Trump introduces $5M 'golden residency' cards to offset deficit
Donald Trump has announced a new program for the sale of "golden residency cards" in the United States for $5 million, targeting, among others, Russian oligarchs. The program aims to help reduce the budget deficit.
President Donald Trump introduced the new program, which will permit the purchase of "golden residency cards" in the United States for $5 million. According to the Polish Press Agency, this initiative is intended to replace the current EB-5 investment visa, which requires a $1 million investment and the creation of ten jobs.
Commerce Secretary Howard Lutnick explained that "golden cards" will function similarly to "green cards," allowing for permanent settlement and possibly acquiring citizenship. The condition for obtaining the card will be a payment of $5 million to the state, intended to help alleviate the budget deficit. Lutnick emphasized that applicants will be thoroughly screened to ensure they are "wonderful global citizens of world-class calibre." During the program's announcement, Trump suggested that Russian oligarchs might avail themselves of the offer.
Possibly. I know some Russian oligarchs that are very nice people. It's possible," Trump said. "They're not as wealthy as they used to be. I think they can. I think they can afford $5 million — said the president.
"Golden cards" coming soon
The "golden residency cards" program is expected to be available in about two weeks, though it is unclear whether the administration can proceed without Congress's approval. Similar initiatives exist in many countries, including the European Union, but often spark controversy. In 2018, a journalistic investigation in Hungary revealed that beneficiaries of a similar golden visa program included the family of Sergey Naryshkin, the head of the Russian Foreign Intelligence Service.
Trump's "golden residency cards" program is another step toward attracting wealthy investors to the USA. It is anticipated to bring financial benefits to the country. However, its implementation may face legal and political hurdles.
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