President Trump in his second presidency has unveiled a historic gold card scheme that is expected to raise $50 trillion from World’s millionaires who seek Golden green card with a path to become US citizen. The Trump gold card set torreplace EB-5, could attract some 58 million millionaires from around the world (1.5% of population) and could set off a millionaire migration to US, affirming United States home to Global millionaires.
“We’ll be able to sell maybe a million of these cards maybe more than that and if you add up the numbers they’re pretty good as an example a million cards would be worth $5 trillion wow and if you sell 10 million of the cards that’s a total of $50 trillion well we have 35 trillion in debt that’ll be nice so we’ll see but uh it could be great maybe it will be fantastic”
– President Trump
Trump explained in the press conference “So it’s a gold card it’s uh somewhat like a green card but at a higher level of sophistication. It’s a road to citizenship for people and essentially people of wealth or people of great talent where people of wealth pay for those people of talent to get get in meaning uh companies will pay for uh people to get in and to have long long-term status in the country.”
“I think it’s something we’re very very happy about hasn’t been done before I think it’s something very exciting”, said Trump
Trump has made it clear U.S citizenship is not for sale – “it’s a path to citizenship a very strong, path to citizenship but we’re not doing the citizenship”
this is a gold card we’re going to be putting a price on that card of about $5 million and that’s going to give you Green Card rivileges plus it’s going to be a route to citizenship
“Wealthy people will be coming into our country by buying this Card they’ll be wealthy and they’ll be successful and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people creating jobs, bringing companies in.”
Howard Lutnick, Commerce secretory called the current EB-5 “ridiculous”, told in the press conference “So the eb5 program um was really uh you lend some money but it was all it was full of nonsense make believe and fraud and it was a way to get a green card that was low priced. Rather than having this sort of ridiculous eb5 program we’re going to end the eb5 program we’re going to replace it with the Trump Gold Card.”
The Trump Gold Card which is really a Green Card Gold so they’ll be able to pay $5 million to the US government they’ll have to go through vetting of course we’re going to make sure they’re wonderful world class Global Citizens.
– Howard Lutnick
President revealed the idea that Fortune 500 companies buy/sponsor a gold card and uh if for the people that are number one in their class at top schools.
“It is essentially people of wealth or people of great talent where people of wealth pay for those people of talent to get get in meaning uh companies will pay for uh people to get in”, said President Trump on buying talent with wealth.
Speaking on the matter of taxes, Trump said “they won’t have to pay any tax on income outside of the United States which they’re not paying right now they’re not citizens but they’ll have to pay if they create jobs in the United States they’ll pay full taxes like everybody else so you’re getting big taxpayers big job producers”
Howard Lutnick, Secretary of Commerce said the legislation of EB-5 will be modified and the framework will be rolled out in next two weeks”.
Trump noted Gold Cards would not require congressional approval making much easier to implement.
US and Canada has been operating immigrant investor schemes since 1980’s. A number countries in the world already run Gold visa programs namely New Zealand, Portugal, Hungary, Greece etc profiting from billions of foreign money.
Photo Credit: Photo by Library of Congress on Unsplash
