US President Donald Trump introduced a controversial new “gold card” scheme, offering wealthy foreigners a fast-track to permanent residency in America for$ 5 million.
Speaking to reporters aboard Air Force One on Thursday, Trump proudly displayed the design of what he called the” Trump card”, portion of his government’s reform of the EB-5 visa program.
” For$ 5 million, this could be yours”, Trump said, holding up the card. ” That was the first of the tickets. You know what that id is”?
” It’s the gold card — the Trump card”.
The silvery metal cards featured a bright, light-reflecting end, bearing images of Trump and the Statue of Liberty, with’ The Trump Card’ in strong and United States of America at the top.
Trump’s statement came as he travelled to Florida for a LIV Golf game at his hotel. While he claimed to be the first customer of the platinum card, he admitted he was uncertain who had purchased the following.
This gold green card scheme modernises the EB-5 visa system, which was created back in the 1990s, granting green cards to foreign nationals who invest at least$ 1 million in the US.
Unlike ordinary permits that link workers to certain work, a green card provides permanent residency and a road to membership.
Commerce director Howard Lutnick recently claimed that more than 1, 000 platinum cards had already been sold and estimated that 37 million people worldwide could manage one. He argued that the program may raise important resources to handle America’s national bill, which now stands at$ 36.5 trillion.
” There’s a series 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 explained.
The updated system also simplified the operation, eliminating previous choices for investments in remote or high-unemployment places.
However, federal watchdog parties have raised fears that the program could lead to fraud, warning that identical “golden card” programmes in other countries have been exploited for money laundering and political favouritism.
Since the past two and a half decades, 135, 518 EB-5 visas have been issued, according to data from the Invest In the USA ( IIUSA ) trade association of program participants, quoted by the New York Post.
Critics have, however, raised concerns about the scheme, warning that such a system could lead to corruption.
The new programme is expected to launch in the coming weeks.
