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President Donald Trump’s plan to provide “gold card” visas to wealthy immigrants is similar to the policies used in more than three dozen countries, but the US proposal comes with the highest price tag, experts told Fox News Digital.
“What you’re doing is that you bring in wealthy individuals, obviously job creators, consumers,” Anthony Esposito, founder and CEO of Island Capital Investments, told Fox News Digital.
Esposito’s comments come after Trump said he plans to provide a “gold card” visa on Tuesday, offering recipients a path to US citizenship of $5 million.
“They’re wealthy, they’re successful, they’re going to spend a lot of money, pay a lot of taxes and hire a lot of people, and we think it’s going to be very successful,” Trump said Tuesday from his oval office.
Trump presents a “gold card” visa for wealthy investors at a price tag of $5 million: “Route to citizenship”
President Donald Trump’s plan to provide “gold card” visas to wealthy immigrants is similar to the policies used in more than three dozen countries (Al Drago/Bloomberg via Getty Images)
Commerce Secretary Howard Lutnick said the new gold card will replace the current EB-5 immigration investor visa program within two weeks. It is a program created by Congress in 1990 and provides residency to people who spent about $1 million on their business while employing at least 10 people.
Trump has also touted the program as a way to reduce national debt.
“That’s the exact opposite of the Biden administration’s policy. On one side of the curve there was the mass migration of unignored, undocumented immigrants coming to the southern border, which essentially lived in the taxpayer dime.[.]”
“Companies can buy gold cards and use them as a recruitment issue,” Trump told reporters Wednesday. “At the same time, the company is using that money to pay off debts. We pay off a lot of debt with that.”
Esposito shares Trump’s views on how he can use his money, pointing out that 1 million Gold Card recipients will be $5 trillion in the US Treasury Department.
“The 1 million individuals coming in will pay the government $5 trillion.
“Companies can buy gold cards and use them as a recruitment issue,” Trump told reporters. (Shawn Rayford/Getty Images)
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Nearly 40 other countries have so-called “citizenship” programs, according to Henley & Partners, a law firm representing clients seeking to use such arrangements. But the $5 million US investment proposed by Trump would be America’s most expensive.
Esposito believes that allowing such investments will benefit the US economy.
“It’s the greatest country in the world. It’s the greatest economy in the world. It’s just a way of vetting people and creating mutually beneficial relationships…”
“Employment growth, job creation, taxes paid, consumer spending, 10 million cards would be $50 trillion, and the numbers are actually walking.
While some critics have expressed fear that the program could be abused or lead to a threat to national security, Esposito argued that the Trump administration should trust the correct review procedure.
“That’s the exact opposite of the Biden administration’s policy. On one side of the curve there was a mass migration of undocumented immigrants that were not appearing on the southern borders that are essentially living in the taxpayer dime,” Espocito said Trump’s policies would call a program that “fully argued individuals and economically heard individuals.”
Former President Joe Biden will speak with US Customs and Border Guard officers on January 8, 2023 as he visits the US-Mexico border in El Paso, Texas (Jim Watson/AFP via Getty Images)
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Ultimately, Esposito said Trump’s program will trigger a “mutually beneficial” partnership between the US and gold card holders.
“It’s the greatest country in the world. It’s the greatest economy in the world,” Esposito said. “It’s just a way to screen people and invite people to create mutually beneficial relationships between the US and the US economy and their gold cardholders.”
The White House did not immediately respond to Fox News’ digital requests.
Michael Lee is a Fox News writer. Before joining Fox News, Michael worked for Washington examiners, Bongino.com, and for the impartial US. He has covered politics for over eight years.
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