The United States’ newly introduced Gold Card visa program has generated significant interest, with claims that it sold 1,000 cards worth USD 5 million each in a single day. Howard Lutnick, a key aide to former President Donald Trump, made this bold assertion on the All-In podcast, reinforcing the program’s potential impact on the US economy.

Designed to replace the existing EB-5 investor visa, the Gold Card eliminates the requirement for job creation, making the process more streamlined for wealthy individuals seeking US residency. The program offers a fast-track pathway to permanent residency, attracting affluent investors willing to contribute a hefty sum to the US economy.

Trump and his team believe this initiative could be a game-changer. Lutnick stated, “There are 37 million people in the world who are capable of buying the card… The president thinks we can sell a million.” The initiative is expected to drive economic growth through spending, investment, and taxation from high-net-worth individuals.

Impact On US Economy

If successful, the Gold Card program could serve as a significant revenue source to tackle the mounting US national debt, which currently stands at USD 36.2 trillion. With each card priced at USD 5 million, the potential revenue could run into billions of dollars, offering a direct financial injection into the economy.

Mixed Reactions from the Global Elite

Despite its promising financial outlook, the Gold Card has received mixed reactions from billionaires worldwide. In a survey conducted by Forbes, thirteen out of the billionaires interviewed expressed no interest in purchasing the card, while three were undecided. Only two billionaires admitted they would seriously consider the offer.

Some prominent figures remain sceptical about the card’s value. A Canadian billionaire remarked, “If you’re a billionaire, you don’t need it.” A European billionaire echoed similar sentiments, stating, “There is no reason for rich people to go through this program.” A Russian billionaire questioned the rationale behind the program, saying, “Whoever has a business idea can do it now for very cheap, so why spend USD 5 million?”

Future Prospects Of Gold Card Program

While the Gold Card scheme has seen early traction, its long-term success remains uncertain. Whether or not it will appeal to a broader range of wealthy individuals depends on how effectively the US markets the program and whether it provides tangible benefits beyond standard residency options.