Trump's Gold Card Visa Generates 70,000 Applicants, Foreign Investors Flock to American Real Estate

President Donald Trump's "Trump Card" visa, a $5 million "gold card" that secures green card privileges, has attracted 70,000 applicants. The Commerce Secretary has launched a website to facilitate the process and the card will be made of gold, featuring Trump's portrait and signature. The idea came from billionaire John Paulson as a way to reduce the national debt. Immigration lawyers say the card's high price is not a deterrent for wealthy clients.

The Trump Card visa, a $5 million "gold card" that secures green card privileges, has garnered significant attention since its unveiling by U.S. President Donald Trump in April. The card, which features Trump's portrait and signature, is seen as a way to reduce the national debt. The Commerce Secretary has launched a website to facilitate the process, and the card is set to be made of gold. The idea for the card originated from billionaire John Paulson.

The card has attracted 70,000 applicants, with the Commerce Secretary claiming that around 70,000 people have already signed up. However, experts are skeptical about the feasibility of the scheme. Under the U.S. constitution, only Congress has the authority to make laws regarding citizenship. The president does not have the legal power to create a new visa program without congressional approval. Additionally, the number of ultra-wealthy individuals capable of affording the card is limited. According to Henley and Partners, there are only around 30,000 centimillionaires worldwide, with approximately 2.76 lakh worth $30 million or more.

Experts suggest that the Trump Card may not be a viable solution to reduce the national debt or attract significant immigration. The high price point of the card is not a deterrent for wealthy clients, but the lack of legal authority and the limited number of potential applicants cast doubt on its long-term success. The card's impact on the U.S. economy and immigration policies remains uncertain, but it is clear that the Trump Card visa is a contentious and complex issue.

References:

[1] https://www.firstpost.com/explainers/why-trumps-ambitious-gold-card-scheme-may-never-become-reality-13903987.html