US President Donald Trump today signed an Executive Order to formally launch the Trump Gold Card program on Sept. 19 at the White House.
The Trump Gold Card requires a $1 million contribution and a processing fee, following DHS vetting, for individuals to receive “U.S. residency in record time.” Businesses can pay $2 million, along with a processing fee, to obtain a visa for their preferred candidate, provided DHS approves the application.
“I think it will be tremendously successful,” President Trump said from the White House. “It will raise billions and billions of dollars which will go to reduce debt and tax payments.”
The new program was presented as an option for foreigners to access expedited visa treatment.
“I hereby announce the Gold Card, a visa program overseen by the Secretary of Commerce that will facilitate the entry of aliens who have demonstrated their ability and desire to advance the interests of the United States by voluntarily providing a significant financial gift to the nation,” the order reads.
“The Secretary of Commerce, the Secretary of State, and the Secretary of Homeland Security shall, within 90 days of the date of this order, take all necessary and appropriate steps to implement the Gold Card program,” according to the order.
Meanwhile, the Trump Platinum Card is not yet active but will require individuals to pay $5 million and a processing fee to have the ability to spend up to 270 days in the United States without being subject to U.S. taxes on non-U.S. income.
The three alternatives will involve a background check by United States Citizenship and Immigration Services (USCIS). Once approved, the cards can be used throughout all 50 states and territories.
President Trump first announced the program in February. At the time it only involved he Gold a nonrefundable payment of $5 million to the U.S. government.
What the Trump Gold Card means to the U.S.
Trump compared the Corporate Gold Card to a signing bonus for employees. “The corporation will get them to stay in the country. I think it’s going to be tremendously successful”.
Commerce Secretary Howard Lutnick noted that the program will raise over $100 billion and improve the quality of applicants compared to current employment-based visa programs.
“Historically, the employment-based green card program let in 281,000 people a year and those people, on average, earned $66,000 a year, and they were five times more likely to go on assistance programs of the government,” he said. “So, we were taking in the bottom quartile, below the average American. It was illogical.”
Lutnick said the gold card marks the end of that process.
“We are going to only take extraordinary people at the very top,” he said. “Instead of people trying to take the jobs from Americans, they are going to create businesses and create jobs for Americans. This program will raise more than a $100 billion for the Treasury of the United States.”
Trump emphasized that the money will be used to pay taxes and debt.
“Essentially, we are having people come in who, in many cases, are very successful and spend a lot of money, as opposed to people walking over the borders who may come from jails and prisons,” Trump said. “These people don’t. They are very productive people. And they are going to pay $1 million and corporations $2 million, and this is going to raise billions of US dollars that are going to pay taxes and reduce debt.”
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