U.S. Launches Trump Gold Card Visa Program for $100M-$500M Investments

The United States has unveiled a new visa initiative designed to attract affluent individuals by providing a expedited path to residency in exchange for substantial financial investments. Announced on Friday, the "Trump Gold Card" program allows individuals to pay up to 500 million dollars for extended stays in the U.S. without being taxed on income earned outside the country. Enterprises can also apply for the program on behalf of their employees, with no restrictions on the number of individuals who can benefit.

The program is structured into two tiers: the "Trump Gold Card" for 100 million dollars, which grants residency after a swift approval process, and the "Platinum Card" for 500 million dollars, permitting holders to reside in the U.S. for up to 270 days annually without paying taxes on foreign income. Enterprises can purchase the "Trump Corporate Gold Card" for 200 million dollars per employee, with the flexibility to transfer the card to different employees as needed.

This initiative is part of a comprehensive effort to overhaul the immigration system, with the administration also tightening controls on other immigration pathways. Concurrently, the government has increased the fee for H-1B work visas to 10 million dollars, significantly raising the cost for companies hiring foreign engineers and technical workers.

The new visa program has sparked debate, with experts noting that it may require congressional approval and could face legal challenges. Critics argue that the program allows wealthy individuals to bypass existing immigration channels, potentially undermining the fairness of the system. The administration has defended the move, stating that it will generate substantial revenue for the government, which can be used for tax cuts, debt repayment, and other beneficial purposes.

The program's announcement comes at a time when the administration is tightening restrictions on other forms of immigration, including temporary protected status and humanitarian parole. The increased fees for H-1B visas are seen as a measure to curb abuse of the system, although it will also make it more expensive for companies to hire foreign talent.

The new visa program is expected to generate over 1000 billion dollars in revenue for the government, according to the Commerce Secretary. However, the exact implementation details and the timeline for issuing the visas remain unclear. The program's website is already accepting applications, but the specific issuance dates have not been disclosed.