Latest news with #GoldCards
Time of India
6 days ago
- Business
- Time of India
Trump's $5 Million Gold Card Visa Plan: Why experts say it may never become a reality
The ambitious Trump Gold Card visa programme, touted as a potential economic gamechanger and a shortcut to U.S. residency for wealthy foreigners, may never move beyond a campaign concept, according to leading immigration experts and legal analysts. Despite high-profile endorsements and repeated declarations of an imminent rollout, the initiative currently lacks legal backing, operational structure, and a realistic applicant base, stakeholders have said, as mentioned in a report by Forbes. A Concept Without a Framework Marketed as a $5 million entryway into the United States—complete with residency rights, a citizenship track, and possible tax advantages—the Donald Trump Gold Card visa was introduced earlier this year by U.S. President Donald Trump and his ally, Commerce Secretary Howard Lutnick. The proposal suggests it could replace the existing EB-5 Immigrant Investor Program , which currently allows foreign nationals to gain residency through investments of $800,000 to $1 million and job creation requirements. However, immigration experts point out that no legislation has been introduced, nor are there details of a formal structure. 'There is no real programme, no enabling law—just a marketing pitch,' said Nuri Katz, founder of Apex Capital Partners, who has advised ultra-high-net-worth individuals on immigration for over three decades. Katz stressed that the U.S. Congress would have to enact new immigration and tax laws before any such programme could take effect. Live Events Trump's Vision: Ambitious but Impractical? President Trump has floated numbers as high as $50 trillion in potential revenue, claiming the sale of 10 million Gold Cards would more than erase the national debt. Lutnick has since tempered the projections, suggesting $1 trillion in revenue from 200,000 applicants. But analysts remain skeptical. 'The math simply doesn't support the vision,' Katz told reporters. 'In my experience, investors rarely commit more than 10% of their net worth to an immigration programme. So unless an individual is worth $100 million or more, they won't even consider this.' According to a Henley & Partners report, there are fewer than 30,000 non-American centimillionaires worldwide—far fewer than the figures being pitched by the administration. Legal and Technical Barriers Persist The programme's digital infrastructure has also drawn criticism. Although a website— expected to go live this month, visitors are instead met with a placeholder page and malfunctioning registration prompts. The Department of Commerce has not provided clarity on when or whether the site will officially launch. According to the American Immigration Lawyers Association, no U.S. President can unilaterally create or alter visa categories. The current EB-5 programme, reauthorized through 2027, would remain in place unless Congress amends existing law. Skepticism Mounts Among Wealth Managers Katz, who advises international clients, said he would not recommend participation to any investor under current conditions. 'Without legislation and regulatory clarity, even submitting personal information on a website could pose risks. We don't know where that data would end up,' he warned. In a telling moment, Katz dismissed Lutnick's recent claim that 1,000 Gold Cards were sold in one day—allegedly generating $5 billion—as 'implausible and unserious.' Origins in a Conversation, Not Policy The genesis of the Trump Gold Card idea reportedly came from hedge fund manager John Paulson, who suggested monetising visas during a conversation with Trump. 'Why do we give them away? We should sell them,' Paulson allegedly said, prompting Lutnick to develop the proposal. But translating a dinner-table idea into federal immigration policy, experts say, will require more than bravado and branding. FAQs What is the Trump Gold Card visa programme? It's a proposed visa initiative by U.S. President Donald Trump, offering U.S. residency and a path to citizenship to wealthy foreigners in exchange for a $5 million investment. Has the programme been officially launched? No. As of now, it remains a concept without a legal framework or legislative backing, according to immigration and legal experts. Economic Times WhatsApp channel )
IOL News
7 days ago
- Business
- IOL News
Are SASSA beneficiaries losing money by switching to personal bank accounts?
A growing number of SASSA beneficiaries are opting to receive their grants through personal bank accounts. Image: Nokuthula Mbatha/ Independent Newspapers. The North West Legislature's Portfolio Committee on Health and Social Development has raised serious concerns over the growing trend of social grant beneficiaries opting to receive their payments through personal bank accounts, a move that could be costing them a portion of their much-needed support. During an oversight meeting held with the South African Social Security Agency (SASSA) and the Department of Social Development, Committee members were briefed on the migration from the traditional SASSA Gold Cards to the newly introduced Postbank Black Cards. The migration was prompted by a South African Reserve Bank (SARB) directive following a security breach involving the Gold Cards. However, it emerged that SARB has now suspended the migration process indefinitely. Beneficiaries are currently permitted to continue using their existing SASSA Gold Cards beyond the original May 31 deadline, a shift the Committee believes must be communicated to avoid panic and confusion. "People were rushing to switch cards, some even under pressure. Now, they need clarity and reassurance that their current cards are still functional. You need to ensure that this is communicated widely,' urged Committee Chairperson, Hon. Karabo Magagane. The Committee expressed deep concern over SASSA's revelation that 43,945 grant recipients have chosen to bypass both the SASSA Gold Card and the Postbank Black Card systems, instead opting for direct bank payments. While this may offer perceived convenience, the Committee fears that the associated transaction fees at commercial banks are quietly eroding the actual value of the grants. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading 'These beneficiaries may not realise that they are losing money to transaction fees and service charges, funds that are meant to support their most basic needs,' Hon. Magagane cautioned. Further compounding the financial strain, Committee members highlighted the informal deductions being imposed by some local retailers. Local tuck shops reportedly charge R10 for every R100 withdrawn, a surcharge that further reduces the amount of money recipients receive. 'This completely defeats the purpose of a social grant. A grant is supposed to alleviate poverty, not get eaten up by unnecessary charges,' one member stated. The Committee also slammed the limited number of Postbank conversion sites in the North West. Currently, only 12 sites are operational across the province, a situation described as 'grossly inadequate,' particularly for elderly beneficiaries living in remote areas. "Many of our elderly citizens live far from these centres and are not in a position to travel long distances just to access a card. This could be a driving factor behind the shift to personal bank accounts," said Hon. Magagane. In response to the pressing challenges, the Committee pledged to intensify its engagement with SASSA and Postbank, the two State-Owned Entities tasked with grant disbursement, to push for more accessible service points, better communication, and increased public awareness. "We are committed to ensuring that no beneficiary is left behind. We will push for ongoing awareness campaigns, improved accessibility, and sustained outreach efforts so that every grant recipient understands their options and the implications of each," Hon. Magagane said. The Committee is expected to reconvene in the coming weeks to assess progress and implementation of the proposed solutions. IOL News Get your news on the go, click here to join the IOL News WhatsApp channel.
Time of India
12-05-2025
- Business
- Time of India
Elon Musk gives an update on America's Gold Card Visa programme: We are going to ...
Tesla CEO has given an update on President 's Gold Card visa program. In a post on Twitter, Elon Musk wrote that the Gold Card Visa programme is quietly being tested to ensure the system works properly. Tired of too many ads? go ad free now "We're doing a quiet trial to make sure the system works properly. Once it is fully tested, it will be rolled out to the public with an announcement by the President," Elon Musk wrote in a post on Twitter in response to a tweet from MarioNawfal. A task force under Elon Musk is reportedly working on the new US immigration initiative offering "Gold Card" residency visas for $5 million each. Engineers from Elon Musk's Department of Government Efficiency (DOGE) are working with the State Department, Department of Homeland Security , and U.S. Citizenship and Immigration Services to create a streamlined application system and website. According to a report in New York Times, the project is led by DOGE engineers Marko Elez and Edward Coristine, who are integrating federal vetting processes into the new system. Airbnb co-founder Joe Gebbia has joined, initially tasked with digitizing federal retirement systems. Elez resigned in February after controversy over a pseudonymous social media account linked to racist posts and eugenics-based immigration views, but he has since collaborated with federal agencies. Coristine, a 19-year-old known online as 'Big Balls,' was previously fired from a 2022 internship at Path due to a data leak. What is the Gold Card Visa The Gold Card program aims to fast-track residency for high-net-worth individuals, bypassing the lengthy traditional visa process with expedited background checks and interviews, targeting approval within two weeks. Unlike the EB-5 visa program, which offers green cards for $800,000-$1.05 million investments creating 10 U.S. Tired of too many ads? go ad free now jobs, the Gold Card focuses on revenue generation, replacing the EB-5's $4 billion annual contribution. Gold Card offers Permanent Residency, Not Citizenship Commerce Secretary Howard Lutnick claimed 1,000 Gold Cards have been sold, granting permanent residency to vetted individuals who pay $5 million and abide by U.S. laws. Musk is reportedly developing the software, with a launch expected soon. Former President Trump, who first proposed the Gold Cards in February as a pathway for 'very high-level people,' recently showcased a mock-up featuring his image, the Statue of Liberty, and a bald eagle, projecting a debut within weeks.
Time Business News
05-05-2025
- Business
- Time Business News
Trump's $5M ‘Gold Visa' Fuels Real Estate Fears and Policy Division Across the U.S.
Critics Warn of Housing Market Inflation as Amicus International Consulting Offers Lawful, Non-Disruptive Global Residency Alternatives WASHINGTON, D.C. — Former President Donald Trump's controversial proposal to sell U.S. permanent residency for $5 million — dubbed the 'Gold Visa' — provokes international scrutiny and ignites fierce debate among housing economists, real estate professionals, and public policy analysts. The proposed program would allow wealthy foreign nationals to buy a 'Gold Card,' granting them immediate permanent residency and a pathway to citizenship. It would replace the former EB-5 visa program. The Gold Visa plan, announced in February 2025, promises swift U.S. entry and legal residency without the job creation or geographic investment criteria that governed its EB-5 predecessor. While President Trump and supporters tout it to raise capital for the American economy, critics warn of unintended side effects — most urgently, its potential to worsen the U.S. housing crisis. 'It may seem like easy money for the government, but we're essentially opening the floodgates for ultra-wealthy foreign buyers in a housing market already under stress,' said Dr. Karen Delano, a housing economist at the Brookings Institution. The Gold Visa: A Fast Track for the Wealthy The proposed $5 million fee makes the Gold Visa one of the most expensive residency programs in the world. Similarly, citizenship-by-investment schemes in Caribbean nations like St. Kitts, Nevis, or Dominica require less than $200,000. Malta's EU passport program, one of the most high-profile in Europe, needed under €1 million — until it was halted due to misuse and pressure from the European Union. Under Trump's plan: No job creation is required No regional investment is mandated Vetting standards are not clearly defined Applicants receive immediate green cards Citizenship is offered via a 'strong pathway' after permanent residency According to Commerce Secretary Howard Lutnick, 1,000 Gold Cards were reportedly sold in early May, raising $5 billion in a single day. This unprecedented surge in capital has alarmed urban housing planners, who warn that the program could supercharge foreign speculation in luxury real estate, displace local buyers, and further drive up prices in cities already facing shortages. U.S. Housing Market Already Under Pressure In cities like Los Angeles, Miami, San Francisco, and New York, real estate analysts have long tracked the influence of foreign capital on rising housing costs. In many cases, international buyers — particularly from China, Russia, and the Middle East — have viewed U.S. real estate as a stable store of value, not necessarily as a home. 'They're not just buying property — they're buying a hedge, a backup plan, and in some cases, an escape hatch,' said Janice Romero, a real estate attorney in Miami. These purchases often remain vacant or are used as part-time residences, further exacerbating housing scarcity. Median home prices in many of these cities have increased by over 50% in the last five years, with demand outpacing supply due to zoning restrictions, lack of affordable housing, and construction backlogs. Case Study: Vancouver's Housing Boom — and Bust The Canadian city of Vancouver provides a cautionary example. In the 2010s, foreign buyers — attracted by Canada's investor immigration programs — purchased homes across Metro Vancouver, driving property values up more than 70% in less than a decade. The fallout was swift and political: Foreign buyer taxes were implemented were implemented Speculation and vacancy taxes followed followed Residents staged protests over housing affordability Immigration-based investment programs were restructured 'We ignored the early warning signs,' said a former city planner in Vancouver. 'By the time action was taken, most working-class families were priced out of the city.' From EB-5 to Gold Visa: A Radical Departure The EB-5 Immigrant Investor Program, established in 1990, required a foreigner to invest at least $800,000 to $1 million into a business that created a minimum of 10 full-time U.S. jobs. Although it generated tens of billions in U.S. development and helped fund infrastructure and commercial projects, EB-5 was marred by administrative delays, legal challenges, and allegations of fraud. Trump's Gold Visa removes these checks—there is no job creation, no economic development link, and no transparent vetting. Criteria EB-5 Program Trump's Gold Visa Investment Amount $800,000–$1 million $5 million Job Creation Requirement Yes (10 full-time jobs) None Geographic Mandate Targeted Employment Areas None Vetting & Review USCIS and security agencies Unclear or unstated Path to Citizenship 5+ years of permanent residency 'Strong path' (unspecified) Amicus International Consulting Offers Balanced Global Residency Options Amicus International Consulting offers legal, transparent, and ethical alternatives for individuals seeking lawful second citizenship, identity protection, and global mobility in response to the uncertainty surrounding the Gold Visa and its potential consequences for American communities. 'We are not in the business of selling shortcuts or passports,' said a company spokesperson. 'We help clients pursue second citizenship through legal means — ancestry, long-term residency, or qualified partnerships with legitimate governments.' Unlike investor visa programs that risk disrupting housing markets, Amicus offers non-invasive pathways that do not involve high-end real estate investment or the displacement of residents. Amicus Offers: Second Citizenship by Legal Right (e.g., ancestral or descent-based citizenships in Ireland, Italy, Lithuania, etc.) (e.g., ancestral or descent-based citizenships in Ireland, Italy, Lithuania, etc.) Residency Programs in Neutral Jurisdictions (Including compliant and extradition-free locations in the Caribbean, Europe, and Asia) (Including compliant and extradition-free locations in the Caribbean, Europe, and Asia) Legal Identity Change Services For journalists, political dissidents, or individuals at risk, fully compliant with local and international law For journalists, political dissidents, or individuals at risk, fully compliant with local and international law Privacy Structuring and Relocation Services Those do not involve purchasing luxury real estate or bidding against local families. Case Study: Dual Citizenship via Ancestry A Canadian client approached Amicus seeking greater privacy due to rising political instability in her profession. Through Amicus' legal team, she obtained Italian citizenship via her maternal grandfather, a legal and recognized route under Italian law. The client now travels freely throughout the EU, has access to consular protection abroad, and does not have to purchase any property or disrupt any local economy. Case Study: Corporate Consultant Avoids Real Estate Exposure A Latin American businessman facing regional unrest wanted to move his assets and family to a safe jurisdiction. Rather than purchase real estate in North America, Amicus secured permanent legal residency in Portugal via a legal tax residency program based on documented income and a clean financial background. The client maintained compliance with global reporting standards and protected his family without pricing out locals. Market and Legal Integrity Amicus follows strict protocols to ensure: Full AML/KYC compliance All clients screened against INTERPOL, OFAC, FATF, and other global databases No services provided to individuals with outstanding criminal warrants or sanctions Legal transparency with host governments and institutions No 'passport-for-sale' schemes or programs without substantial links to the country 'We exist to serve individuals seeking lawful, ethical, and effective identity solutions — not opportunists chasing golden loopholes,' added the spokesperson. A Call for Immigration Reform — With Housing in Mind Experts agree: the U.S. needs immigration reform. But most caution against reforms that benefit only the global ultra-wealthy at the expense of struggling families. 'The Gold Visa is not a housing policy — it's a financial privilege wrapped in a flag,' said an affordable housing advocate in San Francisco. 'We need immigration programs that welcome people and protect communities, not auction off citizenship to the highest bidder.' As lawmakers prepare to debate the legality and viability of the Gold Visa, Amicus International continues to stand as a beacon of legal clarity, offering practical, ethical, and lawful alternatives for clients worldwide. 📞 Contact InformationPhone: +1 (604) 200-5402Email: info@ Website:
28-04-2025
- Business
All the fuss for nothing: NO rush to switch to Postbank Black Cards
Great news for millions of South African grant beneficiaries is that SASSA Gold Cards will remain operational beyond 31 May 2025, ensuring uninterrupted access to social grants. The announcement made last week, comes as a relief for beneficiaries who have not yet migrated to the new Postbank Black Cards, putting an end to any uncertainty about payment disruptions. In a statement, Postbank reassured users that Gold Cards will continue to function across all payment platforms, including ATMs, retail stores, and POS devices. This means beneficiaries can still withdraw cash, make purchases, and access their funds as usual – no immediate switch is required. 'We remain committed to ensuring no beneficiary is left without access to their grants,' said Postbank CEO Nikki Mbengashe. 'In keeping with our commitment that we made that Postbank will ensure that no beneficiary will be left with no access to their grants and that there will be no disruptions in payments of grants, Gold Cards will continue to work until every beneficiary is transitioned to the new black card. 'We are therefore hopeful and confident that this announcement addresses any concern relating to the payments of any beneficiaries that may not have yet obtained their Black Cards,' Mbengashe, explained. The CEO advised social grant beneficiaries to ignore any call that they must change banks, as this is unnecessary. 'We plead with them to be wary of misleading information that their Gold Cards will not work and that they need to change banks because of this,' she said. Beneficiaries are also asked to always only respond to Postbank published communication when it comes to their SASSA Gold Cards and the Black Cards, as the only authorised entity that is responsible for the issuing of these cards. Beneficiaries are further advised that whenever they come across any information regarding their cards that has not been communicated by Postbank, they should not believe what is being said. Postbank said this will prevent beneficiaries from being misled as the entity observes increased amounts of incorrect information being communicated about the SASSA cards recently. 'As the Gold Cards will continue to work and all beneficiaries can continue to use those cards and their Black Cards to access payments, Postbank notifies the beneficiaries that it has put a temporary suspension of the distribution of new Black Cards in its sites until further notice. 'This, however, has no impact on anyone who currently has a Postbank Black Card, as that card will continue to work as per normal,' the entity said. The Postbank card distribution sites, however, will remain open and available to beneficiaries to access the following services: • PIN resets• Reissuing of Black Cards for any beneficiary that has experienced a lost/stolen card incident • Beneficiaries seeking to register for the cardless payment alternative
