President Trump introduced a new $5 million “golden card” designed for wealthy immigrants. So, what is the purpose of this card featuring Trump’s image?

President Donald Trump showed reporters the design of the new “golden card” on Air Force One, with his own image displayed on the card.

According to the New York Post, back in February, Trump announced plans to effectively revive the stalled and cumbersome EB-5 visa program by selling golden cards to well-heeled foreigners, offering “green card perks-plus.”

In his remarks to journalists, Trump said, “You can have this for $5 million. This was the first of these cards. Do you know what that card is? That’s the Trump card.”

Trump claimed he was the first buyer of the card, but was unsure who the second buyer would be. He also revealed that the card would likely be available in less than two weeks.

Commerce Secretary Howard Lutnick stated last month that over a thousand golden cards had been sold, with more than 37 million people worldwide having the opportunity to purchase these cards.

WHAT IS THE GOLDEN CARD AND HOW WILL IT BE USED?

The golden card system is based on the renewal of the EB-5 visa program, offering foreign nationals who invest approximately $1 million in the U.S. a path to permanent residence and citizenship beyond the traditional green card application process.

Unlike certain visas that restrict foreigners to specific workplaces, green cards provide immigrants with the flexibility to choose where they work.

Congress set up the EB-5 visa program in the 1990s with different threshold conditions. Referring to the national debt of $36.5 trillion, Lutnick previously stated, “There’s currently a line of 250,000 people for EB-5. 200,000 of these golden green cards would amount to $1 trillion to pay down our debt.”

OVER 135,000 EB-5 VISAS ISSUED IN 25 YEARS

According to data from the trade association Invest In the USA (IIUSA), a total of 135,518 EB-5 visas have been issued in the past twenty-five years.

The renewal process for the EB-5 system simplifies matters and reduces foreign investors’ preference for investing in rural or high-unemployment areas.

However, some governance observers have expressed concerns that the golden card system could lead to corruption. Other countries also implement similar programs to attract wealthy immigrants.