United States President Donald Trump has unveiled a new residency permit. He introduced a special “gold card” that will cost around $5 million.
Trump says this luxury alternative to the green card is for wealthy job creators.
According to him, the premium permit will be a pathway to highly sought after US citizenship. Sales of these elite cards will start in about two weeks.
The President is confident the legal framework is all set. He says the revenue from these permits could help reduce the national debt.
He says it’s for people with deep pockets who can invest in the country.
In a surprising remark, Trump mentioned even rich Russian businessmen might qualify. He said several rich Russians, despite being hit by economic sanctions, might have the money to invest.
Many top Russian officials have been impacted by Western sanctions since the Ukraine conflict began three years ago.
Trump’s proposal follows his tough immigration policies, including his plan to deport millions of undocumented immigrants during his term.
He made the comments at a time when the world is a complicated place.
For example, his recent meeting with Russian officials on the Ukraine conflict has caused a big stir in European capitals. But he said no discussion about lifting sanctions on Russia is imminent.
And US Commerce Secretary Howard Lutnick, who was at the launch, backed the idea saying it will help the national debt.
Trump even joked he might name the new permit after himself and said his name would add value to the card.
This has sparked a lot of debate among pundits and international observers.
It’s part of a bigger trend of using high-end immigration schemes like investor visa programs in other countries.