President Donald Trump’s plan to offer a “gold card” visa to wealthy immigrants is similar to policies in use in more than three dozen countries, although the U.S. proposal would come with the highest price tag, an expert tells Fox News Digital.
“What you’re doing is you’re bringing in wealthier individuals, clearly job creators, consumers,” Anthony Esposito, founder and CEO of Island Capital Investments, told Fox News Digital.
Esposito’s comments come after Trump said Tuesday that he planned to offer a “gold card” visa that gives recipients a path to U.S. citizenship for $5 million, telling reporters such a program would be “extremely successful.”
“They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful,” Trump said Tuesday from the Oval Office, according to a report from The Associated Press.
President Donald Trump’s plan to offer a “gold card” visa to wealthy immigrants is similar to policies in use in more than three dozen countries (Al Drago/Bloomberg via Getty Images)
Commerce Secretary Howard Lutnick said that the new gold card would replace the current EB-5 Immigrant Investor visa program within two weeks, a program that was created by Congress in 1990 and offers residency to people who spent about $1 million on a business while employing at least 10 people, the report notes.
Trump has also touted the program as a way of trimming the national debt.
“It’s the exact opposite of the Biden administration’s policy. On one side of the curve, we had the mass migrations of unvetted, undocumented immigrants coming in the southern border that were essentially living on the taxpayer dime[.]”
“Companies can go and buy a gold card, and they can use it as a matter of recruitment,” Trump told reporters Wednesday. “At the same time, the company is using that money to pay down debt. We’re going to pay down a lot of debt with that.”
Esposito shares Trump’s view for how the money can be used, noting that 1 million gold card recipients would result in $5 trillion for the U.S. Treasury.
“A million individuals coming in would be $5 trillion in payment to the government, off the bat, that doesn’t include the derivative growth of those individuals being here,” Esposito said.
“Companies can go and buy a…
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