Trump says US will sell $5 million ‘gold card’ to wealthy foreigners
Donald Trump wants to raise the amount of money that foreigners will have ot invest in the US in order to get a green card. For 5 million dollars anybody can buy their way into the country.
“We’re going to be selling a gold card,” Trump said sitting in the Oval Office. “You have a green card. 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 privileges, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card.”
The President has said that the cards would go on sale in about two weeks time and he expects it to sell in the millions. He also is open to taking money from people the US has traditionally been hostile to and said about Russian money
“Yeah, possibly. I know some Russian oligarchs that are very nice people.”
The government wants to replace the decades old EB -5 program with this new one which raises the amount of money needed by a massive 5 folds.
“They’ll have to go through vetting, of course,” Lutnick stated, “to make sure they’re wonderful world-class global citizens.”
The EB-5 allows a minimum 800,000 dollar investment in some areas and gives instant access. In fact many people close to the first family have used the EB-5.
Businesses connected to Trump and his family have also made use of the program to fund major property developments. For many years there has been a lot of noise around the EB-5. For one it is over subscribed and the demand far exceeds the annual 10,000 visas cap that the government has made. The EB-5 was renewed back in 2022. The Biden government also raised the amount of money needed to invest.
In fact many customers who buy real estate in the UAE, do so because they cannot get residency in the US. Not only is it cheaper in the UAE. There are no backlogs or other issues that you have to deal with.
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