The Republican Party which was once the champion of immigration back in the 1970s, changed its stance in the early 2000s. This anti-immigration sentiment was embraced by Donald Trump during his first and second term as president.
However, it seems that Donald Trump’s opinion on immigrants is based on a perceived sense of “merit.” He has openly supported the H-1B visa despite opposition from the MAGA crowd, and earlier this week, he introduced the Trump Gold Card.
Trump Gold Card: A Billionaire’s Fast Pass to America?
In 1990, the USA introduced the EB-5 visa as a way to attract wealthy individuals to the country. The EB-5 visa required migrants to invest at least $1 million in a job-creating business in exchange for permanent residency. The Trump Gold Card bypasses that requirement, allowing Ultra High Net Worth Individuals (UHNWI) to simply buy citizenship for $5 million.
Although the timeline and implementation are not clear, Trump has promised to roll out the program within the next few weeks. Commerce Secretary Howard Lutnick has promised only the “wonderful, world-class global citizens” will be accepted under the program. However, it’s not clear what “wonderful” actually implies or what the actual vetting process is going to be.
Trump also added in his statement that Russian oligarchs could be among the buyers. He further stated that the Trump Gold Card has the potential to raise upto $1 trillion if only 200,000 people signed up for it.
Criticism, Legal Hurdles, and Ethical Concerns
Immigrant advocacy groups argue that the Trump Gold Card goes against American values like focusing on skills, strong family values, and humanitarian needs while benefiting the wealthy.
Legal experts believe that the White House lacks the authority to implement such a program and should fall under Congress. Some critics say that the influx of UHNWIs can drive up real estate prices, contribute to inflation, and ultimately cause more harm than good for the average American.
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