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Trump's $5 million ‘gold card’ gets a launch date: Here's when applications open online
Trump’s new “gold card” visa program is set to begin accepting applications within a week, with the official website ‘TrumpCard.gov’ expected to go live.
President Donald Trump’s new “gold card” visa program, which will allow wealthy individuals to get permanent US residency in exchange for a $5 million investment, is set to open applications within a week. The announcement was made on Wednesday (May 21) at Axios’s ‘Building the Future’ event in Washington DC.
Commerce Secretary Howard Lutnick revealed that a website called ‘trumpcard.gov’ will go up in about a week with further details and those interested in the program can start registering for the same. The policy is aimed at boosting the level of investment in the country to help pay off its federal debt which currently totals over $36 trillion.
What is the “gold card program” all about?
The plan, first introduced by Trump in February of this year, plans to allow foreign nationals the chance to get a permanent US residency by investing $5 million in the country. Trump has promised green card privileges along with a path to citizenship for those applying for the program.
“We’re going to be putting a price on that card of about $5 million and that’s going to give you green card privileges, plus it’s going to be a route to citizenship,” Trump said earlier this year. “Wealthy people will be coming into our country by buying this card.” The program will also exempt holders from paying US taxes on overseas income.
“Basically, everyone I meet who is not an American is going to want to buy this card if they have the fiscal capacity,” said Lutnick following his recent visit to the Middle East. “These are going to be great people who are going to come and bring businesses and opportunity to America, and they’re going to pay $5 million. If there are 200,000 people who pay, that’s a trillion dollars. That pays for everything.”
Trump’s ally, billionaire Elon Musk, had also shared a social media post earlier this month which spoke about the government conducting a “quiet trial” before fully rolling out the program.
This mechanism will replace US’s current framework for granting green cards under the EB-5 program under which applicants were required to pay between $100,000 to $200,000 in fees to the United States Citizenship and Immigration Services (USCIS), either invest $1.8 million or $900,000 in designation high-unemployment sectors and create atleast 10 jobs for American workers.
Also Read: Donald Trump reveals if Russian oligarchs would be eligible to apply for ‘gold card’
Is it legal?
However, many legislators have argued that rolling out such a significant change in visa immigration policies would require approval from Congress. While Trump plans on rolling out the program using executive authority, many congressmen including some Republicans have expressed that the move may lack legal viability without formal approval from Congress.
Rand Paul, a Republican Senator from Kentucky, expressed his concern in dismantling the previous visa framework by saying, “I don't think it should replace the EB-5 because I think there are a lot of people who come to this country with the EB-5 level that might not come at the $5 million level.” Although Trump is ready to implement the program, its legal validity still hangs in the balance.
The move is a small part of Trump’s larger policing targeted towards illegal immigration and mass deportations which also includes the imposition of immigration barriers such as reform of the H-1B visa registration process.
