President Trump is launching a new gold card; those who are willing to pay $5 million get automatic U.S. legal residency and, later, citizenship. Before boarding Air Force One, bound for Mar-a-Lago, the MAGA leader explained that the new cards, which will bear his image, will be available in about two weeks.
The announcement comes as the latest round of tariffs sought by the president triggered the worst blow to the U.S. and global stock markets since the outbreak of the COVID-19 pandemic, with the Dow Jones plummeting 1,600 points, losing trillions in value.
Trump had floated the idea of a gold card early in his second term as part of the immigration crackdown. The card was designed to offer business owners a new opportunity to enter the country legally, albeit at a significantly high cost.
In late February, the MAGA leader had stated that the cards would entice wealthy foreigners to do business in the United States, which would be good for the economy. Commerce Secretary Howard Lutnick had earlier said that the card in question should replace the EB-5, a visa created in 1990 by Congress to attract foreign investors to the United States. It is available to business owners who spend about $1 million on a business with at least 10 employees. Lutnick explained that the new card program will create healthy competition among investors and help circumvent fraud associated with the EB-5 program.
According to Department of Homeland Security data, about 8,000 people used the visa program in question between Sept. 30, 2021, and Sept. 30, 2022.
Trump’s new idea has elicited various reactions. Many heavily criticized the gold cards that will bear the president’s image, calling them “pathetic,” and describing the MAGA leader as a “con artist” and a “grifter.”
