Trump unveils ‘gold card’ for foreigners to buy US residency – at reduce price of $1,000,000
President Donald Trump signed an executive order for the ‘Trump Gold Card’ in the Oval Office at the White House on Friday (Picture: Reuters)
President Donald Trump has rolled out his long-touted ‘gold card’ for wealthy foreigners to buy and fast-track their applications to work and live in the US.
The president signed an executive order today establishing the ‘Trump Gold Card’ program, and setting the price tag to apply at $1million.
As hefty as that sounds, it is significantly lower than the $5million figure that Trump floated when he first announced the programme was in the works in February.
The gold card will cost $2million for companies that want to speed up the new visa process for an employee.
Speaking from the Oval Office of the White House, Trump characterised the policy as ‘sort of like a signing bonus in baseball and football’.
He estimated that the gold card will raise more than $100 billion for the US Treasury Department to put toward ‘cutting taxes and paying down debt’. Trump did not elaborate on exactly how that would be done.
Commerce Secretary Howard Lutnick piggybacked on Trump’s message that the program will enable America to ‘only take extraordinary people at the very top’.
‘Instead of people trying to take jobs the from Americans, they’re going to create businesses and create jobs for Americans,’ said Lutnick.
In addition, a new ‘Trump Platinum Card’ allowing holders to spend up to 270 days in the country without paying tax on non-US income will be available for $5million.
Trump had previously said the nation could sell up to one million cards for $5million apiece. Lutnick’s new prediction on that was a tenth or less of the president’s initial aspiration.
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