President Donald Trump unveiled the initial " gold card ” visa that the White House aims to sell to immigrants with the goal of lowering the national debt on Thursday.
While speaking with reporters onboard Air Force One, the president showcased what he referred to as his "Trump card," a reference to an image of himself on the card. He assured them that the visa would likely be issued within two weeks.
For $5 million, this might be utilized. This was the initial card," he informed the press. "You're aware of that card; it’s the gold card, his ace in the hole.
When questioned about who the initial purchaser was, Trump stated, "It was me. ... I am the first buyer."
"Quite thrilling, isn’t it? Anyone interested in purchasing one?" he questioned.
The proposed gold card initiative alters the government’s EB-5 immigrant visa program, offering foreign investors a chance to purchase it for $5 million. This would grant them employment rights and provide a pathway to becoming citizens.
The Trump administration has promoted the plan as a way to decrease the federal debt, currently standing at a substantial $36 trillion. According to Commerce Secretary Howard Lutnick, during a Cabinet meeting in February, issuing approximately 200,000 golden cards might generate around $1 trillion.
The president thinks issuing gold cards might offer a method for firms like Apple to keep or draw in highly skilled individuals. Companies or individuals who wish to bring someone into the country can purchase these cards and subsequently employ those persons.
I receive calls from firms, for instance, who wish to employ the top-ranking student from a university. This individual might come from countries like India, China, Japan, among many others," Trump explained. "These students may attend institutions such as Harvard, the Wharton School of Finance, or Yale." He continued, saying these businesses extend job offers which are then withdrawn instantly since there’s uncertainty about whether this person will remain in the nation legally. My aim is to ensure those individuals can continue living here. Companies should have the option to secure what amounts to a green card and utilize it during their hiring process.
WHAT YOU SHOULD UNDERSTAND ABOUT TRUMP'S GOLD CARD INITIATIVE
A significant number of affluent individuals will enter our nation through purchasing this card," the president remarked to reporters in the Oval Office in February. "These individuals will be well-off, prosperous, and will contribute substantially by spending considerable amounts of money, paying high taxes, and providing employment opportunities.
The proposal might encounter legal obstacles, based on Senator James Lankford (R-OK) stated that the President might require Congress to alter the EB-5 immigrant visa program for the long term.