Trump has promised $5m ‘gold card’ visas. Experts say they’re unlikely to ever happen
The problem with Trump’s $5m ‘gold card’ visa
- Donald Trump proposed a "Trump Card" offering a fast track to legal status for wealthy immigrants investing $5 million, with a prototype shown in April and a website launched in June.
- However, legal experts have expressed significant scepticism about the card's legality, asserting that the president cannot unilaterally create new visa categories or alter tax laws without an act of Congress.
- The initiative, which Treasury Secretary Howard Lutnick suggested could generate up to $1 trillion, aims to replace or supplement the existing EB-5 visa programme.
- It would controversially exempt holders from federal income tax on foreign earnings.
- Despite over 70,000 expressions of interest, the feasibility of the "Trump Card" is questioned due to legal hurdles and the limited pool of potential applicants, many of whom already reside in the United States.