‘It Will Sell Like Crazy’: Donald Trump Sees ‘a Thirst’ for His $5 Million ‘Gold Card’ Visa Idea- wna24
US President Trump expressed hope that the new golden visa program would “sell like crazy.” | Image:
Republic
Washington: US President Donald Trump has revealed plans to launch a “gold card” visa, which he intends to sell for $5 million. The Golden Visa will offer wealthy buyers’ permanent residency in the US and a path to citizenship.
During his first Cabinet meeting on Wednesday, President Trump expressed hope that the new program would “sell like crazy.”
“I happen to think it’ll sell like crazy. It’s a market,” Trump said. “But we’ll know very soon.”
Trump further explained that the “gold cards,” which will replace a 35-year-old visa program for investors, would function similarly to green cards but be available only for “high-level” individuals.
During the first meeting of his second-term Cabinet, Trump suggested that the revenue generated from the program could be used to pay off the country’s debt and also help create jobs.
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“If we sell a million, that’s $5 trillion dollars,” he said. Regarding demand from the business community, he added, “I think we will sell a lot because I think there’s really a thirst.”
During the same meeting, Commerce Secretary Howard Lutnick stated that Trump’s initiative would replace the EB-5 program, which offers US visas to investors who spend about $1 million on a company that employs at least 10 people.
Lutnick elaborated, explaining that the EB-5 program “has been around for many years for investment in projects,” but that “it was poorly overseen, poorly executed.”
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How Will the Initiative Work?
Trump explained that companies can buy Gold Cards and use them to recruit non-citizens to work in the US.
“I want to be able to have that person stay in the country. These companies can go and buy a Gold Card, and they can use it as a recruitment tool. At the same time, the company is using that money to pay down debt. We’re going to pay down a lot of debt with that, and I think the Gold Card is going to be used not only for that. I mean, they’ll be used by companies,” Trump said.
Trump further added that if a business is in the US, they do not have to pay any tariffs, but those operating outside the country would have to pay tariffs.
“If you’re in the country, there is no tariff. If you’re out of the country, you’ve got to pay tariffs, and that’s going to be a great investment. I think it’s going to be a great investment, but we have to be able to get people in the country,” he said.
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The president also stressed that he wants “productive” people to work in the US, and that the $5 million would create jobs and help pay off the US debt.
“We want people that are productive. And I will tell you, the people that can pay $5 million—they’re going to create jobs. They’re going to spend a lot of money on jobs. They’re going to have to pay taxes on that too. So, they’re going to be hiring people, they’re going to be bringing people in, and companies in,” he said.
He also highlighted that no other country can take this step: “No other country can do this because people don’t want to go to other countries. They want to come here.”
“Everybody wants to come here, especially since Nov. 5,” he added.
For the selection process, Trump mentioned that those who might be eligible for the gold card will “go through a process” that is still being worked out.
When asked if the initiative would be open to people from China and Iran as well, he suggested it would likely not be “restricted too much in terms of countries, but maybe in terms of individuals.”
Why is the EB-5 Program Being Replaced?
Explaining why the current EB-5 immigrant investor program, which requires a minimum investment of $800,000, is being replaced, Trump said, “It’s a road to citizenship for people—essentially people of wealth or people of great talent. People of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and have long-term status in the country.”
Several other countries in Europe, including Greece, Malta, Cyprus, and Italy, offer similar programs. Other nations, such as the United Arab Emirates, Dominica, Thailand, and Indonesia, also offer paths to citizenship and permanent residency to attract investment from wealthy individuals.