In an effort to recruit rich individuals worldwide, ex-President Donald Trump has announced the roll-out of a $5 million “gold card” program. The new plan is intended to provide US residence and a pathway to citizenship to wealthy foreigners in place of the current EB-5 visa program.
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Details of the Initiative
During a press conference held in the Oval Office, Trump outlined the details of the initiative, emphasizing its potential to generate trillions of dollars in revenue and help reduce the national debt.
“It’s somewhat like a green card, but at a higher level of sophistication,” Trump stated. “It’s a road to citizenship for people of wealth or great talent, and it offers US residency for 5 million dollars as a straightforward option.”
Commerce Secretary’s Explanation
Commerce Secretary Howard Lutnick, who joined Trump for the announcement, explained that the gold card would require a $5 million payment to the US government. Applicants would undergo vetting to ensure they are “wonderful world-class global citizens”.
Expected Impact
The program is expected to attract a diverse range of wealthy individuals, from Russian oligarchs to Indian tech entrepreneurs. Trump predicted that selling one million gold cards could generate $5 trillion, with even higher figures possible if demand exceeds expectations.
Legality and Launch
Although the plan has been vetted through legislation and can go live in weeks, complete citizenship for gold card holders would take an act of Congress. The plan, which focuses on US residency for 5 million dollars, is expected to set off debate on immigration policy, economic priorities, and ethical questions around the sale of residency and citizenship benefits.
Latest Developments
The news has generated huge interest and controversy among different stakeholders. Indian nationals waiting for green cards have complained about the transition to a model of wealth-based immigration, which would radically change their prospects. The gold card visa, granting US residency in exchange for 5 million dollars, sidesteps job creation mandates, preferring affluent individuals to skilled workers.
Commerce Secretary Lutnick confirmed that the gold card would replace the EB-5 visa program within two weeks. The initiative aims to eliminate fraud and “nonsense” associated with the EB-5 program, offering a direct purchase of US residency for 5 million dollars and citizenship eligibility.
Conclusion
The gold card program represents a dramatic change in US immigration policy, providing a quicker and easier path to residency for the world’s richest people. By granting US residency for 5 million dollars, the program hopes to bring in high-net-worth individuals while raising significant revenue. As the program is implemented, it is unclear how it will affect the larger context of US immigration and economic policy.
