The $1 million "Gold Card" visa for immigrants is introduced by President Donald Trump.

On Wednesday (10th December), President Donald Trump’s administration formally introduced the “Trump Gold Card” immigration program, which offers non-US citizens an expedited route to obtaining permission to live in the nation but at a high cost.

“THE UNITED STATES GOVERNMENT’S TRUMP GOLD CARD IS HERE TODAY! A direct path to Citizenship for all qualified and vetted people. SO EXCITING! Our Great American Companies can finally keep their invaluable Talent. Live Site opens in 30 minutes,” the president wrote on Truth Social.

The website accepting applications went live as Trump announced the launch of the “Gold Card” visa program in front of business executives in the Roosevelt Room of the White House. With the “apply now” option, interested candidates can pay the Department of Homeland Security $15,000 to expedite processing.

Green Card vs Gold Card

In order to obtain the visa, which is comparable to a “Green Card,” applicants must first undergo a background check or vetting process and then make a $1 million “contribution” which is referred to as a “gift” on the online platform. There could be additional fees for the Department of State. After the payment and the paperwork, processing usually takes weeks. The availability of visas could also result in delays for some nationalities.

Trump stated, “Basically it’s a Green Card, but much better. Much more powerful, a much stronger path. A path is a big deal. Have to be great people.” According to reports, the holders will be granted permanent legal residency and they will be able to live, work and eventually become citizens of the United States.

Green Cards can be obtained through a variety of methods, such as lotteries, sponsorship or EB-5 investments with job creation requirements starting at $800,000. However, the Gold Card will ditch the conventional procedures in favour of quicker approval targeted at financial gain.

A successful applicant would be granted lawful permanent residence status under the EB-1 or EB-2 visa categories under the Gold Card program, depending on availability and as decided by the US Department of Homeland Security.

Meanwhile, companies that sponsor workers are required to pay $2 million. Afterward, businesses must pay a $20,000 (1%) yearly maintenance cost. Likewise, 5% transfer fee of $100,000 has to coughed up each time they intend to transfer an employee’s visa to another.

Trump declared, “Tremendous people won’t have to say they graduated from college and have to go back to India, China, France; we’re taking care of that,” on the occasion. “You can’t hire people from the best colleges because you don’t know whether or not you can keep the person,” he added.

Department of Homeland Security Secretary Kristi Noem mentioned, “Under this historic initiative, qualified individuals and corporations, who contribute $1 million and $2 million, respectively, will receive expedited EB-1 or EB-2 green cards following rigorous vetting.”

Trump Platinum Card

The official website further conveyed that a “Trump Platinum Card” is “coming soon” at a price of $5 million. It will exempt holders from US taxes on foreign income for a maximum of 270 days while in the US. Trump insisted that the new scheme will earn “many billions of dollars” and that its proceeds will be put into “an account where we can do things positive for the country.”

During a pre-registration period, almost 10,000 people registered for the Gold Card, according to Commerce Secretary Howard Lutnick. He expressed, “I would expect over time that we’d sell, you know, thousands of these cards and raise, you know, billions, billions of dollars,” reported Reuters.

According to Lutnick, the Gold Card scheme would attract individuals who would boost the US economy. He contrasted this to “average” Green Card holders, who he claimed made less money than the average American and were more inclined to be dependent on or have family members on assistance programs. However, he did not support his argument with any evidence.

The Gold Card was officially introduced in September when Trump signed an executive order. The cost of a visa was $5 million when the initiative was first announced in February. Notably, America’s EB-5 visas are going to be replaced by the fresh visa program. The US Congress found the former in 1990 to attract international investment for individuals who contribute around $1 million in a business that employs ten or more people.

The latest development has coincided with the Trump administration’s increased efforts to restrict legal immigration avenues, including H-1B visas and deport undocumented immigrants.

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