I can assure you that those who are able to pay $5 million will create jobs. Trump says they will spend a lot of money on jobs.
US President Donald Trump predicted the “gold card” visa would “sell like crazy” once it was announced.
Trump revealed intentions to implement a $5 million “gold card” visa that may result in US citizenship during the first meeting of his second-term Cabinet on Wednesday. He intends to replace a 35-year-old investment visa with a $5 million “gold card” visa that offers a route to citizenship.
“I’ll tell you what: those who can afford to pay $5 million will generate jobs. The amount of money they spend on jobs will be substantial. On that, they will also be required to pay taxes. Therefore, they will be recruiting individuals, bringing in businesses, and hiring people. And, who knows, it might sell like crazy. In my opinion, it will sell like crazy. Trump told reporters at the White House, “It’s a deal.”
The EB-5 program, which grants US visas to investors who spend approximately $1 million on a business that employs at least 10 people, will be replaced by Trump’s new plan, Commerce Secretary Howard Lutnick said reporters. Describing the EB-5 project as “poorly overseen and poorly executed,” Lutnick claimed the golden visas would be an improvement.
“We’re going to make sure they’re wonderful world-class global citizens,” Lutnick stated in reference to prospective gold card applicants.
Many nations offer citizenship by investment programs, including some in Europe, such as Portugal, which grants “golden visas” or permanent residency to foreigners who finance a qualified fund with €500,000 ($524,000).
Trump claimed that businesses will employ non-citizens to work for them in the US under the golden visa scheme.
“We have to be able to get people in the country, and we want people that are productive people,” Trump stated.
According to the BBC, the State Department issued more than 12,000 EB-5 visas in fiscal year 2024, setting a new record for the program.
