<\/p>\n
<\/p>\n
Donald Trump<\/a>\u00a0has announced plans to sell \u2018gold cards\u2019 to millionaires who want to acquire citizenship in the\u00a0US<\/a>\u00a0after deporting 37,660 people in his first month in\u00a0the White House<\/a>.<\/p>\n Foreigners willing to spend $5 million (\u00a33.9 million) would be given \u2018green card privileges\u2019 and a\u00a0\u2018route to citizenship\u2019<\/a>.<\/p>\n The US president said even\u00a0Russian oligarchs<\/a>\u00a0\u2013 some of which he claimed are \u2018very nice people\u2019 \u2013\u00a0would be allowed to qualify<\/a>.<\/p>\n He made the shock announcement while speaking to reporters in the Oval Office on Tuesday afternoon.<\/p>\n \u2018Wealthy people will be coming into our country by buying this card,\u2019 Trump said.<\/p>\n \u2018They will be wealthy and they will be successful, and they will be spending a lot of money and paying a lot of taxes and employing a lot of people.\u2019<\/p>\n When asked by a journalist if Russian millionaires with links to the Kremlin would be eligible, he said: \u2018Yeah, possibly.<\/p>\n \u2018I know some\u00a0Russian oligarchs that are very nice people.\u2019<\/p>\n It is understood that the existing EB-5 immigrant investor visa programme, which requires a minimum $800,000 investment will be replaces with the the\u00a0gold\u00a0card plan.<\/p>\n Secretary of commerce Howard Lutnick clarified the Trump administration plans to terminate the somewhat similar programme, calling it \u2018full of nonsense, make-believe and fraud.\u2019<\/p>\n \u2018It was a way to get a green card that was low priced,\u2019 Lutnick stressed.<\/p>\n Once vetted, he explained that gold card holders \u2018can invest in America and we can use that money to reduce our deficit.\u2019<\/p>\n Trump predicted that the scheme will bring in \u2018very high level\u2019 people who create jobs in the US, but details of the new plan are set to be released in two weeks.<\/p>\n \u2018I do not believe that the current offer will have a big impact, as getting a green card in the US if you meet certain criteria, is not difficult,\u2019 said Bassim Haidar, a former UK non-domiciled multimillionaire\/<\/p>\n \u2018Paying $5 million for a\u00a0golden visa and getting taxed on your global income defeats the purpose.\u2019<\/p>\n This comes at a time when the European Union is pressuring member states to withdraw or tighten residency-by-investment programs, which can trigger house price bubbles and bring marginal benefits to GDP, as well as increase the risks of tax evasion and corruption.<\/p>\n A 2021 study of EU\u00a0golden visa programmes by London School of Economics and Political Science and Harvard University researchers found that the funds generated by these schemes represented only a \u2018miniscule\u2019 proportion of foreign investment with \u2018negligible\u2019 economic impact.<\/p>\n The EB-5 visa was primarily used by Hong Kong and China residents who owned businesses in the US or wanted their children to study in the US, said John Hu, founder of Hong Kong-based John Hu Migration Consulting.<\/p>\n Raising the investment threshold to $5 million would be deterrent for many Chinese nationals currently accessing the scheme, he added.<\/p>\n \u2018The total number of applicants, if the\u00a0golden visa is going to replace the EB5, will drop significantly,\u2019 Hu said, adding global tax liabilities were always a concern for rich people.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Donald Trump\u00a0has announced plans to sell \u2018gold cards\u2019 to millionaires who want to acquire citizenship in the\u00a0US\u00a0after deporting 37,660 people in his first month in\u00a0the White House. Foreigners … <\/p>\n","protected":false},"author":2,"featured_media":22774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/posts\/22773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22773"}],"version-history":[{"count":1,"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/posts\/22773\/revisions"}],"predecessor-version":[{"id":22775,"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/posts\/22773\/revisions\/22775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/media\/22774"}],"wp:attachment":[{"href":"https:\/\/usdailys.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}