Donald Trump intends to sell new “gold card” residency permits for $5 million each (£4m), which may be accessible to Russian oligarchs.
The plan was unveiled by Mr. Trump on Tuesday, who stated that the new visa, which is a high-priced version of the traditional green card, would attract job creators and could be utilized to decrease the US national deficit.
You possess a green card. Mr. Trump informed reporters in the Oval Office that a gold card would be available for purchase. The price of the card will be approximately $5 million.
During his second term, the President prioritized the deportation of millions of undocumented migrants. He stated that the certificate would be a new route to US citizenship.
Mr. Trump described the card as “similar to a green card, but with a greater degree of sophistication.”
Russian Oligarchs May Qualify for Trump’s New Gold Card Residency
He stated, “It is a pathway to citizenship for individuals, primarily those of great talent or wealth, who pay for the entry of those of talent. This means that companies will pay for individuals to gain entry and to maintain a long-term status in the country.”
“A significant number of individuals will desire to reside in this country, where they will be able to work, create employment opportunities, and establish businesses.”
Mr. Trump declared that the cards would be available for purchase within approximately two weeks. He even proposed that the new cards be named in his honour.
“An individual enquired, ‘May we refer to it as the Trump gold card?'” I suggested, “If it is advantageous, employ the name Trump.”
He stated, “We anticipate selling approximately one million of these cards.” From a legal perspective, we have resolved everything.
The billionaire former real estate magnate stated that all applicants for the new gold cards would undergo a meticulous vetting process.
However, when asked whether it was feasible for affluent Russians to submit applications, Mr. Trump acknowledged it.
“Possibly.” I am acquainted with several Russian oligarchs who are exceedingly cordial. Mr. Trump stated, “It is feasible.” “They are no longer as wealthy as they once were.” I believe they are capable. I believe they have the financial capacity to invest $5 million.
Since the Russian invasion of Ukraine three years ago, the West has imposed sanctions on many Russian oligarchs.
According to Commerce Secretary Howard Lutnick, who was in the Oval Office with Mr. Trump, the gold cards will supplant the EB-5 visa program in two weeks.
Congress established EB-5s in 1990 to attract foreign investment. They are accessible to individuals who invest approximately $1 million (£790k) in a company that employs a minimum of 10 people.
According to Mr. Lutnick, the gold card would increase the cost of admission for investors and eliminate the “nonsense” and fraud emblematic of the EB-5 program.
According to the most recent Yearbook of Immigration Statistics from the Homeland Security Department, approximately 8,000 individuals obtained investor visas in the 12-month period ending Sept. 30, 2022.
In 2021, the Congressional Research Service reported that EB-5 visas are susceptible to fraud, which includes substantiating the legal acquisition of funds.
Investor visas are prevalent worldwide. According to Henley & Partners, an expert advisory firm, these types of visas are available to affluent individuals in over 100 countries worldwide, including the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy.
Mr. Trump declared that the “gold cards” would not necessitate congressional sanction, although Congress established the citizenship criteria.
Mr. Lutnick stated, “We will ensure that they are exceptional global citizens.”
Salman Ahmad is known for his significant contributions to esteemed publications like the Times of India and the Express Tribune. Salman has carved a niche as a freelance journalist, combining thorough research with engaging reporting.
