U.S. Earns $5 Billion in a Day with $5 Million Golden Visa Program
The U.S. Commerce Secretary, Howard Lutnick, made a groundbreaking announcement regarding the sale of new visas known as “golden cards” at a price of $5 million each, Forbes reported. In a single day, 1,000 of these visas were sold, offering wealthy foreigners a pathway to permanent residency in the United States.
The initiative, proposed by former President Donald Trump upon his return to the White House, aims to attract affluent individuals who are eager to live in the U.S. and invest in its economy. The “golden cards” serve as an alternative to the EB-5 visa program, targeting individuals who can afford the substantial investment.
Lutnick revealed this information during an episode of the All-In podcast, stating that approximately 37 million people worldwide could potentially afford these visas. Trump expressed confidence that the U.S. could eventually sell a million of these “golden cards,” generating billions in revenue for the government.
The funds generated from the sale of these visas, totaling $5 billion in a single day, will be directed towards reducing the national debt, which currently stands at $36.2 trillion. If the program achieves its ambitious target, it could potentially contribute up to $5 trillion to the government’s coffers.
To streamline the vetting process for applicants, Elon Musk’s team is developing a digital platform that is set to launch in the coming weeks. Lutnick mentioned that this platform will perform checks more efficiently than the government ever has, providing quick and reliable background verification.
Trump emphasized that the program is tailored for “rich and successful” individuals who are willing to contribute to the U.S. economy by paying taxes and creating jobs. He also hinted that Russian business tycoons may be among the potential buyers, referring to some as “really nice people.”
The previous EB-5 visa program, established in 1990, required applicants to invest around $1 million and create 10 jobs to secure a green card. According to the U.S. Department of Homeland Security, approximately 4,000 individuals obtained investment visas from October 1, 2021, to September 30, 2022, with a similar number renewing their visas during this period.
