This week, President Donald Trump officially introduced the “Trump Gold Card” visa program. This initiative offers a new expedited immigration pathway for foreigners looking to obtain U.S. residency.
Details of the Trump Gold Card Visa
The gold card allows individuals to pay a fee of $1 million for processing their visa application. Alternatively, companies can sponsor foreign workers by paying a fee of $2 million. This immigration program was unveiled during a White House roundtable.
Application Process
- A $15,000 processing fee will be required by the Department of Homeland Security (DHS).
- Successful applicants will obtain lawful permanent resident status through EB-1 or EB-2 visas, which cater to individuals with extraordinary or exceptional abilities.
- The overall application process is expected to take only weeks, which includes an interview and potential additional State Department fees.
Upcoming Trump Platinum Card
In addition to the Gold Card, a “Trump Platinum Card” is also in the works. This card will allow eligible individuals to stay in the U.S. for up to 270 days without incurring taxes on non-U.S. income for a fee of $5 million. While details about the Platinum Card’s launch remain unclear, foreign nationals can currently join a waiting list.
Background and Context
The Trump administration has been tightening immigration policies recently. This new plan follows a previous announcement made in February, where Trump outlined a pathway for wealthy foreigners to acquire citizenship for a $5 million fee. Furthermore, an executive order signed in September formalized this new immigration initiative.
Economic Impact and Visa Modification
The Trump Gold Card is set to modify the existing EB-5 immigrant investor visa program. This program allows foreign investors to fund U.S. projects, creating jobs while applying for visas. Commerce Secretary Howard Lutnick stated that this modification aims to attract high-caliber individuals, positioning the U.S. to benefit economically. Lutnick suggested this program could generate up to $1 trillion to help alleviate national debt.
Immigration law experts indicate that any significant changes to the EB-5 program would require congressional approval, a process that remains uncertain. Overall, the Trump Gold Card initiative highlights a shift in U.S. immigration policy, focusing on affluent individuals and their investment potential.
