Donald Trump has introduced a new ‘Gold Card’ that promises to streamline the process of obtaining US citizenship, provided one can afford the $5,000,000 price tag. However, questions arise about the card’s fate post-Trump’s presidency.
During a briefing with reporters aboard Air Force One on Thursday, April 3, the President showcased a gold, credit card-sized document named ‘The Trump Card,’ featuring a portrait of Trump himself.
Originally hinted at by Trump in February, the Gold Card is designed to alter the EB-5 Immigrant Investor Program. This existing initiative grants US visas to individuals who invest around $1 million in a business that employs at least 10 workers.
While displaying the new card, Trump commented: “For $5 million, this could be yours. You know what that card is? It’s the Gold Card, the Trump Card.”
The President mentioned that the card would be available ‘in less than two weeks.’ But what should potential buyers anticipate?
Commerce Secretary Howard Lutnick has previously illuminated the criteria for acquiring a Gold Card, indicating it won’t be accessible to just anyone.
Lutnick stated: “They’ll be wealthy and they’ll be successful and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful.”
Applicants must also demonstrate that they are ‘wonderful, world-class global citizens,’ according to Lutnick.
The commerce secretary estimated that around 37 million people worldwide could potentially afford the Gold Card and noted that both corporations and individuals could make investments.
Lutnick previously claimed that 1,000 Gold Cards had been sold, raising ‘$5 billion’ in just one day.
Gold Card holders will gain the ability to reside in the US without being required to pay taxes on overseas income to the US government.
While Gold Card owners can still seek US citizenship if desired, the card also offers residency options without necessitating full integration into American culture.
Aside from individual benefits, Trump has asserted that the Gold Card would stimulate the US economy, stating: “It’s gonna be a booming country … It’s going to be amazing, actually. We see it because we have trillions of dollars committed to come in.”
If the country achieves the sale of 200,000 Gold Cards at $5 million each, it could generate $1 trillion, potentially addressing national debt issues.
While Trump seems content with his likeness gracing the residency card, will it maintain its significance once his presidency ends?
Although Trump has contemplated a third term in the White House, the question of the Gold Card’s future has yet to be fully addressed by him.
The card’s longevity depends on factors such as congressional endorsement.
Presidents cannot independently create pathways to citizenship; thus, the Gold Card requires additional approval for sustained buyer impact.
Sharvari Dalal-Dheini, from the American Immigration Lawyers Association, explained to CNN: “Congress would have to legislate a new program. I really don’t know what legal authority you would have to just create this new program out of whole cloth.”
Lawmakers would need to pass new legislation for it to materialize, with immigration lawyer Charles Kuck noting that Trump lacks the legal authority to establish a visa category.
Regarding the EB-5 program, Lutnick plans to ‘modify’ it to include these new initiatives. Nevertheless, even if Congress agrees, future administrations or congressional actions could alter or nullify it.
If not sanctioned by Congress, a future president could overturn the decision through executive action, rendering the Gold Cards obsolete.
While Trump might outline a definitive strategy for the Gold Card after its official release, for now, he appears satisfied with unveiling the gold-themed card bearing his image.