US President Donald Trump has unveiled a $5 million “gold card” immigration visa for wealthy foreign investors to have permanent residency in the US
Trump unveiled the card while talking with reporters aboard Air Force One on Friday, calling it the “Trump card.”
The new visa pathway offers permanent US residency and a route to citizenship in exchange for a $5 million investment. The gold-coloured card is set to replace the current EB-5 visa program.
Showing off the new card aboard Air Force One, Trump said, “For $5 million, this could be yours. That was the first of the cards. You know what that card is? It’s the gold card—the Trump card.” Trump added that the US would start issuing the card in less than two weeks.
When asked who the fist buyer was, Trump responded, “It’s me. It’s pretty exciting, right?”
The Gold Card initiative is designed to generate economic growth through high-level foreign investment. The administration plans to discontinue the EB-5 visa program, which requires a $1 million investment and the creation of at least ten jobs. Commerce Secretary Howard Lutnick criticised the EB-5 program, calling it “full of nonsense, make-believe and fraud.”
He added that the new Gold Card will attract “wonderful, world-class global citizens.”
President Trump emphasised the potential economic benefit of the program. He estimated that selling one million Gold Cards could bring in $5 trillion in revenue. “We have $35 trillion in debt. That’ll be nice, so we’ll see,” Trump stated.
The card does not offer immediate citizenship but grants lawful residence with eligibility for citizenship likely after five years, pending verification of the applicant’s status as a global citizen.
Further details on the application process and qualification criteria are expected to be released in the coming weeks.
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