What could happen to Trump's $5,000,000 'Gold Card' after presidency ends as he explains what it gets you
Topics: Donald Trump, Politics, US News, Money, Travel
Emily Brown
Featured Image Credit: Getty Images/MANDEL NGAN
Topics: Donald Trump, Politics, US News, Money, Travel
Donald Trump has shown off a shiny new 'Gold Card' which could simplify the pathway to US citizenship - if you have a spare $5,000,000 hanging around. But what happens to the card when Trump leaves office?
The POTUS unveiled the card while speaking to reporters on board Air Force One on Thursday (April 3), revealing a gold, credit-card-sized document which features the words 'The Trump Card' alongside an image of the president's face.
First teased by Trump in February, the Gold Card is intended to 'modify' the EB-5 Immigrant Investor Program, an existing program which offers US visas to investors who fork out approximately $1 million on a company that employs at least 10 people.
As he showed off the new card, Trump said: "For $5 million, this could be yours. You know what that card is? It’s the Gold Card, the Trump Card."
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The president went on to say the card would be 'out in less than two weeks' - so what can buyers expect?
Commerce Secretary Howard Lutnick has previously shared insight into the type of people who will be able to get their hands on a Gold Card, and it's safe to say it's not something that's open to everyone.
Lutnick explained: “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.”
Applicants will also have to prove they are 'wonderful, world-class global citizens', according to Lutnick.
The commerce secretary estimated that 37 million people worldwide would be able to afford to buy the Gold Card, and added that companies, as well as individuals, would be able to invest in them.
Last month, Lutnick claimed that the US had already sold 1,000 Gold Cards and managed to raise '$5 billion' in a single day.
Buy purchasing a Gold Card, owners will be able to live in the US, but they will not have to pay taxes to the US government on any income they make from overseas.
Gold Card owners will still have the right to apply for citizenship in the US if they would like it, though the card also provides a pathway to residency without having to fully integrate into American society.
Beyond the benefits to the buyer, Trump has also claimed the Gold Card would help boost the economy in the US, saying Thursday: “It’s gonna be a booming country ... It’s going to be amazing, actually. We see it because we have trillions of dollars committed to come in.”
Should the country succeed in selling 200,000 Gold Cards at $5 million each, it would raise $1 trillion - a figure which could help tackle the national debt.
While Trump is clearly happy having his face plastered on the card that allows residency, will it still hold any power when his term as POTUS is up?
Given that Trump is already thinking about ways he could potentially enjoy a third term in the White House, the topic is, unsurprisingly, not one he's rushed to talk about himself.
However, the question of what happens to the Gold Card comes down to a few factors, one of which is the question of congressional approval.
The thing is, a president alone isn't able to make the decision to create a pathway to citizenship, so the Gold Card would need additional approval in order to have lasting impact for buyers.
Sharvari Dalal-Dheini, senior director of government relations for the American Immigration Lawyers Association, told CNN: “Congress would have to legislate a new program. I really don’t know what legal authority you would have to just create this new program out of whole cloth."
Lawmakers would have to pass this new law for it to come into existence, with Charles Kuck, an immigration lawyer in Atlanta, adding that Trump has 'literally no legal power to create a visa category'.
When it comes to the existing EB-5 program, Lutnick shared plans to 'modify' the existing program to incorporate the new plans. However, even if Congress approves a change, a future administration or move by Congress could amend or repeal it.
If the plan is not approved by Congress, a future president could simply reverse the offer through executive action, effectively making the Gold Cards useless.
It's possible Trump will establish a more concrete plan for the Gold Card once it officially becomes available, but for now he just seems happy showing off the golden version of his face decorating the document.