President Trump showed off a new โgold cardโ while speaking to reporters on Air Force One. This exclusive card costs $5 million and offers special benefits to wealthy foreigners. Trump called it the โTrump cardโ and said it provides โgreen-card privileges-plus.โ The card is part of a plan to revamp the EB-5 visa program, which allows investors to gain permanent U.S. residency. Trump said he was the first person to own one but was unsure who bought the second card. He also mentioned that the cards would be available to purchase within two weeks. Trump unveils the gold card as a premium residency option.
Gold Card Program Targets High-Income Individuals
Commerce Secretary Howard Lutnick said over 1,000 gold cards had already been sold since Trump unveils the new program. He estimated that about 37 million people worldwide could afford one. The EB-5 visa program has long allowed foreign investors to obtain U.S. green cards by investing in American businesses. Previously, the program required a $1 million investment, but the gold card significantly raises the price to $5 million. The new system aims to attract high-income individuals and simplify the application process. Unlike traditional visas, a green card allows holders to live and work freely in the United States without restrictions on employment.
The Gold Card Could Bring Billions in Revenue
Lutnick explained that around 250,000 people are currently waiting for EB-5 visas. He suggested that if 200,000 people purchase gold cards at $5 million each, it could generate $1 trillion in revenue. This money could help reduce the national debt, which currently stands at $36.5 trillion. The gold card program, which Trump unveils as part of his vision, is being positioned as a way to bring in significant funds while offering wealthy foreigners an expedited path to permanent U.S. residency. The program could also provide a boost to the economy by encouraging foreign investment.
Changes to the EB-5 Visa System Remove Investment Preferences
The gold card marks a major shift in the EB-5 visa program since Trump unveils new immigration policies. Previously, the system encouraged investment in rural or high-unemployment areas. The new program removes these preferences, making it easier for wealthy foreigners to qualify. This change allows investors to put their money anywhere in the U.S., rather than being directed toward specific regions. Supporters say this will simplify the process, but critics argue that it may lead to inequality in investment distribution. The government hopes the new system will attract large-scale investors who will contribute significantly to the economy.
Concerns About Corruption and Favoritism
Some government watchdogs have raised concerns about the gold card program. They worry that selling green cards to the highest bidders could lead to corruption and favoritism. Similar programs exist in other countries, but they often face criticism for allowing the wealthy to bypass normal immigration procedures. Critics argue that a system like this prioritizes money over merit, creating an unfair advantage for the rich. However, supporters believe the revenue generated will benefit the U.S. economy and reduce the debt burden. The debate over the ethics of the program continues as it moves closer to implementation.
Trump Discusses Gold Card While Traveling to Florida
Trump made his remarks about the gold card while traveling to Florida on Air Force One. He was on his way to attend the LIV Golf tour at his resort. The announcement of the gold card adds another element to his administrationโs ongoing efforts to reform immigration policies. Whether the program succeeds in bringing in high-value investors while avoiding corruption remains to be seen. For now, the gold card is being promoted as a premium option for those looking to fast-track their way to U.S. residency.
