Trump Introduces 'Golden Card' for U.S. Residency at $5 Million
Speaking to reporters in the Oval Office, Trump said, 'We are going to sell a Golden Card. You have the Green Card, and now there will be a Gold Card. We will set the price at around $5 million.'
He added, 'Wealthy individuals will come to this country by purchasing this card. They will be successful, they will spend a lot of money, they will pay huge taxes, and they will create many jobs.'
Russian oligarchs, many of whom have been sanctioned by the U.S. since the start of Russia's invasion of Ukraine, could potentially apply for this card. Trump remarked, 'I know some Russian oligarchs, and they are very nice people,' suggesting they might be eligible to purchase the residency.
The program is not entirely new to the U.S., as the country has long operated the EB-5 program, which allows foreign investors to obtain permanent residency in exchange for a certain level of investment.
However, U.S. Commerce Secretary Howard Lutnick stated that the EB-5 program has been plagued by fraud and has become 'a cheap way to get a Green Card.'
Lutnick further announced that the U.S. will terminate the EB-5 program, stating at a press conference in the Oval Office alongside Trump, 'We will replace it with the Trump Golden Card.'
Trump campaigned in the 2024 presidential election on a platform of stricter immigration policies.
The president emphasized that the "Golden Card" would help attract 'high-level individuals in the technology sector who can create jobs.'
He added, 'I think companies will pay to bring people in through this new card,' mentioning that 'Apple and other companies that need employees will be able to purchase this card.'
Trump clarified that Golden Card holders would not become U.S. citizens but would still be required to pay taxes in the country.
According to Trump's estimates, the U.S. could sell "one million of these cards, maybe more."
Follow Emirates 24|7 on Google News.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Companies plan stablecoins under new law, but experts say hurdles remain
Financial companies from Bank of America to Fiserv are preparing to launch their own dollar-backed crypto tokens now that a new U.S. law has established the first-ever rules for stablecoins, but experts warn the path forward could be anything but simple. U.S. President Donald Trump on July 18 signed the GENIUS Act into law, setting federal rules and guidelines for cryptocurrency tokens pegged to the U.S. dollar known as stablecoins. This U.S. law, the first designed to facilitate crypto usage, could pave the way for the digital assets to become an everyday way to make payments and move money, experts said. The use of stablecoins, designed to maintain a constant value, usually a 1:1 U.S. dollar peg, has exploded in recent years, notably among crypto traders moving funds to and from other tokens, such as bitcoin and ether. Now, a slate of companies are entertaining their own stablecoin strategies to capitalize on the promise of instant payments and settlement that stablecoins offer. Payments on traditional banking rails can take several days to arrive, or take even longer across international borders. Among the companies considering stablecoins are Walmart and Amazon, the Wall Street Journal reported in June. Walmart and Amazon did not immediately respond to requests for comment. However, the new law will not immediately open the floodgates, experts said. The newfound opportunity to dabble in stablecoins can lead to numerous tricky considerations for firms, both strategic and technical. Companies have to embark on a lengthy process to deploy their own stablecoins, or decide whether it makes more sense to integrate existing stablecoins, like issuer Circle's USDC, into their business. Companies first have to decide the purpose of their stablecoins. For example, a retail platform could make a stablecoin available to customers to buy goods, which could appeal to crypto-savvy users. Some companies could use them internally for cross-border payments, given that stablecoins can enable near-instant payments, often with lower fees. How a company plans to use a stablecoin could affect whether it creates a stablecoin or works with a partner. "The intended use is going to matter a lot," said Stephen Aschettino, a partner at Steptoe. "Is this something really designed to drive customers to engage with the issuer, or is the issuer's primary motivation to have a stablecoin that is more ubiquitous?" For nonbanks, stablecoins will bring new compliance costs and oversight requirements, given that the GENIUS Act requires issuers to comply with anti-money laundering and "know your customer" (KYC) requirements. "Those that already have robust KYC risk management and regulatory change management programs or working towards implementing these program elements may have a competitive advantage," said Jill DeWitt, senior director of compliance and third-party risk management solutions at Moody's. One group likely to enjoy that advantage is banks, which are no strangers to screening for sanctions-related risks and verifying the identities of their customers. Bank of America and Citigroup are actively considering issuing their own stablecoins, the CEOs of both banks said in earnings calls last month. Others like Morgan Stanley are closely monitoring stablecoin developments. JPMorgan Chase CEO Jamie Dimon said the bank will be involved in stablecoins, without giving details. Banks need to weigh several factors before going live with stablecoins, including how holding the tokens might affect liquidity requirements, said Julia Demidova, head of digital currencies product and strategy at FIS. Banks holding assets like stablecoins on their balance sheets might be required to hold more capital under current U.S. bank rules. "The GENIUS Act is great, but if the bank is treating their stablecoin on the balance sheet under prudential banking regulation, you still need to look at the risk weight of the asset," she said. Another crucial question is how to issue stablecoins. Like other cryptocurrencies, stablecoins are created on a blockchain, a digital ledger that records transactions. Hundreds of blockchain networks exist today, two of the most popular being ethereum and solana. Both are considered public or "permissionless" blockchains because all transactions on those networks are available for anyone to see. Still, it is unclear which attribute companies issuing stablecoins would prioritize. Banks, in particular, could opt for their own private, or "permissioned," blockchains instead, Demidova said. "The banks would desire and demand that very clear governance and structure," she said. "In that permissionless environment, you don't have the governance and controls in place." Others like said Nassim Eddequiouaq, CEO of Bastion, a provider of infrastructure for companies to issue their own stablecoins, see merits to permissionless blockchains. "We've seen a tremendous amount of interest for existing blockchains that have seen user adoption, that have been battle tested at scale, including during activity spikes," he said. Although the GENIUS Act has been signed into law, its effective date is potentially several years off, with federal banking regulators expected to issue rules in the meantime to fill in certain gaps. The Office of the Comptroller of the Currency, for instance, is expected to issue rules to outline several risk management and compliance requirements. Under the new U.S. framework, the Treasury Department will have to issue a rule on foreign stablecoin regulatory regimes and their compatibility with the new U.S. framework. "These things are going to have to phase in," said Aschettino. (Reporting by Hannah Lang in New York; Editing by Richard Chang)
Zawya
an hour ago
- Zawya
From FOMO to focus: A smarter path to industrial innovation in UAE
The United Arab Emirates' non-oil GDP grew by 4.4% in the first half of 2024, taking the country another sizeable step towards realising the goals of 'We the UAE 2031'. Manufacturing constituted 15% of non-oil GDP during the period, showing yet again that home-grown factories have a significant role to play in sustainable prosperity. But any opportunity space is, by its nature, competitive. And when seeking an edge, manufacturers are confronted by a shopping mall of technology options. Inaction is not an option, but any move made has the potential to bring a net positive or a net negative. In search of a competitive edge, but restrained by doubt over the next best investment, leaders also face limited resources. And any path they choose must come with measurable results so that ROI can be calculated and investments justified. In a growing sector, manufacturing companies must plot a course to their own sustainable growth, and smart-factory technologies that optimise operations and increase efficiency will seem like the logical way forward. Paper vs practice On paper, technology brings operational efficiency, cost savings, and many other benefits. By now, UAE manufacturers know that to prosper from a tech investment, they must define their business goals clearly. They cannot afford to succumb to the fear of missing out. By formulating each investment in the form of 'problem first, solution second', they can not only bring value to their organization but do so quickly. In Epicor's global Future of Work in Manufacturing study, we found 39% of manufacturing workers and 52% of managers considered their workplace 'very modern' compared to industry competitors. Given the age in which we live, these figures may seem surprisingly low, but they can be explained by the everyday experiences of both managers and workers outside the workplace where AI and smart hardware are part of life. For UAE manufacturing, these findings are significant because the nation is home to a relatively younger (and hence, more digital-native) population than its global peers. As of 2025, the median age here is 31.6 years compared with 38.5 in the US, 40.1 in China, 49.8 in Japan, 40.1 in the UK, and 45.5 in Germany. As UAE manufacturers look to their future technology investments, they must account for these attitudes or risk suffering a talent drain to more forward-looking competitors — a trend that may prove difficult to reverse. Inclusive plans Manufacturers must plan carefully to ensure that investments in technology represent modernisation rather than backwards steps. Plans must, of course, include budget but they must also include staff training and the integration of procured tools with legacy applications. Many benefits are available to the manufacturer who brings the whole workforce with it when it moves. Buy-in from the factory floor to the back office means input from all stakeholders. And input from all stakeholders means an increased likelihood that investments will be wisely targeted. This inclusivity is important because every business is unique. Perhaps your manufacturing firm can use GenAI exactly like your main competitor does; perhaps not. Your stakeholders will know. There is a risk that because GenAI is the newest thing, it will eclipse strategy and lead to a hasty procurement process. So, if widescale adoption were to take root in the UAE manufacturing sector, it should be tempered by the problem-first approach mentioned earlier. If GenAI makes data analytics easier and faster and leads to more efficient operations or better decision making, then the investment is worthwhile. But if it is adopted simply to keep pace with the industry with no plan for training or use cases, then positive impacts may be elusive. Turning possibility into the practical Some potentially lucrative use cases for AI are predictive maintenance, the visualization and virtual testing of process models, and the optimisation of employee work scheduling. In Epicor's global research we found 76% of manufacturing leaders see the potential for AI to identify production inefficiencies, and 51% think it will be useful in forecasting the price of raw materials. Meanwhile, automation can elevate the employee experience by boosting accuracy and reducing human workloads; and the Internet of Things can optimize factory environments and supply chains. Enterprise resource planning (ERP) platforms can harvest data from the entire manufacturing ecosystem, analyse it centrally using AI, and deliver better visibility to business leaders, leading to better decision making and higher ROI. ERP can also draw on predictive analytics to maximize ROI by demystifying the future for the C-suite. Predictive analytics can be especially powerful when provided with data from IoT devices and sensors, which allows it to assess factory floor processes and machinery. AI monitoring can boost output and reduce downtime. And finally, in a region where sustainability has become an indispensable element of business operations, the right technology investments can help enormously. Sustainability is the classic example of problem-first digitalisation. While the precise journey may vary from organisation to organisation, it is one we all must take. Reducing waste, optimising energy use, and enhancing supply-chain resilience will be crucial to the future of all UAE businesses. But beyond brand reputation and regulatory compliance, manufacturers can enjoy significant bottom-line boons. Manufacturing leaders need not necessarily be technology leaders. But with the right partners, it becomes easier to identify the right challenges and the right way to tackle them. Investments become wiser, and ROI greater. - TradeArabia News Service Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
Gold gains as soft US data pressures dollar, fuels rate-cut bets
Gold edged higher on Wednesday, supported by a weaker dollar after mild U.S. inflation data cemented bets for an interest rate cut in September, while investors focused on this week's U.S.-Russia talks over the war in Ukraine. Spot gold was up 0.2% at $3,351.46 per ounce, as of 0239 GMT. U.S. gold futures for December delivery gained 0.1% to $3,401.60. "The fall in the USD enabled a moderate bounce in the gold price, with the precious metal oscillating around the $3,350 level ahead of the Trump-Putin meeting on Friday," said Tim Waterer, chief market analyst at KCM Trade. "If the meeting in Alaska doesn't resolve anything and the war in Ukraine continues, gold could be making a push back towards $3,400 once again." The summit between U.S. President Donald Trump and Russian President Vladimir Putin "is a listening exercise for the president," the White House said on Tuesday, tempering expectations for a quick Russia-Ukraine ceasefire deal. Data released on Tuesday showed that the U.S. Consumer Price Index (CPI) rose 0.2% in July, following a 0.3% increase in June. On a year-over-year basis, the CPI climbed 2.7%. The dollar index extended declines, making greenback-denominated assets more affordable to holders of other currencies. Markets are pricing in about a 90% chance of a Federal Reserve rate cut in September, with at least one additional reduction expected by the end of the year. Non-yielding gold thrives in a low-interest-rate environment. Easing trade tensions in the market, the United States and China have extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods. Investors are now awaiting more U.S. economic data due later this week, including the U.S. Producer Price Index, weekly jobless claims, and retail sales. Elsewhere, spot silver rose 0.7% to $38.14 per ounce, platinum gained 0.4% to $1,341.80 and palladium climbed 0.3% to $1,132.89. (Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)
