Nearly 70,000 people have joined the waitlist for a $5m Trump-backed investor visa, with U.S. commerce secretary Howard Lutnick calling it a “beautiful” golden card that could generate $1tn in revenue.
Nearly 70,000 foreigners have signed up for the Trump Card, a new investor visa scheme unveiled by U.S. commerce secretary Howard Lutnick. The programme, which grants legal residency for a $5 million investment, was launched last week via a dedicated site, trumpcard.gov. Within days, the waitlist surged past 68,000.
“The card will be made of gold. It will be beautiful,” Lutnick told Financial Times, noting Trump’s personal input on the card’s design and symbolism.
The initiative, initially proposed by billionaire Trump donor John Paulson, is aimed at raising revenue to address the U.S.’s $36 trillion debt. Lutnick said issuing 200,000 of these visas could yield $1 trillion.
Lutnick is lobbying for the Trump Card to replace the EB-5 visa program, which offers green cards for a minimum investment of $1.8 million.
A tech CEO said his firm could purchase over 100 cards, calling it a chance to “welcome the world’s best and brightest” to America.
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