Former US President Donald Trump recently unveiled a new initiative that has garnered attention and criticism alike: a $5 million "Gold Card," designed to grant wealthy foreign nationals a fast track to permanent residency and citizenship in the United States. Displayed aboard Air Force One, Trump promoted the card, stating, “For $5 million, this could be yours,” and confirming he was its first buyer. The India Times reported that the Gold Card features images of Trump alongside the Statue of Liberty, contributing to its promotional allure.

This new “Trump card” is a modern take on the EB-5 investor visa program, which allowed wealthy investors to obtain green cards in exchange for substantial investments in US businesses. The original EB-5 program required a minimum investment of $1 million, while Trump's Gold Card ups the ante significantly. Trump has claimed that the new program could generate trillions for the US economy and help reduce the national debt, with possibilities for tax benefits that appeal to affluent buyers. Unlike existing green card holders, Gold Card owners would reportedly only be taxed on their US-based income rather than their global earnings, a change designed to attract high-net-worth individuals to America.

Criticisms have swiftly emerged regarding the timing and messaging of this announcement. Coming on the heels of recent stock market declines tied to Trump's tariff announcements, many perceived the card's introduction as tone-deaf or even "tacky." Social media reactions branded it as a form of "selling US residency", questioning the ethical implications of such a monetized approach to immigration. The HuffPost reported on the widespread ridicule directed at the plan, with critics arguing that it underscores financial inequality and elitism.

Trump’s Gold Card initiative is set to replace the existing EB-5 visa program, which has faced its own set of challenges, including allegations of fraud and inefficiency. With Commerce Secretary Howard Lutnick claiming significant interest from potential applicants, many speculate that the rollout could spark a rush from affluent individuals worldwide. The card's launch is anticipated within two weeks, just as the controversial discussion around its implications continues to unfold. For more details about the Gold Card, you can refer to India Times.