Donald Trump and his administration have launched a new immigration program that promises wealthy foreigners the chance to get permanent residency in the U.S. in a very fast way. This program is called the Trump Gold Card, and it allows high-net-worth individuals to get U.S. residency in exchange for a significant financial contribution to the federal government. So, let’s explain this new program a bit more.
How the Trump Gold Card works
The process to obtain the Gold Card has several steps:
- $15,000 initial fee: applicants must pay a non-refundable processing fee to the Department of Homeland Security (DHS) to start the application.
- Background check: the government conducts a full review to ensure the applicant meets all legal and security requirements.
- $1 million contribution: after passing the review, the applicant makes a $1 million payment to the U.S. Treasury, described on the official site as a “gift” to secure the visa. This payment provides fast-track permanent residency.
- Options for companies: businesses can sponsor employees through a Corporate Gold Card, paying $15,000 for processing plus $2 million per employee.
Eligibility and benefits
The program is designed for wealthy people and large assets. The idea is to attract people who, according to the government, are most valuable for the country’s economy.
Donald Trump explained that the Trump Gold Card is basically a Green Card, but much better, offering a faster and powerful way to get permanent residency and future citizenship.
The main benefit of the program is that it allows applicants to obtain U.S. residency in record time, avoiding the long waiting periods of traditional visas. Companies can also retain highly qualified talent while contributing financially to the U.S. government.
The origin of the Gold Card
The Donald Trump Administration launched this program as a response to an issue that many American companies are facing: the loss of highly qualified talent.
Currently, many top graduates and important workers must return to their home countries such as India, China, or France because traditional visas do not allow them to stay. The Gold Card provides a solution by giving fast access to permanent residency through EB-1 or EB-2 visa categories, which focus on highly skilled workers.
According to the White House, this measure also aims to generate billions of dollars for the federal government thanks to applicants’ contributions.
More exclusive levels
There’s an even more exclusive level called the Trump Platinum Card. This program requires a $5 million contribution and it offers additional benefits, such as:
- Allowing foreigners to reside up to 270 days per year in the U.S.
- No U.S. taxes on income generated outside the country.
Criticism and support of the program
As you can imagine, the program has received critics from Democrats and immigrant advocates, who argue it favors the wealthy rather than regular workers or migrants.
However, the Donald Trump Administration supports the measure pointing out that ‘’golden visas’’ are a common thing in several countries, and that these types of programs attract talent and investment that benefit the U.S. economy.
So, this program has divided many people, but what’s your view? Do you think this program is fair?