Trump Offers U.S. Residency to Foreign Investors for Ksh644 Million

Former US President Donald Trump has introduced the "Trump Card," a controversial program offering US residency to wealthy individuals who invest $5 million (approximately Ksh647 million), reigniting the debate over wealth-based immigration policies. 

Announced last Wednesday, the scheme promises residency status free from international taxation, targeting high-net-worth individuals seeking entry into the US market. Trump claims the initiative will bolster the national budget and strengthen the American economy. The program is accessible through Trump's website, where applicants can register and provide personal details, indicating whether they are applying as individuals or business entities and specifying their region of origin. 

According to Trump, over 15,000 individuals joined the waiting list shortly after its launch, indicating significant interest in the program. However, the scale and exclusivity of the "Trump Card" have drawn scepticism. Unlike traditional immigration pathways that rely on employment sponsorship, family connections, or investment in specific sectors, this program is available to anyone who meets the financial criteria. Critics argue it commodifies residency and raises concerns about economic inequality.

Immigration experts have questioned the program's feasibility. David Lesperance, Managing Director of a Montreal-based immigration and international taxation advisory firm, doubts whether wealthy individuals would see it as a prudent investment. While many worldwide could afford the Trump Card, few would find it an attractive option.

The "Trump Card" is not Trump's first attempt to monetise US residency. Earlier this year, he introduced the "Gold Card," a similar initiative aimed at wealthy foreigners seeking to bypass standard immigration processes. The legality and viability of these programs remain uncertain, given the complexities of US immigration law and potential political repercussions.