US President Donald Trump introduced a controversial new “gold card” scheme, offering wealthy foreigners a fast-track to permanent residency in America for $5 million.
Speaking to reporters aboard Air Force One on Thursday, Trump proudly displayed the design of what he called the “Trump card,” part of his administration’s overhaul of the EB-5 visa programme.
“For $5 million, this could be yours,” Trump said, holding up the card. “That was the first of the cards. You know what that card is?”
“It’s the gold card — the Trump card.”
The metallic gold card featured a glossy, light-reflecting finish, bearing images of Trump and the Statue of Liberty, with 'The Trump Card' in bold and United States of America at the top.
Trump’s announcement came as he travelled to Florida for a LIV Golf tournament at his resort. While he claimed to be the first buyer of the gold card, he admitted he was unsure who had purchased the second.
This gold green card scheme modernises the EB-5 visa system, which was created back in the 1990s, granting green cards to foreign nationals who invest at least $1 million in the US.
Unlike regular visas that tie migrants to specific jobs, a green card provides permanent residency and a pathway to citizenship.
Commerce secretary Howard Lutnick previously claimed that more than 1,000 gold cards had already been sold and estimated that 37 million people worldwide could afford one. He argued that the programme could raise significant funds to tackle America’s national debt, which currently stands at $36.5 trillion.
“There’s a line for EB-5 of 250,000 right now. 200,000 of these gold green cards [at $5 million] is $1 trillion to pay down our debt,” Lutnick explained.
The revised system also simplified the process, eliminating previous preferences for investments in rural or high-unemployment areas.
However, government watchdog groups have raised concerns that the scheme could lead to corruption, warning that similar "golden visa" programmes in other countries have been exploited for money laundering and political favouritism.
Since the past two and a half decades, 135,518 EB-5 visas have been issued, according to data from the Invest In the USA (IIUSA) trade association of program participants, quoted by the New York Post.
Critics have, however, raised concerns about the scheme, warning that such a system could lead to corruption.
The new programme is expected to launch in the coming weeks.
Speaking to reporters aboard Air Force One on Thursday, Trump proudly displayed the design of what he called the “Trump card,” part of his administration’s overhaul of the EB-5 visa programme.
“For $5 million, this could be yours,” Trump said, holding up the card. “That was the first of the cards. You know what that card is?”
“It’s the gold card — the Trump card.”
The metallic gold card featured a glossy, light-reflecting finish, bearing images of Trump and the Statue of Liberty, with 'The Trump Card' in bold and United States of America at the top.
Trump’s announcement came as he travelled to Florida for a LIV Golf tournament at his resort. While he claimed to be the first buyer of the gold card, he admitted he was unsure who had purchased the second.
This gold green card scheme modernises the EB-5 visa system, which was created back in the 1990s, granting green cards to foreign nationals who invest at least $1 million in the US.
Unlike regular visas that tie migrants to specific jobs, a green card provides permanent residency and a pathway to citizenship.
Commerce secretary Howard Lutnick previously claimed that more than 1,000 gold cards had already been sold and estimated that 37 million people worldwide could afford one. He argued that the programme could raise significant funds to tackle America’s national debt, which currently stands at $36.5 trillion.
“There’s a line for EB-5 of 250,000 right now. 200,000 of these gold green cards [at $5 million] is $1 trillion to pay down our debt,” Lutnick explained.
The revised system also simplified the process, eliminating previous preferences for investments in rural or high-unemployment areas.
However, government watchdog groups have raised concerns that the scheme could lead to corruption, warning that similar "golden visa" programmes in other countries have been exploited for money laundering and political favouritism.
Since the past two and a half decades, 135,518 EB-5 visas have been issued, according to data from the Invest In the USA (IIUSA) trade association of program participants, quoted by the New York Post.
Critics have, however, raised concerns about the scheme, warning that such a system could lead to corruption.
The new programme is expected to launch in the coming weeks.
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