Trump’s $5 million “Gold Card”: Featuring His Own Image
US President Trump unveiled the $5 million Gold Card designed for wealthy immigrants. So, what is the purpose of this card featuring Trump’s image?
President Donald Trump showcased the design of his new $5 million “gold card” to reporters aboard Air Force One. The card prominently displays Trump’s own image.
According to the New York Post, Trump had previously announced plans to revamp the stalled and cumbersome EB-5 visa program effectively, offering “green card privileges-plus” to well-heeled foreigners by selling gold cards.
Trump stated to reporters, “For $5 million, this could be yours. This was the first card. Do you know what that card is? That gold card is the Trump card.”
While Trump claimed to be the first buyer, he was unsure of the identity of the second buyer. He announced that the card is likely to be available in less than two weeks.
Commerce Secretary Howard Lutnick revealed last month that over a thousand gold cards had been sold, with over 37 million people worldwide having the opportunity to purchase these cards.
WHAT IS A GOLD CARD? WHAT WILL IT BE USED FOR?
At the core of the gold card system is the renewal of the EB-5 visa program, which offers foreign nationals investing around $1 million in the US a way to gain permanent residency rights and a path to citizenship distinct from obtaining a green card.
As reported by the New York Post, unlike visas that tether foreigners to specific employers, green cards give immigrants the flexibility to choose where they work.
Congress established the EB-5 visa program in the 1990s with different thresholds. Referring to the $36.5 trillion national debt, Lutnick previously stated, “There are currently 250,000 waiting in line for the EB-5. Two hundred thousand of these gold green cards would amount to $1 trillion to pay off our debt.”
OVER 135,000 EB-5 VISAS ISSUED IN 25 YEARS
According to data from the trade association Invest In the USA (IIUSA), over the past twenty-five years, 135,518 EB-5 visas have been issued.
The renewal of the EB-5 system streamlines the process and reduces foreign investors’ preferences for investing in rural or areas with high unemployment rates.
However, some administration observers have expressed concerns about the gold card system leading to corruption. Other countries also implement similar programs to attract wealthy immigrants.
