Donald Trump has proposed a “golden card” that would enable wealthy individuals to obtain permanent U.S. residency through a $5 million investment, sparking debate over its implications. This initiative aligns with a global trend where nearly 60 countries have adopted similar visa programs. While these schemes aim to attract investment, concerns about housing crises and potential misuse, including money laundering, have emerged. Trump’s comments on benefiting sanctioned Russian oligarchs further fuel controversy surrounding the initiative.
Donald Trump’s Golden Card: A Controversial Path to U.S. Residency
In a bold move, Donald Trump announced the introduction of a “golden card,” which will allow wealthy individuals to secure permanent residency in the United States for an investment of approximately five million dollars. This initiative paves the way for affluent foreigners to eventually seek citizenship, though it has sparked considerable debate regarding its implications. Notably, this concept isn’t new; numerous countries have already implemented similar visa programs.
A Global Trend: Golden Visas Across the Globe
Across the globe, nearly sixty nations have embraced the ‘golden visa’ model, providing opportunities for wealthy migrants. Turkey stands out as the largest seller of citizenship, with a program that grants residency to individuals who invest a minimum of 400,000 dollars in real estate. As noted by Kristin Surak, a London School of Economics professor, Turkey dominates this market, accounting for half of global sales.
The trend continues in various attractive locations, with countries like Saint Kitts, Dominica, Vanuatu, Grenada, Antigua, and Malta offering appealing options for potential residents. Europe is also part of this growing movement, although it issues fewer golden passports. However, these passports hold significant value, allowing holders to live and work in member states and travel visa-free across the Schengen Area.
In 2020, 14 European nations were participating in this program, with Greece, Latvia, Portugal, and Spain leading the pack, collectively responsible for over 70% of approvals. Countries utilize these visa schemes to stimulate investment. For instance, Luxembourg mandates a 500,000 euro deposit into a local enterprise, while others may require donations or funding for research initiatives.
Despite the growing popularity of golden visa programs, they have not been without controversy. In Greece, for example, the golden visa initiative, launched in 2014 during a period of economic turmoil, has inadvertently contributed to a housing crisis. The Bank of Greece reports that rents have surged by 20% since the nation emerged from a decade-long recession in 2018, significantly impacting household budgets. As a response, the Greek government recently raised the investment threshold from 250,000 to 800,000 euros.
Moreover, there are concerns about the potential misuse of these programs. Dr. Kristin Surak highlights risks such as money laundering and the facilitation of entry for individuals with questionable backgrounds. A report from the Organized Crime and Corruption Reporting Project has raised alarms about a former Libyan colonel accused of war crimes obtaining a Dominican golden passport. Nevertheless, Donald Trump has expressed little concern about these developments, even suggesting that sanctioned Russian oligarchs could benefit from this initiative, stating, “I know some Russian oligarchs who are very good people.”