US President Trump proudly displayed his administration’s new $5 million “gold card” design to reporters aboard Air Force One.
In February, Trump announced plans to begin selling these gold cards, which would offer “green card privileges plus” to affluent foreigners, by overhauling the backlogged and complicated EB-5 visa programme, according to ABC News.
“For $5 million, this could be yours,” Trump told reporters. “That was the first of the cards. You know what that card is?”
“It’s the gold card — the Trump card.”
Trump claimed he was the first buyer, though he was uncertain about the second buyer. He added that the card “will probably be out in less than two weeks.”
Trump made these remarks about the gold card while en route to Florida for the LIV Golf tournament at his resort.
Purchasing gold cards
Commerce Secretary Howard Lutnick had previously stated last month that more than 1,000 gold cards had already been sold, and over 37 million people worldwide had the financial means to purchase one.
The gold card system is based on an overhaul of the EB-5 visa programme, which allows foreign nationals who invest around $1 million in the US to obtain a green card — different from a visa, as it grants permanent residency and a path to citizenship, according to the New York Post.
Unlike certain visas that restrict foreign workers to specific employers, green cards offer greater flexibility, allowing migrants to choose where to work.
The US Congress established the EB-5 visa program in the 1990s with varying threshold requirements.
National debt
“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 earlier, referring to the national debt, which stands at $36.5 trillion, according to media reports.
Over the past 25 years, 135,518 EB-5 visas have been issued, according to data from the Invest In the USA (IIUSA) trade association of programme participants.
The reform of the EB-5 system simplifies the process and removes preferences for foreigners investing in rural or high-unemployment areas, according to the New York Post
