The US has launched a program to sell “golden cards” that give permanent residency. In just one day, the government made $5 billion, according to US Secretary of Commerce Howard Lutnick, as reported by Financial Express. Each card costs $5 million, and despite the high price, 1,000 cards were sold in a single day, bringing in $5 billion for the country. The program is expected to raise $5 trillion if 1 million cards are sold.
There are 37 million people worldwide who can afford to buy these cards. This program is seen as an alternative to the EB-5 investor visa, which the Trump administration plans to replace. The US government intends to use the proceeds from this program to help reduce the national debt, which has already reached more than $36 trillion. (Also read: Tiger Woods and Vanessa Trump’s Shocking Romance: Inside Their Private Relationship)
Last month, President Donald Trump proposed replacing the EB-5 investor visa program with the “golden card.” According to the US Citizenship and Immigration Services (USCIS), the EB-5 program was introduced in 1990 to stimulate the US economy by creating jobs and attracting investment from foreign investors. However, US Secretary of Commerce Howard Lutnick criticized the EB-5 program, calling it full of “nonsense, make-believe, and fraud” and said it was a cheap way to get a green card.
Lutnick mentioned that there are 37 million people around the world who can afford this card and expressed confidence that they could sell a million cards. He also revealed that the program has already gained worldwide attention, with 1,000 cards being sold in just one day. The money raised from this initiative will be used to reduce the US national debt, which is currently $36.2 trillion.
Elon Musk is reportedly developing a software platform to streamline the application process, which is expected to launch in two weeks. Trump is also considering renaming the program as the “Trump Card” to make it more appealing, saying, “The Trump Card sells much better than the Golden Card.” Although the program is already running, it may still need full approval from Congress. However, with $5 billion raised in one day, Trump’s team believes this initiative could change US immigration and economic policies.
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