The Trump Card: A New Pathway to U.S. Residency?

The "Trump Card," a new residency program touted by former President Donald Trump, has officially opened for registration. This controversial initiative offers wealthy foreigners a chance to join a waiting list for a premium route to U.S. citizenship—at a steep price of $5 million. As anticipation builds, let’s delve into what this program entails, who it targets, and its implications.

What Is the Trump Card?

Launching on Trump’s social media platform, Truth Social, the Trump Card promises a simplified pathway to U.S. residency for affluent individuals. According to Trump, “Thousands have been calling and asking how they can sign up to ride a beautiful road in gaining access to the greatest country and market anywhere in the world.” Interested parties can register on the official website, TrumpCard.gov, where they’ll find a sleek design featuring a shiny gold card adorned with Trump’s image, signature, and name.

Application Process

Prospective applicants have to provide basic personal details on the registration form, including name, email, region of origin, and whether they’re applying as individuals or businesses. The website also categorizes applicants by geographical regions such as Europe, Asia, and South America, offering something for everyone across the globe.

What Does the Card Promise?

While the card is marketed as a "path to citizenship," Trump has clarified that it doesn’t guarantee immediate entry or naturalization. He defines it as "somewhat like a green card," emphasizing that it is a more sophisticated route. The Trump administration maintains that the program will not require Congressional approval and does not provide citizenship outright.

Under the existing U.S. naturalization system, immigrants must typically be lawful permanent residents for at least five years, meet age and language requirements, and possess a clean criminal record. The Trump Card aims to redefine these pathways but does not eliminate the established criteria for full citizenship.

Replacing the EB-5 Program?

Initially proposed as a replacement for the EB-5 investor visa program, the Trump Card creates a new paradigm in which wealthy individuals can secure U.S. residency through significant financial investment. The EB-5 program, which has suffered due to backlogs and instances of fraud, has required applicants to invest between $800,000 and $1.05 million in U.S.-based job-creating projects.

Trump has asserted that the new card would attract "wealthy people" who are financially capable of bolstering the U.S. economy through taxes and investment. This shift highlights a trend toward commodifying U.S. residency, where wealth can expedite access to citizenship.

Tax Implications for Cardholders

One of the most enticing aspects of the Trump Card appears to be potential tax advantages. Trump claims that cardholders will only be taxed on their U.S. income, a stark contrast to green card holders who are taxed on worldwide income. This feature is especially appealing to high-net-worth individuals who hesitate to relocate to the U.S. due to its worldwide tax obligations.

No Job Creation Requirement

Unlike the EB-5 program, the Trump Card does not appear to require applicants to create U.S.-based jobs or launch businesses. This could significantly alter the dynamics of immigration policy, allowing affluent individuals to sidestep traditional criteria aimed at benefiting the labor market. Reports suggest that even before the official launch, 1,000 cards were sold in a single day, pointing to strong interest in this new offering.

Aimed Exclusively at Foreign Nationals

It’s also crucial to note that the Trump Card is not designed for American citizens. This is a program explicitly aimed at non-U.S. nationals who have the financial means to invest in their residency. While some may see this as a way to attract global talent and wealth, critics argue that it promotes inequality and prioritizes wealth over merit.

This innovative yet contentious proposal raises questions about the future landscape of U.S. immigration policy and what it means for both wealthy foreign nationals and the country at large.