Trump discusses the future of his $5 million ‘Gold Card’ after his presidency, explaining its benefits and possible outcomes.
Donald Trump has introduced a new card called the “Gold Card,” which he says could simplify the path to U.S. citizenship.
The card costs $5 million and is designed for wealthy investors. Recently, Trump showed off this card while speaking to reporters on Air Force One.
What is the Gold Card?
The Gold Card is a small, gold-colored card featuring Trump’s image. It is part of a plan to modify the EB-5 Immigrant Investor Program.
This existing program allows investors to obtain U.S. visas by investing around $1 million in a business that creates at least ten jobs.
Trump described the Gold Card, saying, “For $5 million, this could be yours.” He mentioned that the card would be available soon, promising it would be “out in less than two weeks.”
Who can purchase this card?
According to Commerce Secretary Howard Lutnick, the Gold Card is not for everyone. The buyers will be wealthy individuals or successful companies willing to spend significant amounts of money.
Lutnick explained that these buyers would also need to demonstrate they are “wonderful, world-class global citizens.”
He estimated that around 37 million people worldwide could afford to buy this card. Companies can also invest in Gold Cards, making it possible for both individuals and businesses to participate.
Lutnick previously claimed that the U.S. had already sold 1,000 Gold Cards, raising $5 billion in just one day.
“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, and we think it’s going to be extremely successful.”
Benefits of the Gold Card
Owning a Gold Card allows individuals to live in the U.S. without having to pay taxes on income earned overseas.
Cardholders can still apply for U.S. citizenship if they wish. This card offers a way to gain residency without fully integrating into American society.
Trump believes the Gold Card could significantly boost the U.S. economy. He stated, “It’s gonna be a booming country … We see it because we have trillions of dollars committed to come in.”
If 200,000 Gold Cards are sold at $5 million each, it could raise $1 trillion, which might help reduce the national debt.
What happens after Trump leaves office?
A question arises about the Gold Card’s future once Trump’s presidency ends.
While he is enthusiastic about the card, it remains unclear what will happen to it after he leaves office. The card’s lasting impact depends on several factors, including congressional approval.
Trump cannot unilaterally create a new pathway to citizenship. The Gold Card would require additional legislation to have any lasting effect.
Sharvari Dalal-Dheini, who works for the American Immigration Lawyers Association, stated that Congress would need to pass a law for this program to exist.
“Congress would have to legislate a new program. I really don’t know what legal authority you would have to just create this new program out of whole cloth.”
If Congress does not approve the Gold Card plan, a future president could easily reverse any decisions made by Trump.
This means that without legislative support, the Gold Cards might not hold any value in the future.
Even if Congress modifies the existing EB-5 program to include the Gold Card, future administrations could change or repeal it.
Immigration lawyer Charles Kuck highlighted that Trump has “literally no legal power to create a visa category.”
