On Tuesday, President Trump introduced a new initiative called the 'gold card', aimed at attracting wealthy foreign investors willing to pay $5 million for the opportunity to live and work in the US. This program is set to replace the existing EB-5 visa, which required a smaller investment. Trump and Commerce Secretary Howard Lutnik emphasized that the new card would not only invite affluent individuals but also contribute to the economy by increasing tax revenue and potentially aiding in deficit reduction, asserting that thorough vetting will ensure only 'world-class global citizens' can acquire this card.
Commerce Secretary Howard Lutnik stated that the card would replace the EB-5 immigrant investor visa program, which he described as 'full of nonsense, make-believe, and fraud.'
Trump emphasized that the proposed 'gold card' program would require a significantly higher investment, allowing wealthy individuals to buy their way into the US with potential economic benefits.
Lutnik mentioned that the funds raised through the 'gold card' program could be utilized to help reduce the US deficit.
Trump highlighted the potential fiscal contribution of wealthy cardholders, saying they would be 'spending a lot of money and paying a lot of taxes and employing a lot of people.'
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