President Donald Trump has unveiled a new initiative that offers fast-tracked US visas to affluent foreigners who can invest at least $1 million (£750,000) in the United States. This scheme, known as the Trump Gold Card, provides a direct pathway to US citizenship for qualified and vetted individuals. In a recent social media announcement, Trump expressed his enthusiasm, stating, "SO EXCITING! Our Great American Companies can finally keep their invaluable Talent."
The Trump Gold Card, first introduced earlier this year, is a US visa awarded to individuals who can demonstrate that their presence will provide a substantial benefit to the country. According to the official scheme website, the Gold Card offers US residency in record time for those who meet the criteria. The program requires a $1 million fee, which serves as evidence that the individual will contribute meaningfully to the United States.
In addition to the individual fee, businesses sponsoring employees are required to pay a higher amount of $2 million, along with additional fees that may vary based on the applicant's circumstances. Furthermore, a premium version of the card, known as the platinum card, will be available soon for $5 million and will provide special tax breaks. Each applicant must also pay a non-refundable processing fee of $15,000 before their application is reviewed.
This new visa initiative emerges as the Trump administration intensifies its immigration crackdown. Recent actions include raising work visa fees and deporting undocumented migrants. The US has also paused immigration applications from individuals in 19 countries, primarily in Africa and the Middle East, which are affected by the president's travel ban. Additionally, the government has halted all decisions on asylum applications and is reviewing thousands of cases that were approved under President Joe Biden's administration.
In September, Trump signed an order imposing a $100,000 fee for applicants seeking the H-1B visa for skilled foreign workers, causing alarm among overseas students in the US and technology firms. The White House later clarified that this fee would only apply to new applicants currently abroad, alleviating some concerns in the tech community.
As the Trump Gold Card scheme progresses, it will be interesting to see how it impacts immigration and the business landscape in the United States, particularly in light of ongoing debates about fairness and accessibility in immigration policies.