s endorsement. Trump contended that the procedure is legally robust, suggesting fewer hurdles in residential approval compared to citizenship advancement. He foresaw potential sales reaching up to 10 million cards, though estimated sales target one million. The proposal signals an openness to wealthy contributors who can drive economic growth and foster technological innovation.
“We are going to make sure they are wonderful, world-class global citizens.” – Lutnick
President Trump emphasized the program’s capacity to boost the economy by attracting global citizens of substantial means, with an emphasis on their potential contributions. Awaiting Congressional deliberation, the gold card proposal underscores the administration’s focus on sustaining fiscal discipline and fostering economic vitality through strategic immigration.
Sources
1. Trump says US will sell $5M ‘gold cards’ to foreigners: ‘Green card privileges-plus’
2. Trump floats ‘gold card’ to grant US residency to wealthy foreigners
