Forbes - Trump Is Launching $5 Million ‘Gold Card’ Visas—Here's What We Know
President Donald Trump announced a new initiative to sell a gold card for $5 million, targeting wealthy non-citizens. This card will provide similar privileges to green card holders, including permanent residency and work authorization in the US. The administration claims it does not require Congressional approval since it is not granting citizenship directly. The funds from the gold card sales are intended to help pay down the national debt, with an expectation of selling 1 million cards to generate trillions in revenue. Commerce Secretary Howard Lutnick mentioned that this card would replace the EB-5 program, which grants green cards to immigrants who create businesses and jobs in the US. The EB-5 program has been criticized for being ineffective and low-priced, despite reaching its highest usage in fiscal year 2024.
Key Points:
- Trump plans to sell a $5 million gold card for wealthy non-citizens.
- The card offers US residency and work authorization, similar to a green card.
- Funds from sales aim to reduce the national debt, with a goal of selling 1 million cards.
- The gold card will replace the EB-5 program, which required job creation for green cards.
- The EB-5 program was criticized for being ineffective and low-priced.
Details:
1. 📰 Announcing the Gold Card Initiative
- The administration plans to sell a gold card for $5 million, targeting wealthy non-citizens.
- The gold card provides not only U.S. residency but also offers a route to citizenship for cardholders.
- This initiative is designed to attract high-net-worth individuals to invest in and contribute to the U.S. economy.
- Cardholders are expected to benefit from a streamlined residency process and potential tax incentives.
- The program aims to generate significant revenue and stimulate economic growth through increased investment.
2. 💳 Gold Card: Privileges and Launch
- The Gold Card provides holders with privileges similar to green card holders, granting them permanent residency and work rights.
- Eligible individuals can apply for the Gold Card, designed to attract skilled professionals and investors to the country.
- The card aims to enhance economic growth by enabling talented individuals to contribute to the workforce without immigration barriers.
- Holders of the Gold Card can enjoy long-term residency benefits, which may include access to public services and educational opportunities.
- The launch of the Gold Card is a strategic move to position the country as an attractive destination for global talent and investment.
3. 🗳️ Bypassing Congress and Economic Justifications
- The card will launch in the US within the next 2 weeks without needing Congressional approval, as it is not related to citizenship or immigration status. This approach strategically allows for a faster rollout by sidestepping legislative barriers.
- Wealthy individuals purchasing the card are expected to significantly contribute to the US economy. They will spend money, pay taxes, and create jobs, providing a boost to local markets and potentially increasing fiscal revenue.
4. 🔄 Transition from EB-5 to Gold Card
- The Gold Card initiative is projected to generate trillions in revenue by selling 1 million cards, with the primary goal of reducing the national debt.
- This new initiative replaces the EB-5 program, which required immigrants to create a business and at least 10 permanent full-time jobs for U.S. workers to obtain green cards.
- In fiscal year 2024, EB-5 Visa usage peaked with at least 12,839 visas issued, indicating a significant demand that the Gold Card aims to capture.
- The transition raises questions about the future of current EB-5 Visa holders, as it is unclear if they will retain their privileges after the program ends.
- The Gold Card initiative offers a streamlined process compared to the EB-5, but details on the benefits and specific requirements remain to be clarified.
5. 📊 EB-5 Criticism and Future Projections
- Industry experts, including Lutnick, have criticized the EB-5 program as being inefficient and overly focused on providing an inexpensive pathway to a green card, as indicated by State Department data.
- Critics argue that the program is marred by complexities and inefficiencies, diminishing its intended purpose of economic development and job creation.
- The program's current structure is perceived as creating an imbalance, favoring wealthy investors without guaranteeing significant economic benefits to local communities.
- Data reveals that over 80% of EB-5 investments are concentrated in a few urban areas, contrary to its goal of nationwide economic stimulation.