The US sold a thousand Trump 'gold cards' in one day for $5 million, although the system for issuing them does not yet exist
Commerce Department Secretary Howard Lutnick claims that he has already raised $1000 billion by selling 5 “gold cards” for $5 million each. However, it is not yet possible to officially apply for them, the publication writes. IMI.
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“Yesterday I sold a thousand (gold cards. — Approx. Ed.),” Lutnick said on the All-in podcast while discussing the immigration initiative the administration has developed to replace the existing EB-5 visa program.
The Trump administration's proposed "gold card" would give wealthy foreign investors permanent residency in the U.S. without the job-creation requirements of the current EB-5 program, which requires an investment of at least $800 that creates at least 000 American jobs.
On the subject: Trump Wants to Sell Green Cards to the Rich for $5 Million
Lutnik explained that tech entrepreneur Elon Musk is “developing software right now” for the application process, which is scheduled to launch in about two weeks.
This suggests that the reported sales may represent agreements in principle rather than completed transactions.
The concept emerged from discussions between Trump and investor John Paulson about selling, rather than handing out, the visas. Lutnick, who joined those discussions to develop implementation strategies, estimates that 37 million people around the world could afford to buy the cards.
Trump proposed renaming the initiative, telling Fox News that "my people want to call it the Trump card because the 'Trump card' sells a lot better than just the 'gold card.'"
He believes the program will help the U.S. economy because "wealthy people will come to the country. These successful people will spend a lot of money, pay a lot of taxes, and create a lot of jobs."
The head of the Department of Commerce expressed his personal opinion on the attractiveness of this program: “If I were not an American and lived in another country, I would buy six cards: one for myself, one for my wife and one for my four children. Because if, God forbid, something happens, I would want to be able to go to America.”
Lutnik said the cards could be revoked if the holder commits a criminal offense or otherwise breaks the law.
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The administration intends to use the proceeds to reduce the national debt, which currently stands at $36,2 trillion. Trump predicts that selling one million cards could generate $5 trillion for that purpose.
The exact date for the official opening of applications remains unconfirmed, and the program may require congressional approval to be implemented.
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