Trump says $1 million “gold card” visa could be lucrative for the U.S. Here’s how it works.
President Trump has recently introduced a new “gold card” visa program that aims to provide a fast track for wealthy foreigners who are willing to pay $1 million for the opportunity to immigrate to the United States. The application process for the gold card visa went live on Wednesday, with the government website stating that successful applicants could complete the process in a matter of weeks after filing their paperwork.
The gold card initiative, unveiled by Mr. Trump in February, is being promoted as an expedited path for wealthy individuals to secure legal residency in the U.S. and as a means to generate revenue for the government. The program offers different tiers of visas, including a $2 million gold card for corporations seeking visas for employees, and a $5 million platinum card that allows foreigners to spend up to 270 days in the U.S. without paying federal income tax on non-U.S. income.
To apply for an individual gold card, applicants must pay a nonrefundable $15,000 processing fee to the Department of Homeland Security, undergo a vetting process including a visa interview, and make a $1 million donation to the federal government upon completion of the vetting process. Companies can also obtain gold cards for employees, with each card requiring a $2 million donation.
One key difference between the Trump gold card and other green cards is the expedited processing time, with the Trump administration suggesting that the new visa process could take only weeks compared to the typical wait time of months to years for a regular green card. The program is designed to help companies recruit foreign graduates of U.S. universities and provide a streamlined path to citizenship for gold card recipients.
The gold card visa program is intended to replace the EB-5 visa program, which has been criticized for its slow processing times and vulnerability to fraud. Unlike the EB-5 visa, the gold card visa does not require applicants to create a certain number of jobs or invest in U.S. businesses. The application website notes that national security and significant criminal risks are grounds for revocation of the gold card visa.
Overall, the program has the potential to generate substantial revenue for the U.S., with estimates suggesting that issuing 10,000 gold cards per year could raise $100 billion over a decade. The Trump administration is optimistic about the economic benefits of the gold card program and its potential to attract investment and talent to the United States.
