Real estate mogul Grant Cardone recently shared his thoughts on President Donald Trump's new $5 million "Gold Card" initiative, calling it a "smart way to attract money and bring in more conservative voters." This program, announced by Trump and Commerce Secretary Howard Lutnick, grants wealthy foreigners a pathway to U.S. citizenship, and Cardone believes it could have a huge impact on the country.
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In his tweet, Cardone said, "Trump Gold pass $5m attracting best of society. Smart way to attract money & bring in more conservative voters. These people bring with them purchasing power and investments and spend money and create jobs." He continued, emphasizing the financial potential, stating, "1 million passes would raise $5 trillion, chipping away at our debt."
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The Trump administration’s "gold card" is designed to replace an existing investor visa program and allow foreigners to buy their way into U.S. residency for $5 million. Speaking about the initiative, Trump stated, "We're going to be doing something very, very good. We're going to be selling a gold card. You have a green card—this is a gold card."
Trump emphasized that the program would attract high-net-worth individuals who would contribute to the U.S. economy. "We think it's going to be extremely successful. Never been done before, but it's something that we're going to be putting out over the next two weeks," he said.
Lutnick also took a jab at the previous investor visa program, calling it "full of nonsense, make-believe, and fraud." He declared, "Rather than having this ridiculous EB-5 program, we're going to end it and replace it with the Trump gold card."
Trump also said the program could bring in trillions of dollars to help reduce the national debt. "A million cards would be worth $5 trillion. If we sell 10 million of these cards, that's $50 trillion. We have $35 trillion in debt—that would be nice."
Additionally, Trump said the initiative would attract top talent and that companies like Apple and others will be able to buy a card for top graduates from the University of Pennsylvania's Wharton School, Harvard University, and Stanford University—people at the top of their class. “It will be people with money and people that create jobs," he said.
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Critics of the plan might be concerned about the idea of selling citizenship to the highest bidder, but Trump and Lutnick argued that the gold card is about economic growth.
Lutnick said only vetted individuals would qualify. However, when asked by a reporter whether Russian oligarchs would be eligible for gold cards, Trump said, “Hey, I know some Russian oligarchs that are very nice people. It’s possible. They’re not quite as wealthy as they used to be. I think they could afford $5 million more on that plan.”
Trump said Congress does not need to approve the plan.
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