US President Donald Trump on Wednesday officially launched his “gold card” visa, a new immigration route that allows foreigners to pay $1 million to expedite their visa application.
The program also allows companies to pay $2 million to sponsor a foreign worker they want to bring to the US.
“It’s very exciting for me and the country that we just launched the ‘Trump Gold Card,'” the president said at a White House roundtable.
The program was broadcast that same afternoon on trumpcard.govwhere applicants can access the official form.
How much does it cost?
According trumpcard.govThe process begins with a $15,000 fee from the Department of Homeland Security (DHS). Once background checks are passed, a $1 million contribution is needed.
“For a $15,000 DHS processing fee and, after background clearance, a $1 million contribution, receive U.S. residency in record time with the Trump Gold Card,” the official website reads.
Companies that sponsor employees must pay $2 million, plus additional fees. A “platinum” version of the card that offers special tax breaks will also be available for $5 million, according to the website.
Additional fees may be charged to the government depending on the circumstances of each applicant, depending on the site. Individuals must also pay a $15,000 non-refundable processing fee before their application is reviewed.
How long will the ‘gold card’ process take?
The review period is expected to last a few weeks and include a visa interview, according to information on the site. However, some applicants may face additional charges from the State Department. Those approved will receive permanent residence through an EB-1 or EB-2 visa, categories reserved for people with “extraordinary” or “exceptional” abilities.
Trump’s next ‘Platinum Card’
Following the launch of the ‘Gold Card,’ CNN reports that the administration is also teasing an upcoming “Trump Platinum Card.” For a $15,000 processing fee and $5 million contribution, eligible applicants can spend up to 270 days a year in the U.S. They will not pay U.S. taxes on their non-U.S. income.
The site does not specify when the platinum option will be available.
Officials criticize traditional immigration process
According to CNN, the launch comes as the Trump administration tightens legal and illegal entry into the country following the killing of two National Guard members in Washington, DC.
Online tribune reports that Trump first floated the gold card idea in February, describing it at the time as a $5 million path to citizenship for foreigners. He later signed an executive order in September directing its creation.
Commerce Secretary Howard Lutnick said the program would reform the current EB-5 immigrant investor visa, which allows foreign investors to back U.S. projects that create jobs in exchange for the opportunity to apply for residency. “We will modify the EB-5 agreement,” Lutnick said.
“Kristi (Secretary of Homeland Security) and I are working on it together. For $5 million, they will get a license from the Department of Commerce. Then they will make an appropriate investment.”
However, immigration law experts have noted that ending or largely restructuring EB-5 will require an act of Congress.
Despite current questions about how the plan would work in practice, Trump has said the government could sell millions of gold cards, and Lutnick said in February that the program could generate $1 trillion to help reduce the national debt.
Lutnick has also criticized the current green card system, which grants immigrants the right to live and work permanently in the United States, arguing that it attracts the “bottom quartile” of immigrants.
“We’re only going to accept extraordinary people at the top,” Lutnick said.
(CNN)