President Donald Trump unveiled a new plan in February to offer ‘gold card’ visas worth $5 million for anyone who wants to obtain permanent residency in the US. The path to citizenship is also allowed in the new visa where the millionaires and billionaires have multiple options. The gold card visa is on the path of replacing the green card visa and could be implemented soon.
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US Commerce Secretary Howard Lutnick said in a latest interview that they’ve sold 1,000 gold cards a day. Trump had previously said that if the US sells 1 million gold cards, it would generate a revenue of $5 trillion to the government. In addition, the rich have more spending power and could further boost the economy and the GDP.
1,000 Gold Card Visas Sold a Day, Says US Commerce Secretary
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Lutnick revealed that Trump’s gold card visas would replace the green card and grant permanent US residency. However, he stated that the rich would not prefer citizenship as the US has laws of global tax. “If you are a US citizen, you end up paying global tax,” he said.
“So, outsiders will certainly not come to the US to pay global tax. So, if you have a green card—now 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).” Therefore, Trump’s gold card visas have flexibility for the rich as it allows them to stay indefinitely in the US.
“What they going to have is to have the right to be in America by paying $5 million,” he said. “They will be vetted, so they will be good people—those who will abide by the law. The US can always revoke it if they are evil or indulge in illegal activity.” The gold card visas offered by Trump make revenues for businesses along with the government, he said.
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