 "Trump launches US 'Gold Card' visa programme to attract wealthy immigrants")
US President Donald Trump has announced a new visa programme designed to attract the world’s richest individuals, offering residency permits in exchange for steep payments.
Programme to boost revenue and investment
Announcing the initiative on Friday, Trump signed an order creating what he called a revenue-raising scheme. “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,” he told reporters.
Trump described the programme as a means to reduce taxes, pay down debt and stimulate American industry. “The main thing is we’re going to have great people coming in, and they’re going to be paying,” he said.
The executive order directs the commerce secretary to deposit revenue into a dedicated Treasury fund to promote commerce and American industry.
The official release on the White House website stated:
“It is a priority of my Administration to realign Federal immigration policy with the Nation’s interests by ending illegal immigration and prioritising the admission of aliens who will affirmatively benefit the Nation, including successful entrepreneurs, investors, and businessmen and women.”
Gold and Platinum cards announced
The initiative offers multiple levels of access. Individuals may pay $1 million for residency with the “Trump Gold Card”. A “Platinum Card”, priced at $5 million, would allow recipients to spend up to 270 days in the US without being subject to taxes on foreign income.
US Commerce Secretary Howard Lutnick said the Platinum Card programme is dependent on congressional approval and predicted “it will happen later this year.”
Corporate residency scheme
Under the corporate scheme, businesses paying $2 million per employee would be able to secure US residency for workers. The “Trump Corporate Gold Card” would allow businesses to transfer access from one employee to another for an additional transfer fee, subject to Department of Homeland Security vetting. An annual maintenance fee would also apply.
The programme’s official website has already opened an “apply now” section, asking for applicants’ names, regions and email addresses. It is unclear when the visas will be awarded, as there is no mention of processing times.
Implementation of Gold Card programme
According to the executive order, the Commerce, State and Homeland Security Departments must implement the Gold Card programme within 90 days. They are responsible for developing an application process and expedited review system, setting processing and maintenance fees, and determining the start date for submissions. The departments must also implement thorough vetting procedures for all applicants.
Gold Card to replace existing visas
Lutnick confirmed the Gold Card would replace the EB-1 and EB-2 visas, which currently grant permanent residency to foreign nationals with extraordinary abilities.
He added that once the implementation phase, lasting less than a month, is complete, “other green card categories are likely to be suspended, and this will be the model that people can enter the country.”
Applicants will also pay a $15,000 vetting fee and undergo “a much more rigorous vetting than has ever been done before,” he said.
Immigration policy changes
The initiative is part of Trump’s broader immigration overhaul, which also includes stricter deportations of undocumented migrants and higher barriers for skilled worker visas. His administration has separately proposed a $100,000 application fee for H-1B visas, a move that could hit the technology sector heavily reliant on foreign engineers.
The announcement triggered an immediate reaction on Wall Street, with shares of Accenture, Cognizant Technology and other IT consulting firms sliding after news of the H-1B fee.
Despite this, Trump argued the Gold Card scheme would benefit the industry, saying technology executives would be “very happy” as it provides an alternative path to bring in additional workers.
Trump suggested as many as one million people could purchase Gold Cards. However, Bloomberg reported that experts believe the pool of individuals able to afford the programme is far smaller, raising questions over its feasibility and impact.