In an ambitious move, President Donald Trump unveiled a $5 million Golden Card visa program aimed at attracting wealthy immigrants and investors.
Trump announced that the initiative, set to begin soon, does not require Congressional approval. This proposal replaces the former EB-5 immigrant investor visa program, which for 35 years allowed foreigners to become permanent U.S. residents by investing a substantial amount in local businesses.
Commerce Secretary Howard Lutnick joined Trump in the announcement, expressing the intent to replace the EB-5 program, which was criticized for its susceptibility to fraud and questionable integrity. The Golden Card raises the entry bar for investors while aiming to prevent the fraud that plagued its predecessor.
"The EB-5 program was full of nonsense, make-believe, and fraud," said Lutnick, according to CNBC. The new proposal involves a direct $5 million payment to the U.S. government, aiming to close the budget deficit. The goal is to sell perhaps 10 million cards, potentially generating up to $50 trillion and providing a boost to the U.S. economy.
The program's design ensures applicants are thoroughly vetted as "wonderful world-class global citizens," Trump stated.
Although these new visas are similar to green cards in purpose, Trump articulated that they represent a higher level of sophistication. Lutnick described the plan as a green card variant with additional benefits, including a pathway to U.S. citizenship, reported by the Los Angeles Times.
The initiative also promises tax and legal benefits. CNBC reported that the Golden Card guarantees residency in the United States and confers access to privileges similar to those of permanent residents.
This move aims to channel the financial capabilities of high-net-worth individuals into bolstering the American economy, especially through taxes and job creation. Trump expressed that these cardholders will contribute to reducing the budget deficit with their $5 million investment, higher than the previous requirements of the EB-5 program.
In a noteworthy comment, Trump also discussed potential beneficiaries of the program. The New York Times reported Trump naming Russian oligarchs as possible participants, due to their ability to afford the card's $5 million price tag. Trump justified this inclusion by describing potential applicants as "very good people."
The launch of the Golden Card visa program aligns with Trump's history of focusing on initiatives that delineate a clear economic incentive. As investment programs worldwide have shown, including those in countries like the UK and Australia, attracting wealthy immigrants has profound economic benefits.
"They will be rich, and they will be successful, and they will spend a lot of money, and they will pay a lot of taxes, and they will employ a lot of people," stated Trump, as reported by the Washington Times, emphasizing economic contributions through this new avenue.
