Trump sees 'thirst' for his 'gold card' visa with $5 mn for US citizenship

If we sell a million, that's $5 trillion dollars, Trump said during the first meeting of his second-term Cabinet, suggesting that the new revenue generated could be used to pay off the debt

President Donald Trump said Wednesday that he plans to start selling a gold card visa with a potential pathway to US citizenship for $5 million, seeking to have that new initiative replace a 35-year-old visa programme for investors.

If we sell a million, that's $5 trillion dollars, Trump said during the first meeting of his second-term Cabinet, suggesting that the new revenue generated for federal coffers could be used to pay off the country's debt.

I think we will sell a lot because I think there's really a thirst, Trump said of demand from the business community to participate.

The president said of recipients that they'll be wealthy and they'll be successful and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it's going to be extremely successful.

 

Companies can buy gold cards and, in exchange, get those visas to hire new employees, Trump said.

No other country can do this because people don't want to go to other countries. They want to come here," Trump said.

Everybody wants to come here, especially since November 5," he said of his Election Day victory last fall.

Commerce Secretary Howard Lutnick told reporters during the same meeting that Trump's initiative would replace the EB-5 programme, which offers US visas to investors who spent about $1 million on a company that employs at least 10 people.

Lutnick said that programme has been around for many years for investment in projects but it was poorly overseen, poorly executed.

The commerce secretary added that the gold card which would actually work more like a green card, or permanent legal residency would raise the price of admission for investors and do away with fraud and nonsense that he said characterise the EB-5 programme. A pathway to citizenship as part of the new programme also sets it apart from the EB-5 programme.

Trump said vetting people who might be eligible for the gold card will go through a process that is still being worked out.

Pressed on if there would be restrictions on people from China or Iran not being allowed to participate, Trump suggested it will likely not be restricted to much in terms of countries, but maybe in terms of individuals."  About 8,000 people obtained investor visas in the 12-month period ending September 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. The Congressional Research Service reported in 2021 that EB-5 visas pose risks of fraud, including verification that funds were obtained legally.

Investors' visas are common around the world. Henley & Partners, an advisory firm, says more than 100 countries around the world offer golden visas to wealthy individuals, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.

Trump made no mention of the requirements for job creation. And, while the number of EB-5 visas is capped, the Republican president mused that the federal government could sell 10 million gold cards to reduce the deficit. He said it could be great, maybe it will be fantastic.

It's somewhat like a green card, but at a higher level of sophistication," the president said. It's a road to citizenship for people, and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long term status in the country.

Congress determines qualifications for citizenship, but Trump said gold cards would not require congressional approval.