In a move aiming to infuse revenue into the national economy, President Trump has unveiled a proposal to sell $5 million “gold cards,” promising residency status and a path to citizenship for affluent immigrants.
Key Takeaways
- President Trump’s plan involves selling $5 million “gold cards” that offer green-card status and a potential citizenship pathway.
- The initiative aims to sell up to 1 million cards to wealthy foreigners, easing the national debt.
- The “gold card” targets wealthy investors and skilled professionals, emphasizing quality vetting.
- A $5 million fee and rigorous vetting is required for the “gold card” application.
- Trump’s program aims to replace the current EB-5 visa scheme.
The Proposal Details
President Trump announced this bold new immigration policy designed to revamp how green card status is distributed to wealthy individuals or those possessing exceptional talents. The $5 million “gold card” provides not only green-card privileges but also a route to American citizenship, pending Congressional approval. With plans to sell up to 1 million cards, the program anticipates generating substantial contributions to the U.S. Treasury.
This new initiative seeks to target international candidates with the capability to invest and generate employment within the U.S. economy. President Trump remarked, “It’s somewhat like a green card, but at a higher level of sophistication. It’s a road to citizenship for people, and essentially people of wealth or great talent.” These words emphasize the strategic pivot in America’s immigration policy, focusing not just on financial capacity, but also on skill and contribution.
Addressing Economic Challenges
The proposed sale of the “gold cards” primarily targets affluent foreigners from nations with growing economic influence, such as Russia, India, and China. Trump envisions attracting a breadth of wealthy individuals, including Russian oligarchs and Indian tech entrepreneurs. Commerce Secretary Howard Lutnick supported the move, indicating that the plan will effectively replace the EB-5 visa, which currently requires less stringent investment.
“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 proposed “gold card” is seen as a method to reinvest into the American economy, particularly to aid in alleviating the national debt. The program is scheduled to begin in two weeks, with legal avenues already cleared to ensure its rollout. Participants must undergo significant vetting to ascertain that they are, as Lutnick emphasized, “wonderful, world-class global citizens.”
Legislative Hurdles and Long-Term Vision
Critically, while the plan introduces a novel framework for attracting high-caliber foreign individuals, it demands Congressional endorsement to implement the citizenship component. Trump remains optimistic, estimating the potential to sell up to 10 million cards. The plan’s prospect of drawing in extensive financial contributions aligns with an economic vision to reignite American fiscal strength while ensuring a scrutinized selection of foreign national candidates.
“Generally speaking, it will be people with money and people that create jobs.” – Trump
Although the program’s details may invite debate regarding its scope and execution, supporters suggest that it represents a pragmatic approach to addressing longstanding issues associated with the current EB-5 visa system, particularly concerns of fraud and inefficiency.
Sources
1. Trump floats ‘gold card’ to grant US residency to wealthy foreigners
2. Trump says US will sell $5M ‘gold cards’ to foreigners: ‘Green card privileges-plus’
