Trump says he will offer 'gold cards' for $5 million path to citizenship, replacing investor visas
'They'll be wealthy and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it's going to be extremely successful,' Trump said Tuesday in the Oval Office.
Commerce Secretary Howard Lutnick said the Trump Gold Card would replace EB-5 visas in two weeks. EB-5s were created by Congress in 1990 to generate foreign investment and are available to people who spend about $1 million on a company that employs at least 10 people.
Lutnick said the gold card — actually a green card, or permanent legal residency — would raise the price of admission for investors and do away with fraud and 'nonsense' that he said characterize the EB-5 program. Like other green cards, it would include a path to citizenship.
About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. The Congressional Research Service reported in 2021 that EB-5 visas pose risks of fraud, including verification that funds were obtained legally.
Investors' visas are common around the world. Henley & Partners, an advisory firm, says more than 100 countries around the world offer 'golden visas' to wealthy individuals, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.
Trump made no mention of the requirements for job creation. And, while the number of EB-5 visas is capped, the Republican president mused that the federal government could sell 10 million 'gold cards' to reduce the deficit. He said it 'could be great, maybe it will be fantastic.'
'It's somewhat like a green card, but at a higher level of sophistication, it's a road to citizenship for people, and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long term status in the country,' he said.
Congress determines qualifications for citizenship, but Trump said 'gold cards' would not require congressional approval.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 minutes ago
- Yahoo
Here's Why We Think Serabi Gold (LON:SRB) Is Well Worth Watching
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even companies that have no revenue, no profit, and a record of falling short, can manage to find investors. Unfortunately, these high risk investments often have little probability of ever paying off, and many investors pay a price to learn their lesson. Loss making companies can act like a sponge for capital - so investors should be cautious that they're not throwing good money after bad. In contrast to all that, many investors prefer to focus on companies like Serabi Gold (LON:SRB), which has not only revenues, but also profits. While this doesn't necessarily speak to whether it's undervalued, the profitability of the business is enough to warrant some appreciation - especially if its growing. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. How Quickly Is Serabi Gold Increasing Earnings Per Share? The market is a voting machine in the short term, but a weighing machine in the long term, so you'd expect share price to follow earnings per share (EPS) outcomes eventually. That makes EPS growth an attractive quality for any company. Recognition must be given to the that Serabi Gold has grown EPS by 49% per year, over the last three years. That sort of growth rarely ever lasts long, but it is well worth paying attention to when it happens. Careful consideration of revenue growth and earnings before interest and taxation (EBIT) margins can help inform a view on the sustainability of the recent profit growth. Serabi Gold shareholders can take confidence from the fact that EBIT margins are up from 7.0% to 38%, and revenue is growing. Ticking those two boxes is a good sign of growth, in our book. In the chart below, you can see how the company has grown earnings and revenue, over time. Click on the chart to see the exact numbers. View our latest analysis for Serabi Gold While we live in the present moment, there's little doubt that the future matters most in the investment decision process. So why not check this interactive chart depicting future EPS estimates, for Serabi Gold? Are Serabi Gold Insiders Aligned With All Shareholders? Insider interest in a company always sparks a bit of intrigue and many investors are on the lookout for companies where insiders are putting their money where their mouth is. That's because insider buying often indicates that those closest to the company have confidence that the share price will perform well. However, insiders are sometimes wrong, and we don't know the exact thinking behind their acquisitions. Belief in the company remains high for insiders as there hasn't been a single share sold by the management or company board members. But the real excitement comes from the US$76k that CEO & Executive Director Michael Hodgson spent buying shares (at an average price of about US$1.69). It seems at least one insider has seen potential in the company's future - and they're willing to put money on the line. Does Serabi Gold Deserve A Spot On Your Watchlist? Serabi Gold's earnings per share growth have been climbing higher at an appreciable rate. Most growth-seeking investors will find it hard to ignore that sort of explosive EPS growth. And indeed, it could be a sign that the business is at an inflection point. If this these factors intrigue you, then an addition of Serabi Gold to your watchlist won't go amiss. While we've looked at the quality of the earnings, we haven't yet done any work to value the stock. So if you like to buy cheap, you may want to check if Serabi Gold is trading on a high P/E or a low P/E, relative to its industry. The good news is that Serabi Gold is not the only stock with insider buying. Here's a list of small cap, undervalued companies in GB with insider buying in the last three months! Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 minutes ago
- Yahoo
Trump says he 'had to' move nuclear submarines after 'threat'
STORY: :: Trump says he 'had to' move nuclear submarines after a 'threat' from Russian ex-leader Dmitry Medvedev :: August 1, 2025 :: Washington, D.C. Security analysts called Trump's move a rhetorical escalation with Moscow, but not necessarily a military one, given that the United States already has nuclear-powered submarines that are deployed and capable of striking Russia. Medvedev on Thursday said Trump should remember that Moscow possessed Soviet-era nuclear strike capabilities of last resort, after Trump had told Medvedev to "watch his words." He did not specify what he meant by "nuclear submarines." Submarines may be nuclear-powered, or armed with nuclear missiles. It is extremely rare for the U.S. military to discuss the deployment and location of U.S. submarines given their sensitive mission in nuclear deterrence. The U.S. Navy declined comment. The Pentagon did not immediately respond to a request for comment.
Business Insider
5 minutes ago
- Business Insider
A 'seismic' 39% tariff on Switzerland is rocking the watch world, and even pre-owned Rolexes could see price hikes
Watch collectors might want to skip the Rolex boutique and head straight for the pawn shop this year. That is, if the Trump administration's new 39% tariff on goods from Switzerland sticks. The White House released updated tariff plans on Thursday, raising the rate from the proposed 31% announced earlier this year. The tariff escalation caught the watch community off guard. Switzerland is a manufacturing hub for luxury watches like Rolex and Cartier. Eugene Tutunikov, CEO of watch marketplace Swiss Watch Expo, told Business Insider the announcement "was a complete shock" and that "its effects will be immediate." Leading brands, including Rolex, have already raised prices in the US this year, likely in response to tariffs, Morgan Stanley analysts wrote in a July report about the Swiss watch market. US imports of Swiss goods have faced a 10% baseline tariff since April. A new 39% tariff on Swiss imports to the US would put more pressure on luxury watchmakers. That could lead to higher prices on Swiss-made goods shipped to the US, or less inventory for American shoppers. While the Swiss government could still try to negotiate, the tariff is currently set to take effect on August 7. Collectors and watchmakers may soon have to reckon with this new reality. Joshua Ganjei, CEO of watch marketplace European Watch Company, thinks more shoppers will turn to pre-owned models of high-end watches like Rolexes over brand-new ones. After all, a secondhand watch from a US-based seller won't face the added cost of a new Swiss-made model shipped from overseas. "For many American collectors, the 39% tariff instantly turned new releases from Swiss brands into a luxury few can justify," Ganjei said. According to the Morgan Stanley report, pre-owned watch dealers have reported an increase in demand this year since Swiss-made brands began raising their prices in the US. Prices in the secondhand market have been falling since mid-2022, though the rate of decline has narrowed. Pre-owned watches could also get more expensive, though. While the inventory already in the US won't face tariffs, heightened demand could drive up prices on the secondary market as well. Tutunikov said he thinks the pre-owned market will react to higher tariffs "much faster" than large retailers and hike prices sooner. He expects prices on the secondary market to jump as much as 10% in the next month and potentially reach up to 35% in the next six months, "as demand overwhelmingly shifts to available inventory." "This isn't just a tax; it's a seismic event that will cause a stark divergence between the new and pre-owned markets," Tutunikov said.
