President Donald Trump announced this week plans to begin selling US residences to eligible foreigners willing to cough millions of dollars.
“You have a green card. This is a gold card,” he said, “playing cards.”
I said While signing the executive order on Tuesday. “We're going to multiply that card by about $5 million, which gives us the privilege plus of a green card.”
Trump said his Gold Card Initiative not only withdraws one-time lump sum payments from successful and/or wealthy immigrants, but also encourages them to spend “a lot of money,” pay full taxes, and hire locals in the United States. He further showed that American companies could purchase gold cards on behalf of foreign talent.
The president suggested that more than a million vetted candidates may opt-in to the program in hopes of securing a path to citizenship. This means $5 trillion payday on the Gold Card acquisition alone.
Trump as he discusses the program further at his Cabinet meeting on Wednesday. It is listed“I think it just happens to sell like crazy. It's a bargain.”
Commerce Secretary Howard Lutnick said the Gold Card Initiative will be an improvement to the existing investment visa program known as EB-5.
“I'm going to sell it like crazy.”
Under
EB-5 Programforeign investors, their spouses, and unmarried children under the age of 21 are eligible to apply for permanent residency if they invest at least $1.05 million in a US-based commercial company and commit to creating or preserving 10 full-time jobs for American workers.
“The president said, 'I'm going to end the EB-5 program, not have this kind of ridiculous EB-5 program,” Lutnick said. “I'm going to replace it with a Trump Gold card.”
Lutnick and Trump have shown that the program will help you pay off the deficit.
After Trump appeared to suggest that applicants from all countries could apply, reporters asked if Russian oligarchs were eligible. The president has expressed openness, but they have said they are probably “not as wealthy as they used to be.”
The president argued that it was within his authority to replace the EB-5 visa program and establish his own Forbes.
It's attracting attention The US Constitution assigns Congress the power to regulate immigration under Article 1 and Article 8. As a result, Trump's plan could face important legal challenges, even when Republicans control both chambers of Congress.
Many countries around the world have similar golden visa programs. This allows individuals to secure residence through investment.
According to To Henley & Partners, a consulting company based in London, Canada, UKand over 60% of EU countries have active Golden Visa programs.
Like Blaze News? Bypass censorship, sign up for our newsletter and get stories like these directly into your inbox. Sign up here!
