Summary
President Trump introduced a $1 million "Gold Card" visa program, which is causing concern about potential misuse by wealthy individuals. The program offers a fast track to U.S. residency for those investing at least $1 million. Some politicians argue this could favor the wealthy and might be illegal.
Key Facts
- The "Gold Card" visa program allows foreign nationals to gain U.S. residency for a $1 million investment.
- Senator Dick Durbin claims the program may welcome wealthy foreign individuals with controversial backgrounds.
- The program will replace EB-1 and EB-2 visa categories, which are for individuals with exceptional abilities.
- The Trump administration plans to issue about 80,000 Gold Cards.
- Commerce Secretary Howard Lutnick says the program is still in the "implementation phase."
- A more expensive "Trump Platinum Card" could allow longer U.S. stays without tax obligations on non-U.S. income, pending Congress's approval.
- A new $100,000 application fee has been introduced for H-1B visas, often used by tech companies.
- President Trump expects the Gold Card program to raise over $100 billion, claiming it will help reduce taxes and national debt.
