The new program of “golden cards,” promoted by President Donald Trump, permanent residency permits sold for $5 million each, is sailing at full speed. In just one day, 1,000 were purchased, bringing in $5 billion for the federal budget.
This was announced by Commerce Secretary Howard Lutnick. The plan, intended to replace the old EB-5 investor visa, aims to raise up to 5 trillion to reduce the national debt. Specifically, EB-5 investors are foreign individuals who participate in the EB-5 visa program, established in 1990 by Congress to stimulate the growth of the U.S. economy, which allows them to obtain permanent residency in the United States through a significant investment in a U.S. business enterprise.
According to the Trump administration’s projections, a total of 37 million people worldwide are considered potential buyers who can afford to invest substantial sums. In fact, this program, which Trump claims is more efficient than the previous EB-5 system, is aimed at wealthy investors and is designed to select economically high-profile individuals. The U.S. government has said that the proceeds will be directed toward reducing the national debt, which has already exceeded $36 trillion. In addition, U.S. Commerce Secretary Lutnick said that compared to the new golden card, the “EB-5 program was full of nonsense, shams and fraud, and was just a way to get a cheap green card.”
