The new "Golden Card" program introduced by former President Donald Trump is causing a stir as it allows foreigners to purchase U.S. permanent residency for $5 million. The program aims to attract investment from wealthy individuals, with the ambitious goal of raising $1 trillion to reduce the national debt. Although still in its early stages, data from the U.S. Department of Commerce reveals that 1,000 "Golden Cards" were sold within just 24 hours.
It is estimated that around 37 million people worldwide have the financial means to participate in this program. Former President Trump is confident he can sell a million cards: "Unlike the Green Card, this is the Golden Card. We are pricing it at around $5 million, granting the same privileges as a Green Card and a pathway to U.S. citizenship. We believe this program will be a massive success."
U.S. Commerce Secretary Howard Lutnick stated that the "Golden Card" will replace the traditional Green Card. Although holders can still apply for citizenship, Lutnick noted that most would likely opt out to avoid U.S. global taxation.
The concept of a "Golden Card" is not new. More than 100 countries, including the UK, Australia, Canada, Italy, and Greece, have implemented similar programs. Some nations, such as Malta and Egypt, even offer direct citizenship through investment.
At $5 million, the U.S. "Golden Card" would be one of the most expensive visa programs in the world. However, it has sparked controversy, as it could be exploited for money laundering and might drive up housing prices in major cities.
Concerns over "Golden Visa" programs have led several European nations to scale back or suspend them. If Trump's plan moves forward without congressional approval, the debate is likely to intensify further.
In reality, many ultra-wealthy individuals are not particularly interested in the U.S. "Golden Card." A Forbes survey of 18 billionaires found that 13 were uninterested, three were undecided, and only two were seriously considering it. The primary deterrent? Taxes—since the U.S. taxes its citizens on their worldwide income, something many billionaires seek to avoid.
Will the "Golden Card" be a lucrative deal for the U.S., or is it just another ambitious dream of Donald Trump?
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