This week, President Trump announced the introduction of his "gold card," a visa that will allow foreigners to purchase permanent residency and a quicker route to citizenship for $1 million.
Trump established the program by signing an executive order in September. Applications for gifting $1 million to the federal government to be eligible for permanent residency under the current EB-1 or EB-2 immigrant visa categories are available as of December 10.
According to Trump, the proceeds which he believes will be in the billions of dollars would go directly to the US Treasury to "do things positive for the country."
In addition to a $15,000 processing fee, the initiative offers firms who wish to sponsor employees a $2 million gold card. Commerce Secretary Howard Lutnick stated on CNBC's "Squawk Box," "Let's bring in the top of the best."
"Let's support their efforts to expand and develop America. Why should we accept those who are not up to par? It simply doesn't make sense. However, economists are still dubious about the economic benefits of this visa.
For one of two gold cards, candidates can now apply online at TrumpCard.gov. As long as they can show that they "provide substantial benefit to the United States," the "Trump Gold Card" grants approved applicants lawful permanent resident status as holders of an EB-1 or EB-2 visa, which is determined by the U.S. Department of Homeland Security (DHS) and subject to visa availability.
Candidates must complete a verification process, pay a $15,000 nonrefundable DHS processing fee, and contribute $1 million. The website states that depending on the application, there can be additional costs.
In exchange for a $2 million payment, a $15,000 DHS processing fee, and a successful background check, companies can apply for a visa on behalf of an employee through the "Trump Corporate Gold Card."
For a 5% transfer charge, it also permits companies to change an employee's access. There will be an annual maintenance cost of 1% upon approval.
A $1 million gift and an extra $15,000 DHS processing fee are also available to cardholder family members. The website states that the process, which involves a medical examination and visa interview, "should take weeks" after the application and processing fee are submitted.
