Elon Musk says the US is running a 'quiet trial' of Trump's $5 million gold card for the ultrawealthy

Elon Musk said the new 'gold card' immigration program is being trialed to 'make sure the system works properly.'Andrew Harnik/Getty ImagesElon Musk says Trump's "gold card" immigration program is already in quiet testing.The new program offers fast-tracked US residency to foreign investors paying $5 million upfront.Trump intends the program to replace the current EB-5 immigrant investor visa.Elon Musk said on Sunday that President Donald Trump's new "gold card" immigration program is already being tested."We're doing a quiet trial to make sure the system works properly," he said in an X post. "Once it is fully tested, it will be rolled out to the public with an announcement by the President."Trump's gold card program is intended to replace the EB-5 immigrant investor visa, which has allowed foreign nationals to apply for US residency by investing a minimum of $1.05 million — or $800,000 in rural and high-unemployment areas — in a commercial enterprise that creates American jobs.Trump's version significantly raises the price of admission: $5 million upfront, no job creation requirement, and faster access to work and residency privileges."You have a green card, this is a gold card," Trump told reporters in February, adding that wealthy investors would help boost the US economy by "spending a lot of money and paying a lot of taxes, and employing a lot of people."Commerce Secretary Howard Lutnick, who helped craft the program, said the current EB-5 system is "full of nonsense, make-believe, and fraud," and said the new plan would attract only "world-class global citizens."Critics have raised concerns about transparency, favoritism, and national security — especially after Trump said he wouldn't rule out selling gold cards to Russian oligarchs, insisting some are "very nice people."Lutnick pushed back, saying there would be a vetting process to ensure only acceptable applicants are approved.Programs offering residency or citizenship in exchange for investment aren't new.Countries like the United Arab Emirates and several Caribbean nations offer so-called "citizenship by investment" options, but Trump's proposal has reignited a debate over whether US immigration policy should cater to the ultrawealthy.Read the original article on Business Insider

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