Donald Trump’s newly announced ‘Gold Card’ program, which offers permanent residency in the United States for $5 million per card, is reportedly off to a strong start. US Commerce Secretary Howard Lutnick claims that 1,000 of these cards were sold in a single day, generating $5 billion in revenue.  

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Lutnick made this announcement on the ‘All-In Podcast,’ stating that demand for the program is high as individuals seek secure entry into the United States. He also confirmed that the program will officially launch in about two weeks, with tech billionaire Elon Musk currently developing the necessary software for its implementation.  

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 Residency without global taxation  

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The Gold Card program is designed to attract wealthy individuals who want US residency without the obligation of paying global taxes. Unlike US citizens, who are taxed on their worldwide income, Gold Card holders will only be taxed on money earned within the United States.  

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 "If you are a US citizen, you end up paying global tax. So, outsiders will certainly not come to the US to pay global tax." Lutnick explained. "If you have a Green Card, now Gold Card, you will be a permanent resident of America without paying tax. You can choose to be a citizen, but you don't have to be."  

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Trump’s ambitious target

According to research conducted with the Trump administration, Lutnick claims that approximately 37 million people worldwide have the financial means to purchase a Gold Card. He added that Trump believes the program could sell up to one million cards.

Proceeds from the Gold Card sales are reportedly intended to help reduce the US national debt. Trump had earlier stated that there would be no annual cap on the number of cards issued, making it an open-ended revenue-generating initiative.  

(With inputs from agencies )