### Wealthy Foreigners Eye New U.S. "Gold Card" for Expedited Residency

Immigration lawyers are receiving increased inquiries from affluent foreigners about the newly proposed "Gold Card" — a specialized permanent residency card. This premium green card promises a streamlined pathway to live and work in the U.S. without the usual bureaucratic hurdles, for a hefty price of $5 million. Surprisingly, this steep cost isn't deterring wealthy individuals seeking convenience and status.

For the ultra-rich, $5 million is negligible. Matthew Kolken, an immigration attorney based in Buffalo, NY, reflects that to these individuals, the amount is akin to “jet fuel cost.” Kolken's Canadian clients are particularly interested, though they've chosen to remain anonymous. Kolken even suggests that the card might be undervalued, given the significant reduction in time and bureaucratic hassle it offers.

Mona Shah, another immigration attorney, mentions an array of interested clients, from India, Pakistan, Egypt, and Russia. These individuals are attracted by the promise of an expedited path to permanent residency and more appealing tax scenarios, as the Gold Card holders would only be taxed on their U.S. income.

The allure extends beyond just residency benefits. The implied privileges, such as simplified loans and special treatment in customs at U.S. airports, largely add to the card’s appeal. Shah notes that many clients view this card as a VIP pass, anticipating red carpet treatment.

However, concrete details about the card’s benefits and obligations remain scant. President Donald Trump first introduced the concept in February, dubbing it a “great thing,” predicting it would attract wealthy, successful people who would contribute significantly to the U.S. economy. He even suggested the card should be named the "Trump Gold Card" and unveiled a sample card featuring his image.

Prospective proceeds from the card are earmarked for reducing the national debt, currently skyrocketing at $36.2 trillion. Trump envisions millions of these cards being sold, potentially generating trillions of dollars. Nonetheless, immigration experts like Darren Silver anticipate a much smaller scale of up to a few thousand applicants, mainly due to the card not being an investment with returns, contrary to programs like the EB-5 visa which require job-creating business investments.

Around the globe, similar residency-for-investment initiatives have faced challenges and many are being shut down. Malta’s "Golden Visa" program was recently deemed illegal by the EU, while Spain and the UK ended their programs amidst financial and security concerns. Kate Hooper from the Migration Policy Institute points out that these schemes often fail to adequately trace investor backgrounds and the origins of their funds, leading to misuse by dubious characters.

Trump reassures that Gold Card applicants will be "very carefully" vetted, though his response on Russian oligarch eligibility raised eyebrows. The optics of favoring the ultra-wealthy immigrants during a time of rigorous actions against less affluent immigrants also pose another significant challenge.

Critics argue the founding fathers would disapprove of selling residency. Yet supporters deem it a pragmatic solution for financial woes. Stephen Moore from the Heritage Foundation and John Lettieri of the Economic Innovation Group argue that this initiative could attract top talent and help the U.S. maintain its competitive edge, proposing it as an alternative to raising taxes.

Whether Trump can legally implement the Gold Card without Congressional approval remains under debate. Skeptics across political lines argue against it, but Trump stands firm on its legality, given that it offers only permanent residency.

Meanwhile, the proposal is stirring diverse reactions and even humor online. One social media post jokingly suggested a $1 million discount through marriage for aspiring Gold Card holders.

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