"Trump Gold Card" visas officially for sale, experts pour cold water: economic benefits should be questioned.

President Trump announced on Wednesday that the U.S. government will officially start accepting applications for the "Trump Golden Card" visa program on the same day. The program stipulates that individuals must pay $1 million, and companies must pay $2 million, in order to obtain U.S. residency for individuals and a fast track to citizenship. Additionally, applicants must also pay an additional $15,000 for processing and review fees. However, experts have questioned its effectiveness. In September, Trump signed an executive order officially announcing the program. The program aims to replace the EB-5 investment immigration program, which requires a minimum investment of $1.8 million in the U.S. or $900,000 in economically distressed areas. Trump stated that he estimates the profits, which could amount to billions of dollars, will go directly to the U.S. Treasury to be used for "doing positive things for the country." U.S. Secretary of Commerce Howard Lutnick said, "We want to attract the best talent. We want to help them develop America, build America. Why bring in people who are below average? It just doesn't make sense." However, economic experts remain skeptical about how this visa will promote economic development. The Trump Golden Card was established through an executive order in September, meaning it has not yet obtained congressional approval, leading some experts to question how the visa will fit into the existing immigration system, and whether further action by Congress is needed. Natalia Polukhtin, founder and practicing attorney of the U.S. boutique immigration law firm Global Practice specializing in investment immigration, stated, "The Golden Card program aims to, without changing the law, reclassify existing immigration categories into a new project. In short: Congress needs to amend existing laws to create a new pathway to citizenship. However, the program has not received congressional approval. It only amended existing policies, dividing two independent categories in existing immigration projects: EB-1A 'Outstanding Talent' and EB-2-NIW 'National Interest Waiver.'" According to the EB-5 program aimed at stimulating the U.S. economy, investors (and their spouses and unmarried children under 21) can apply for legal permanent residency if they make necessary investments in U.S. businesses and plan to create or retain 10 permanent full-time jobs for eligible U.S. workers. Experts note that the Golden Card program does not fully fit within this category. Polukhtin stated, "The program has two key differences from the existing EB-5 program. First, the funds invested by Golden Card applicants are not investments, but non-refundable donations to the U.S. economy. Secondly, unlike EB-5, the Golden Card does not require funds to be invested in any specific company or industry, nor does it require the creation of any job opportunities for U.S. workers." Trump has heavily promoted these Golden Card visas, claiming they can ensure the U.S. provides a pathway to citizenship for top-tier individuals, thus "building the world's strongest economy." However, research indicates that such Citizenship by Investment (CBI) and Residency by Investment (RBI) programs do not always bring the expected economic benefits. A study by the International Monetary Fund found that these investment visa programs can increase government revenue, but are generally only effective in small island nations where fees make up a large proportion of government funds. Additionally, there is evidence that investment visa programs can lead to rising domestic real estate prices. The study found that in countries introducing investment visa programs, real estate prices rose by as much as 3% in the first year. Some experts believe that the Golden Card may not be the most cost-effective choice for investors. Currently, the minimum investment for an EB-5 visa in areas with high unemployment is $800,000. In contrast, each individual applying for the Trump Golden Card must pay $1 million. Nuri Katz, founder of Apex Capital Partners, stated, "Currently, there are approximately 4,000 people applying for green cards worth $800,000. Even if the same number of people are willing to pay a higher fee, it means the Treasury will increase its annual income by about $4 billion - for the U.S. government, this amount is just a drop in the bucket, and cannot address the debt issue, which is exactly what this project publicly claims to achieve." Katz noted that the potential benefits of this program for the U.S. economy remain questionable.