US Former President Donald Trump has unveiled a new program, the Gold Card, for rich applicants of American citizenship. He recently presented the first glimpse of the card as he addressed journalists on board Air Force One.
Gold Card Details and Pricing
Trump revealed that his Gold Card, bearing his face, can be bought for $5 million. He indicated that he was the first purchaser and was not sure who would buy the second card. Nevertheless, he said he was certain that the whole allocation would run out in two weeks.
Replacement for the EB-5 Visa Program
The Gold Card is a substitute for the EB-5 (Investor Visa) program, which Trump said he would terminate. According to this new plan, people who are ready to invest $5 million (around ₹43.5 crore) in the U.S. will be awarded direct citizenship. Trump emphasized that the program is aimed at attracting high-net-worth individuals who will make substantial contributions to the U.S. economy, thus creating local jobs.
High Demand and Revenue Generation
Secretary of Commerce Howard Lutnick recently announced that the demand for the Gold Card has been tremendous. On its first day of sales alone, 1,000 Gold Cards were bought, garnering $5 billion in revenues. He further stated that there are approximately 37 million people around the globe who have the financial means to buy this card.
Addressing Fraud Concerns
The EB-5 visa program, which was launched in 1990, permitted foreign investors to acquire residency through investment in American businesses. Investigations, however, revealed cases of fraud and abuse, leading to changes in 2022. The Gold Card seeks to eradicate irregularities of the old program while providing legal residency and citizenship to deserving investors.
Trump'sGold Card rollout is a watershed change in U.S. immigration policy, placing high-value investment as the ticket to citizenship.
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