President Donald Trump has announced the launch of a new immigration program offering wealthy foreign nationals the opportunity to obtain a "Golden Card" for $5 million. This initiative will grant investors privileges similar to those of a green card and provide a pathway to U.S. citizenship. The program is expected to take effect in two weeks, replacing the existing EB-5 visa, which required an investment of around $1 million and the creation of at least ten jobs.
Trump emphasized that the new program will attract wealthy and successful individuals who will spend significant amounts, pay taxes, and create jobs in the U.S. Secretary of Commerce Howard Latnik noted that candidates will undergo thorough screening to ensure their high status and reputation.
Interestingly, when asked about the possibility of Russian oligarchs participating in the program, Trump responded affirmatively, noting that he knows some of them as "very good people" and believes they can afford such an investment.
The funds raised from the sale of "Golden Cards" are planned to be used to reduce the national deficit. Trump expressed confidence in the program's success, emphasizing that it will attract substantial investments and contribute to the country's economic growth.
However, critics have raised concerns about potential risks related to security, corruption, and tax evasion that may arise from such programs. The previous EB-5 program had faced criticism for cases of fraud and insufficient oversight, raising questions about similar issues that could emerge with the new initiative.
While Congress has constitutional authority to establish rules for naturalization and immigration, President Trump claims that the new $5 million "Golden Card" visa program can be implemented without congressional approval.
Overall, the launch of the "Golden Card" represents a significant shift in U.S. immigration policy, aimed at attracting wealthy investors and boosting the country's economic development.
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