UPDATE: President Donald Trump has just signed an executive order launching the fast-track “Gold Card” visa program for individuals willing to invest $1 million or more. Announced on October 20, 2023, this bold initiative aims to expedite immigration processes for wealthy non-Americans looking to relocate to the United States.
The official website proclaims,
“The Trump Gold Card is Here,”
featuring a mock-up of a gilded card adorned with Trump’s photo and signature. Under this program, individuals who contribute at least $1 million to the Commerce Department can access an expedited immigrant visa process, as detailed in the executive order.
Corporations can secure Gold Cards for employees by donating a minimum of $2 million. With an anticipated total of 80,000 Gold Cards available, Commerce Secretary Howard Lutnick confirmed that the program is currently in the implementation phase, emphasizing its potential to reshape immigration.
Those approved for the Gold Card will undergo vetting by the State Department and Department of Homeland Security, followed by a payment of a $15,000 vetting fee. Successful applicants will be classified as lawful permanent residents, akin to green-card holders. Lutnick stated,
“You can prove exceptional value for the United States of America by contributing $1 million… that’s a pretty good expectation that they’re highly valuable.”
The Gold Card initiative is set to replace existing EB-1 and EB-2 visa categories, which cater to individuals with exceptional abilities in various fields. Lutnick indicated that these categories may be suspended within a month, shifting the immigration landscape significantly.
In addition to the Gold Card, the Trump administration is considering a $5 million “Platinum Card” option. This card would allow holders to stay in the U.S. for up to 270 days without being taxed on non-U.S. income, although it would not grant a pathway to citizenship. Approval from Congress is required before the Platinum Card can be launched.
Simultaneously, Trump signed a separate executive order imposing an additional $100,000 fee for individuals applying for the H-1B visa, a non-immigrant visa allowing thousands to work in the U.S. Critics warn this fee could severely limit opportunities for foreign workers, potentially impacting industries reliant on H-1B visa holders, especially in the tech sector. Supporters argue these visas are vital for filling skill gaps in the U.S. workforce.
When asked about the potential reaction from tech companies, Trump stated,
“I think they’re going to be very happy.”
He expressed confidence that the new policies will retain productive individuals within the country, benefiting both the economy and the workforce.
As this story develops, the implications of the Gold Card and Platinum Card programs are expected to resonate across various sectors. Stay tuned for more updates on this urgent immigration policy shift.
