Summary
President Donald Trump announced a new "Gold Card" visa program that allows wealthy individuals and corporations to gain U.S. residency if they invest a large sum of money. This move aims to create a new revenue stream for the government while adjusting immigration policies. The Gold Card will replace existing high-skill visa categories.
Key Facts
- The "Gold Card" visa program offers U.S. residency for a $1 million investment by individuals and $2 million by corporations.
- The program was introduced through an executive order and is in the "implementation phase."
- Successful applicants will receive lawful permanent resident status after paying a $15,000 processing fee.
- The Gold Card replaces the EB-1 and EB-2 visa categories, which were for people with exceptional abilities.
- The administration expects to issue around 80,000 Gold Cards.
- Trump also signed an order imposing an additional $100,000 fee on H-1B visa applications.
- There is a proposed "Platinum Card" visa for a $5 million investment, allowing stays without paying taxes on non-U.S. income, awaiting congressional approval.
