'I'm The First Buyer': Donald Trump Unveils $5 Million 'Gold Card' | WATCH
While announcing the scheme in February this year, Donald Trump stated that there would be no annual cap on the number of Gold Cards issued.
US President Donald Trump unveiled the design of his administration's new $5 million 'Gold Card' on Thursday. Showing the card to reporters aboard Air Force One, the president's official aircraft, Trump said, "For $5 million, this could be yours."
The gold-coloured card, which is similar to a credit card, features the president's official portrait.
"That was the first of the cards. You know what that card is? It’s the Gold Card — the Trump Card," he added.
"I'm the first buyer (of the Gold Card)," Trump said, mentioning that he was not sure who the second buyer was.
"Will be out in less than two weeks, probably," the US President announced.
The Trump administration’s Gold Card system is a revamped version of the EB-5 visa programme, which allows foreign nationals who invest around $1 million in the U.S. to obtain a Green Card. Unlike a visa, a Green Card grants permanent residency and offers a pathway to citizenship.
Commerce Secretary Howard Lutnick in March said that more than 1,000 Gold Cards had been sold in a single day. According to him, approximately 3.7 crore people globally have the means to buy the US’s Gold Card.
Lutnick added that the administration is gearing up to officially unveil the programme with the help of a system being developed by billionaire Elon Musk.
"Elon Musk is building the software for it right now, and then it goes out in about two weeks... and by the way, just yesterday I sold a thousand," Lutnick said on the 'All-In Podcast'.
The earlier EB-5 visa programme was introduced by Congress in the 1990s with differing threshold requirements.
Explaining the new system, Lutnick said, "If you are a US citizen, you end up paying global tax. So, outsiders will certainly not come to the US to pay global tax. So, if you have a Green Card, now a Gold Card, you will be a permanent resident of America (without paying tax). You can choose to be a citizen, but you don't have to be... None of them will choose to be one (so they can avoid paying global tax)."
The funds raised through the sale of the Gold Card will reportedly be used to reduce the U.S. fiscal deficit or national debt.
While announcing the scheme in February this year, Donald Trump stated that there would be no annual cap on the number of Gold Cards issued.
