President Donald Trump signed an executive order on Friday unveiling a new visa program intended to lure wealthy individuals and business investment to America. The program allows foreign nationals the chance to secure a "Trump Gold Card" for $1 million, which brings about US residency after paying a vetting fee of $15,000 and undergoing background checks.
“They’re going to spend a lot of money to come in. It’s going to raise billions of dollars, billions and billions of dollars, which is going to go to reduce taxes, pay off debt and for other good things,” Trump said in the Oval Office.
Besides, the project also includes a "Platinum Card" that is worth $5 million. The visa would enable owners to live in the US for a maximum of 270 days annually without paying tax on foreign earnings. The official website of the program also states that corporations can gain US residency for their employees through the "Trump Corporate Gold Card" at $2 million per employee, and the option of transferring the privilege among employees after screening.
Commerce Secretary Howard Lutnick clarified that the platinum option must be approved by Congress, which he anticipates "will occur later this year." He also assured that the program's receipts will go into a special Treasury fund to finance American industry and commerce.
Lutnick went on to say that the Gold Card would replace current EB-1 and EB-2 visas for exceptional or extraordinary ability persons. He posited other green card categories might be suspended within a month of launching the program in lieu of this model.
Trump had first introduced the concept in February, highlighting it as a strategy to drive investment, create jobs, and generate revenue to help reduce the federal deficit. “The main thing is we’re going to have great people coming in, and they’re going to be paying,” he said.
This comes as Trump proposed raising the H-1B visa fee to $100,000 per application, a step designed to reduce reliance on the program. Shares of Accenture, Cognizant Technology, and other IT consulting firms fell on Friday following the news.
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