President Donald Trump said on February 26 that he is planning to start selling a “gold card” visa with a potential path for American citizenship for $ 5 million, and seeks to obtain this new initiative to replace a 35 -year -old visa program for investors.
“I think that will sell like madness. It is a market.” But we will know soon. “
During the first meeting of the second cabinet, Mr. Trump suggested that the new revenues resulting from the program can be used to pay the country’s debts.
“If we sell a million, this is 5 trillion dollars,” he said. He said, “I think we will sell a lot because I think there is a thirst.”
Trade Minister Howard Lootnick told correspondents during the same meeting that the initiative of Mr. Trump will replace the EB-5 program, which provides us with visas for investors who spent about one million dollars on a company that employs at least 10 people.
Mr. Lutnick said that the program “has been in many years to invest in projects”, but “it has been badly supervised, and it is badly executed.”
The new program can determine a major transformation in the American immigration policy but it is unprecedented elsewhere. The two countries in Europe and other places are introduced to what has become known as “golden visas” that allow participants to pay in order to secure the migration state in desirable places.
Meanwhile, Congress determines qualifications for American citizenship, but the president said that “golden cards” will not require Congress’ approval.
“They will be rich and they will be successful and will spend a lot of money and pay a lot of taxes and employ many people, and we believe it will be very successful,” said Mr. Trump on the future beneficiaries of the Gold Visa program.
Henley & Partners, a consulting company, says more than 100 countries around the world offer “golden visas” for wealthy individuals and investors. This list includes the United States, the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.
“Companies can buy gold cards, and in return, these visas can be obtained to employ new employees,” said Mr. Trump. Despite similar programs that already happen outside the United States, he insisted that “no other country can do this because people do not want to go to other countries. They want to come here.”
He said about his victory on the election day last fall: “Everyone wants to come here, especially since November 5.”
Mr. Lutnick suggested that the gold card-which will already work, at least to start, is like a green card, or permanent legal residence-the admission rate for investors and fraud and “nonsense” that he said is distinguished by the EB-5 program.
The road to citizenship as part of the new program will distinguish it from the EB-5 program. Mr. Trump said that examining people who may be qualified to obtain a gold card “is going through a process” that is still resolved.
It was pressed if there are restrictions on people from China or Iran that are not allowed to participate, as Mr. Trump suggested that it is likely not to be limited to many countries, but perhaps in terms of individuals. “
About 8,000 people obtained visas for investors in the 12 -month period ending on September 30, 2022, according to the latest annual book for immigration statistics in the Ministry of Internal Security. The Congress Research Service in 2021 reported that EB-5 visas constitute the risk of fraud, including verifying the money legally.
Mr. Trump did not refer to the requirements for creating job opportunities. Although the number of EB-5 visas is crowned, the Republican President may hope that the federal government can sell 10 million “gold card” to reduce the deficit. He said it “could be great, maybe it will be great.”
The president said: “It is somewhat similar to a green card, but at a higher level of development,” the president said. “It is a way for citizenship for people – essentially, people of wealth or people with great talents, where people with wealth pushing those people with talents to reach it, which means that companies will push people to reach a long -term situation in the country.”
This story was reported by Associated Press.