Soon after imposing a $100,000 fee on H-1B visas, President Donald Trump unveiled a new visa program designed to attract the ultra-wealthy, offering U.S. residency in exchange for multi-million-dollar payments.
The Gold Card program is set to replace existing EB-1 and EB-2 visas, which currently allow foreign nationals with exceptional skills or achievements to apply for permanent residency. The roll out is expected to last less than a month and several other visa categories may be suspended in favour of the new model.
Speaking from the Oval Office on Friday as he signed the executive order, Trump said, “they’re going to spend a lot of money to come in. ”The initiative would bring in ‘billions and billions of dollars’ that could be used to reduce taxes, pay off national debt, and support American industries, he added.
Trump’s new Visa Options: Gold, Platinum and Corporate
Under the scheme, individuals will be able to apply for a “Trump Gold Card” by paying $1 million, plus a $15,000 vetting fee. His other big offer is a “Trump Platinum Card” priced $5 million, offering up to 270 days of U.S. residency without liability for U.S. taxes on income earned abroad.
Corporations aren’t left out. Businesses can pay $2 million per employee to secure residency rights for their staff under the “Corporate Gold Card” option. Companies will also be allowed to transfer these rights between employees, subject to Department of Homeland Security checks and an annual maintenance fee.
Commerce Secretary Howard Lutnick explained that all revenue from the program will flow into a special Treasury fund earmarked for boosting American commerce. He emphasized that applicants will undergo far stricter scrutiny than under previous visa systems.