US President Trump unveiled a $5 million Golden Card designed for wealthy immigrants. So, what purpose does this card with Trump’s image serve?

President Donald Trump showcased the design of the new $5 million “golden card” to journalists aboard Air Force One. The card features Trump’s own image.

According to the New York Post, in February, Trump announced plans to effectively renew the stagnant and cumbersome EB-5 visa program by selling golden cards to wealthy foreigners providing “green card privileges-plus.”

In his statement to journalists, Trump said, “For $5 million, this could be yours. This was the first of these cards. Do you know what that card is? That golden card is the Trump card.”

Trump claimed he was the first buyer, but was unsure who the second buyer would be. He announced that the card will likely be released in less than two weeks.

Commerce Secretary Howard Lutnick previously stated that over a thousand golden cards had been sold last month, with over 37 million people worldwide having the opportunity to purchase these cards.

WHAT IS A GOLDEN CARD? HOW WILL IT BE USEFUL?

At the core of the golden card system lies the renewal of the EB-5 visa program, which offers foreign nationals investing around $1 million in the US a unique path to permanent residency and citizenship different from a regular visa.

As reported by the New York Post, unlike visas that tie immigrants to specific employers, green cards grant immigrants the flexibility to choose where they work.

Congress established the EB-5 visa program in the 1990s with different threshold conditions. Lutnick previously referenced the $36.5 trillion national debt, stating, “There is currently a line of 250,000 people for the EB-5. Those 200,000 golden green cards would be worth $1 trillion to pay off our debt.”

OVER 135,000 EB-5 VISAS ISSUED IN 25 YEARS

According to data from the Invest In the USA (IIUSA) trade association representing program participants, a total of 135,518 EB-5 visas have been granted in the past twenty-five years.

The renewal process of the EB-5 system streamlines and reduces the preference of foreign investors towards investing in rural or high-unemployment areas.

However, some government watchdogs have expressed concerns that the golden card system may lead to corruption. Other countries also implement similar programs to attract wealthy immigrants.