Trump says US will sell $5M ‘gold cards’ to foreigners: ‘Green card privileges-plus’

Trump Unveils "Gold Card" Program: A New Path to Citizenship for Wealthy and Talented Foreigners

In a groundbreaking announcement, President Trump revealed a controversial new initiative: the "Trump Gold Card." This program would allow foreigners to purchase a special residency card for $5 million, which not only grants green card privileges but also offers a pathway to American citizenship. The president described the program as a "road to citizenship for people of wealth or great talent," emphasizing that it would attract high-net-worth individuals, successful entrepreneurs, and skilled professionals. Trump predicts that the program could sell up to 1 million cards, potentially generating $5 trillion in revenue, which he claims could significantly reduce the nation’s $35 trillion debt.

Replacing the EB-5 Visa: A New Model for Economic Immigration

The "Trump Gold Card" is set to replace the EB-5 visa program, which has been in place since 1990. The EB-5 program allowed foreign investors to obtain a green card by investing a minimum of $500,000 in U.S. businesses, with a focus on job creation. However, Trump and his administration argue that the EB-5 program is outdated and "ridiculous," claiming that the new initiative will be more streamlined and effective. Commerce Secretary Howard Lutnick, who stood alongside Trump during the announcement, emphasized that the "Trump Gold Card" will require applicants to undergo vetting to ensure they are "wonderful, world-class global citizens." The program aims to attract a broader range of applicants, including Russian oligarchs, Indian tech entrepreneurs, and top students from prestigious universities.

Economic Benefits: Boosting Revenue and Job Creation

Trump and his administration are banking on the "Trump Gold Card" to generate significant revenue for the U.S. government while also stimulating economic growth. By selling 1 million cards at $5 million each, the program could yield $5 trillion, which Trump believes could be used to pay down the national debt. Additionally, the program is designed to attract individuals who will create jobs, invest in the U.S. economy, and pay taxes. Trump emphasized that these individuals will "spend a lot of money, pay a lot of taxes, and employ a lot of people." However, critics have raised concerns about the fairness of selling residency and citizenship to those who can afford it, arguing that it could create a system where only the wealthy have access to these opportunities.

Eligibility and Requirements: Who Qualifies for the "Trump Gold Card"?

The "Trump Gold Card" program is primarily aimed at high-net-worth individuals and talented professionals who can contribute significantly to the U.S. economy. Applicants will be required to pay $5 million and undergo a vetting process to ensure they are "wonderful world-class global citizens." While the program is open to a wide range of applicants, Trump specifically highlighted Russian oligarchs and Indian tech entrepreneurs as potential candidates. He also mentioned that top students from elite schools could qualify, suggesting that the program will prioritize talent and success. However, Trump did not provide detailed eligibility criteria, leaving many questions unanswered about how the vetting process will work and what specific qualifications applicants need to meet.

Legal and Ethical Concerns: Is the "Trump Gold Card" Constitutional?

The "Trump Gold Card" program has already sparked significant legal and ethical debates. While the administration claims that the program is "totally legal" and has been approved by administration lawyers, some experts have raised concerns about its constitutionality. Critics argue that selling residency and citizenship could violate the principle of equal protection under the law, as it essentially allows the wealthy to "buy" their way into the United States. Additionally, there are concerns about the potential for corruption, particularly if Russian oligarchs or other individuals with questionable sources of wealth are allowed to participate. Trump dismissed these concerns, stating that he knows "very nice people" among Russian oligarchs and that they can afford the $5 million price tag.

A Bold Experiment or a Recipe for Disaster?

The "Trump Gold Card" program represents a bold and controversial experiment in immigration policy. While the administration touts its potential to generate revenue and attract talent, critics warn that it could create a two-tiered system where only the wealthy have access to residency and citizenship. The program also raises questions about the integrity of the immigration process and the potential for abuse. As the initiative moves forward, it will be closely watched by lawmakers, immigration advocates, and the public. Whether the "Trump Gold Card" proves to be a successful solution to the nation’s economic challenges or a misguided policy remains to be seen.