WASHINGTON (AP) 鈥� President said Wednesday that he plans to start selling a 鈥済old card鈥� visa with a potential pathway to U.S. citizenship for $5 million, seeking to have that new initiative replace a 35-year-old visa program for investors.
鈥淚 happen to think it鈥檒l sell like crazy. It鈥檚 a market,鈥� Trump said. 鈥淏ut we鈥檒l know very soon.鈥�
During the first meeting of his second-term Cabinet, Trump suggested that the new revenue generated from the program could be used to pay off the country鈥檚 debt.
鈥淚f we sell a million, that鈥檚 $5 trillion dollars,鈥� he said. Of the demand from the business community to participate, he said "I think we will sell a lot because I think there鈥檚 really a thirst.鈥�
Commerce Secretary told reporters during the same meeting that Trump鈥檚 initiative would replace the EB-5 program, which offers U.S. visas to investors who spent about $1 million on a company that employs at least 10 people.
Lutnick said that program 鈥渉as been around for many years for investment in projects鈥� but 鈥渋t was poorly overseen, poorly executed.鈥�
The new program could mark a dramatic shift in U.S. immigration policy but isn't unprecedented elsewhere. Countries in Europe and elsewhere offer what have become known as 鈥済olden visas鈥� that allow participants to pay in order to secure immigration status in desirable places.
Congress, meanwhile, determines qualifications U.S. for citizenship, but the president said 鈥済old cards鈥� would not require congressional approval.
Trump said of future possible recipients of the gold visa program: 鈥淭hey鈥檒l be wealthy and they鈥檒l be successful and they鈥檒l be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it鈥檚 going to be extremely successful.鈥�
Henley & Partners, an advisory firm, says more than 100 countries around the world offer 鈥済olden visas鈥� to wealthy individuals and investors. That list includes the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.
鈥淐ompanies can buy gold cards and, in exchange, get those visas to hire new employees,鈥� Trump said. Despite similar programs already occurring outside the U.S., he insisted, 鈥淣o other country can do this because people don鈥檛 want to go to other countries. They want to come here."
鈥淓verybody wants to come here, especially since Nov. 5," he said of his Election Day victory last fall.
Lutnick suggested that the gold card 鈥� which would actually work, at least to start, more like a green card, or permanent legal residency 鈥� would raise the price of admission for investors and do away with fraud and 鈥渘onsense鈥� that he said characterize the EB-5 program.
A pathway to citizenship as part of the new program also would set it apart from the EB-5 program. Trump said vetting people who might be eligible for the gold card will 鈥済o through a process鈥� that is still being worked out.
Pressed on if there would be restrictions on people from China or Iran not being allowed to participate, Trump suggested it will likely not 鈥渂e restricted to much in terms of countries, but maybe in terms of individuals."
About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics.
The Congressional Research Service reported in 2021 that EB-5 visas pose risks of fraud, including verification that funds were obtained legally. Then-President Joe Biden signed a 2022 law bringing big changes to the EB-5 program, including steps meant to investigate and sanction individuals or entities engaged in fraud as part of it 鈥� meant to curb some of those risks.
Trump offered few details on how the new program might work, including making no mention of existing EB-5 requirements for job creation. While the number of EB-5 visas is capped, meanwhile, the Republican president mused that the federal government could sell 10 million 鈥済old cards鈥� to reduce the deficit. He said it 鈥渃ould be great, maybe it will be fantastic.鈥�
鈥淚t鈥檚 somewhat like a green card, but at a higher level of sophistication," the president said. 鈥淚t's a road to citizenship for people 鈥� and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long term status in the country.鈥�
Elliot Spagat And Will Weissert, The Associated Press
