US President Donald Trump announced on his social media platform "Truth Social" on June 11 the launch of a website for his "Gold Card" program. Trump also revealed that registration for the program's waitlist is now open.
What is the "Gold Card"?
On Feb. 25, Trump unveiled plans for a new investment immigration program called the "Gold Card." Under this initiative, individuals can obtain a pathway to US citizenship by investing US$5 million. The "Gold Card," which Trump showcased on April 3 aboard Air Force One, is a gold-colored card featuring his portrait.
"It's like the green card, but better and more sophisticated," said Trump. "And these people will have to pay tax in our country."
The program, according to Trump, is intended to attract the world's most successful job creators who are willing to purchase their way into American citizenship.
Trump also emphasized that this initiative could generate substantial revenue for the US government. Selling 10 million "Gold Cards" could significantly reduce the federal deficit, while 250,000 applicants would bring in over US$1 trillion in revenue.
Why is the US government so focused on selling "Gold Cards"?
US Commerce Secretary Howard Lutnick claimed that 250,000 people are already on the waitlist for the "Gold Card." However, outlets such as The Independent have questioned the reliability of this figure.
A Forbes survey revealed that of 18 interviewed billionaires, 13 expressed no interest in the "Gold Card," with many saying they do not need US citizenship.
Meanwhile, members of the public have criticized the initiative as "stupid and pathetic," lamenting what they see as America's desperation.
Despite skepticism from multiple sources, Trump argued that the program would help reduce the federal deficit. Lutnick stated that the revenue from the "Gold Card" would be used to pay down the national debt.
Analysts, however, are doubtful. While the program's success remains uncertain, one thing is clear: the US government appears to be running out of options to address its economic challenges.
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