What to know about Trump's "gold card"
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President Trump holds a $5 million "gold card" on board Air Force One, en route to Miami in April. Photo: Mandel Ngan/AFP via Getty Images
President Trump's website for his "gold card" that would enable successful applicants to buy U.S. permanent residency for $5 million went live this week.
The big picture: Details on what the program would entail remain scant, and it may require congressional approval.
State of play: Trump announced in February his plan to offer the card as a replacement for the existing EB-5 program, which has granted green cards to individuals who invest in the U.S. since 1990.
- The president launched a website Wednesday to allow people to register their interest in signing up for the "gold card."
- Successful applicants will be able to buy U.S. permanent residency for $5 million.
- The site, trumpcard.gov, is currently only for people to register their names, email addresses and the regions they're from.
What they're saying: Commerce Secretary Howard Lutnick said on Fox Business Network on Thursday that there is a waiting list and 25,000 people signed up in 15 hours.
- "At 200,000 people, that's a trillion dollars," Lutnick said.
Between the lines: The card will likely require legislative support and face legal challenges if congressional approval isn't sought, immigration attorney Theda Fisher said in an email.
- An amendment to the Immigration and Nationality Act and the Internal Revenue Code would be required to increase the numbers of immigrant visas issued annually and to have differential tax treatment of certain permanent residents.
- But congressional approval to change these rules would be required.
- "I believe the Gold Card can be successful if administered properly as there is a lot of demand for U.S. permanent residency that would exempt an individual from tax on global income," Fisher said. "It is a dream come true for many high-net-worth individuals."
Our thought bubble: Congress establishes various legal categories for allowable immigration by statute, and has not created one along these lines.
- Article I Section 8 of the Constitution is the real authority here.
- Anyone with $5 million in extra cash and a clean legal record can probably find a way to get a long-term U.S. visa, and eventually citizenship, through other means.
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