Trump Proposes Lucrative $1 Million ‘Gold Card’ Visa for U.S. Economy
Former President Donald Trump has introduced a new visa initiative known as the “Gold Card.” This program aims to attract wealthy foreign nationals willing to invest $1 million to gain legal residency in the United States. Applications for this visa opened recently, promising a processing time of just weeks.
Understanding the Gold Card Visa
The Gold Card is designed as an expedited alternative to the traditional green card system, offering a streamlined path for high-net-worth individuals. Similar to the green card, which allows permanent residency, the Gold Card focuses on affluent applicants and aims to enhance U.S. government revenue.
During its announcement, Trump emphasized that all fees from the Gold Card program would be directed to the U.S. government, potentially generating significant funds. Alongside the $1 million Gold Card for individuals, the program offers a $2 million option for companies seeking visas for their employees and a $5 million platinum card for those wishing to stay in the U.S. without paying federal income tax on non-U.S. earnings.
Key Features of the Gold Card Visa
- Processing fee: $15,000 nonrefundable fee to the Department of Homeland Security.
- Vetting process: Required background checks and interviews to ensure applicant suitability.
- Donation: A $1 million contribution to the federal government after vetting.
- Corporate options: Companies can secure gold cards for employees at a cost of $2 million each.
Companies can also transfer Gold Cards among employees, especially if the original holder becomes a U.S. citizen, which would incur a 5% transfer fee. Traditional green card applicants can face months, or even years, of waiting, whereas the Gold Card’s expedited nature sets it apart.
Comparative Analysis: Gold Card vs. EB-5 Visa
The Gold Card is positioned as a successor to the EB-5 visa, which was aimed at generating foreign investment. Unlike the EB-5 visa, the Gold Card does not mandate job creation or investment in U.S. businesses, addressing criticisms of the previous system.
Application Process and Timeline
Potential applicants must navigate through several steps in the Gold Card application process:
- Submit a nonrefundable processing fee of $15,000.
- Undergo extensive vetting and an interview.
- Complete the $1 million donation after passing the vetting process.
Notably, the processing time for a Gold Card is expected to be significantly shorter than that of the EB-5 visa, which can take several years to finalize.
Civic Opportunities for Gold Card Holders
Upon approval, Gold Card recipients will have a pathway to citizenship after residing in the U.S. for five years, provided they pass the necessary vetting processes. U.S. Commerce Secretary Howard Lutnick confirmed that these individuals could eventually become citizens.
Potential Economic Impact
The economic implications of this visa program are significant. Estimates suggest it could potentially raise $100 billion over a decade if 10,000 Gold Cards are issued annually. Economic experts believe this could amount to tens of billions in revenues for the U.S. government.
In summary, the Trump Gold Card initiative combines expedited immigration with substantial financial investment, aiming to enhance revenue while attracting talented individuals to the U.S.
