While flying on Air Force One Thursday, President Trump proudly displayed a sleek prototype of what he called the administration’s $5 million “gold card,” presenting it to reporters with a grin.
Earlier this year, in February, Trump had previewed plans for this luxurious immigration option aimed at wealthy foreigners. The proposal involves a significant transformation of the current EB-5 visa process, long known for its delays and red tape, by offering what he called “green-card privileges-plus” to those who can afford the hefty price tag.
“For $5 million, this could be yours,” Trump told the press. “That was the first of the cards. You know what that card is?”
“It’s the gold card — the Trump card.”
Trump stated that he was the inaugural purchaser of the new card, although he admitted he didn’t know who had followed his lead as the second buyer. He suggested the rollout of the card was imminent: “will be out in less than two weeks, probably.”
Last month, Commerce Secretary Howard Lutnick asserted that more than 1,000 of the cards had already been snapped up, and estimated that roughly 37 million individuals worldwide could potentially afford one.
At the core of the new initiative is an overhaul of the EB-5 visa program. Traditionally, the EB-5 route has allowed international investors to secure green cards — which grant permanent residency and a path to citizenship — by investing around $1 million in the U.S. economy.
Unlike more restrictive visas that tie workers to specific jobs or employers, green cards provide recipients with broader freedom in choosing where and how to work.
The EB-5 program was originally launched in the 1990s by Congress, and the investment thresholds and criteria have varied over the years.
“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 previously explained, pointing to the towering $36.5 trillion national debt.
Over 25 years, a total of 135,518 EB-5 visas have been distributed, according to data from Invest In the USA (IIUSA), a trade group representing stakeholders in the program.
The redesigned version streamlines the process and eliminates earlier incentives for investors to funnel money into economically distressed or rural areas.
Still, watchdog organizations focused on government ethics have expressed unease about the potential for abuse and ethical breaches with the gold card strategy. Similar immigration-for-investment schemes exist in other countries and have often sparked debate.
Trump’s commentary on the new immigration offering took place as he was en route to Florida aboard Air Force One, heading to his resort for a LIV Golf tournament.
{Matzav.com}