Trump's $5M 'Gold card' a hit, 1,000 being sold daily
What's the story
US President Donald Trump has certainly struck gold with his latest venture, the 'Gold Card' program.
The initiative, which offers permanent US residency for $5 million per card, is very popular.
As per US Commerce Secretary Howard Lutnick, 1,000 such cards were sold in just 24 hours. This generated an impressive $5 billion in revenue for the government.
Strong interest
High demand for the program
Lutnick praised the popularity of the Gold Card program, using which people are looking for safe passage into the US. He said that the formal launch of the program will happen in about two weeks.
Tech billionaire Elon Musk is currently working on the software needed for its launch.
The Gold Card program seeks to lure rich people looking for US residency without global tax burden.
Tax implications
Taxation plans
Contrary to US citizens, who are taxed on their global income, Gold Card holders shall only be taxed on money earned in the US.
Lutnick explained, "If you have a Green Card, now Gold Card, you will be a permanent resident of America without paying global tax."
They can choose to become citizens, but it isn't compulsory, he clarified.
Market potential
Gold Card program's potential and revenue generation
Research done by the Trump administration indicates that around 37 million people globally are able to afford a Gold Card.
Lutnick said Trump thinks the program could sell a million cards. Proceeds from these sales would reportedly be used to pay off US national debt.
Trump had earlier announced there would be no annual cap on issuance of the cards, making it an open-ended revenue-generating scheme.