In a bold move that has left many surprised, US President Donald Trump recently announced plans to introduce a ‘gold card’ residency permit, priced at US$5 million. This new immigration initiative aims to attract wealthy individuals who are willing to create jobs in the United States.
Details of the Gold Card
During a press conference in the Oval Office on 25 February 2024, Trump outlined that this initiative is designed as a high-priced alternative to the traditional green card. He emphasized that the funds raised from the sales could potentially be used to reduce the US national deficit.
- Price of Gold Card: US$5 million
- Eligibility: Wealthy foreigners, including possible Russian oligarchs
- Application Start Date: Within two weeks
- Vetting Process: All applicants are to be thoroughly checked
Potential Impact
Trump stated he envisions selling up to one million of these cards, asserting that it would attract ‘people with money’ who could contribute to the economy by starting businesses and hiring employees.
Russian Oligarchs In the Frame
Interestingly, when pressed on whether Russian oligarchs could apply for these cards, Trump responded positively, mentioning he knows some wealthy Russians who might be suitable candidates despite the recent sanctions against many of them.
“It’s possible… I think they can afford US$5 million,” he remarked, hinting at the controversial nature of this policy amid ongoing tensions between the US and Russia.
With Commerce Secretary Howard Lutnick alongside him in the briefing, Trump suggested that the revenue generated from the gold card sales could assist in addressing the fiscal challenges faced by the government, saying, “We can use that money to reduce our deficit.”
The ‘Trump Gold Card’?
In a striking remark, Trump even floated the idea of naming the card after himself, indicating a personal branding element to the initiative: “If it helps, use the name Trump,” he chuckled.
This announcement comes as Trump continues to navigate complex immigration policies while also seeking to bolster economic growth through innovative means.