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The US President Donald Trump, on Wednesday, rolled out the long-promised immigration idea of "Gold Card”. The high-priced "Gold Card" will be a gateway to legal residency and, eventually, US citizenship.
The new immigration idea officially opened for applications after a new federal website went live during Trump’s announcement in the White House’s Roosevelt Room. The event was attended by business leaders who have long pushed for easier hiring of top foreign talent.
Gold Card demands steep entry costs
Positioned as a replacement for the EB-5 investor visa, the Gold Card demands steep entry costs. It requires 1 million dollars from an individual applicant and 2 million dollars per foreign-born employee from corporations.
The EB-5 program, created in 1990, required a roughly similar investment level but tied approvals to the creation of at least 10 American jobs. Trump’s version, notably, drops any mention of job-creation requirements or numerical caps, instead pitching the program as an economic generator and a magnet for top global talent.
Revenue would flow directly into Treasury
Calling the initiative “basically a green card but much better, much more powerful, a much stronger path,” Trump said all revenue would flow directly into a Treasury-run account. He predicted “billions” in fresh federal funds that could be used “for positive things for the country.”
Trump framed the overhaul as a fix for what business leaders have complained about for years. The business leaders had raised concerns regarding the inability to retain outstanding graduates from US universities simply because they lack long-term visa options.
"You can’t hire people from the best colleges because you don’t know whether or not you can keep the person,” he said.
"Make America Great Again"
The announcement comes despite Trump’s otherwise hard-line immigration agenda, which his second term has aggressively enforced through mass deportations and sweeping crackdowns across US cities. His push to welcome more skilled immigrants has drawn notable criticism from within his own “Make America Great Again” base, which has warned him against introducing pathways seen as favourable to foreign workers.
Commerce Secretary Howard Lutnick said the program will include 15,000 dollars for applicant vetting and that the thorough process used to scrutinise backgrounds would "make sure these people absolutely qualify to be in America." Companies will be able to receive multiple cards, but will be limited to one individual per card, he said.
Investors' visas are common around the world, with dozens of countries offering versions of "golden visas" to wealthy individuals, including the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.
