Trump has launched a new visa program that provides a fast track to visa application. To obtain a gold card, you need to pay US$1 million; for a platinum card, you need to pay US$5 million, and holders can stay in the United States for up to 270 days without paying taxes on their non-US income; companies can pay an unlimited amount of US$2 million per employee to apply for a gold card, and gold card rights can be transferred between employees. U.S. Commerce Secretary Lutnick estimates that the new visa program will raise more than $100 billion for the government.
U.S. President Trump has come up with a new way to generate revenue for the government: attracting wealthy people through high-priced visas and providing a fast track to applying for visas to live in the United States.
On Friday the 19th, Eastern Time, Trump announced the launch of a visa program called the "Trump Gold Card" to sell U.S. residency to wealthy people around the world. Individual applicants can pay up to $5 million and can stay in the U.S. for up to 270 days. They do not need to pay taxes on their income outside the U.S., and companies can apply for unlimited gold cards for individual employees. Trump said tech executives would be "very happy" with the Gold Card program because it would allow them to bring in more employees.
When Trump signed the relevant executive order in the White House office, he said that the Gold Card Visa Program will "raise billions of dollars for tax relief, debt repayment and other beneficial purposes." U.S. Commerce Secretary Lutnick estimates that the visa program will raise more than $100 billion for the U.S. government.
The Gold Card visa program is part of Trump's effort to overhaul the immigration system. The Trump administration is tightening restrictions on other immigration pathways. Trump also signed a proclamation on Friday requiring companies to pay a $100,000 fee to obtain H-1B work visas.
Visa program details and pricing structure
The official website of the U.S. government’s new visa program shows that individual applicants can choose from two levels: “Gold Card” and “Platinum Card”.
Among them, applying for the "Trump Gold Card" requires a payment of US$1 million. Applicants need to pay a processing fee and pay US$1 million after review by the Department of Homeland Security (DHS), so that they can obtain US residency in "record speed." The higher-tier "Platinum Card," which costs $5 million, allows holders to stay in the United States for up to 270 days without paying taxes on income earned outside the United States.
There is also a corporate version of the Gold Card Visa. Companies can also pay a fee of US$2 million for individual employees to obtain gold cards, and companies can use this to obtain U.S. residency for an unlimited number of employees.
According to the official website, "The Trump Enterprise Gold Card allows businesses to transfer Gold Card privileges from one employee to another, subject to transfer fees and review by the Department of Homeland Security. A small annual maintenance fee is also required."
Currently, the website has opened an “Apply Now” section, which requires applicants to provide their name, area of residence, and email address. However, the specific time for visa issuance is not yet clear.
Legal barriers and the need for congressional approval
Immigration experts note that the new visa program may require congressional approval before implementation. Legal experts and immigration attorneys say the president cannot create new visa categories without congressional authorization.
It is unclear whether the new Gold Card program will replace the existing EB-5 visa program. The EB-5 visa has long been a way for wealthy people to quickly immigrate to the United States, and the current investment threshold is $800,000.
Experts also warn that allowing wealthy people to "jump the queue" could face legal challenges and lawsuits. The Trump administration established a waiting list for the project in June last year to attract interested applicants to sign up.
Double standards in immigration policy trigger market reaction
The visa program comes as the Trump administration tightens restrictions on other forms of immigration. The administration has not only taken action against undocumented immigrants, it has also cut legal immigration pathways such as the Temporary Protected Status program and humanitarian parole.
The Trump administration also announced on Friday that it would impose an additional $100,000 fee on the H-1B visa program to curb the abuse of this type of visa. This move will significantly increase the cost for technology companies and other enterprises to hire foreign engineers and skilled workers.
"We're going to stop accepting people at the bottom," Lutnick said Friday of the existing visa program. "We're going to accept only the top talent, not the people who are taking American jobs."
After the news of the new H-1B visa fee came out on Friday, the stock prices of some IT consulting companies hit daily lows. Accenture once fell more than 2%, and then closed slightly higher, and Cognizant closed down 4.7%.
