It provides three-year, fast-tracked U.S. visas for rich foreigners who are willing to invest a minimum of $1 million (£750,000). The announcement came via social media, where Trump emphasized the potential benefits for American businesses, stating, “Our Great American Companies can finally keep their invaluable Talent.”
Now, under this new plan, the “gold card” visas come with a clear path to permanent residency. Green card recipients have no restrictions regarding their residence or place of employment within the U.S. This move continues the Trump administration’s harsh push to limit legal immigration. Most recently, it meant the upholding of the suspension of immigration applications from people from 19 different countries — mostly in Africa and the Middle East — under the guise of Trump’s travel ban.
Trump further argued that people who are able to make $5 million in payments would be the ones creating jobs. “The people that can pay $5m, they’re going to create jobs,” he said. Among other costs, businesses sponsoring employees under this scheme have to pay $2 million, in addition to various fees. Individual applicants must pay a non-refundable processing fee of $15,000 up front before their applications are considered.
The gold card initiative isn’t without its critics. Many Democrats counter that the proposal disproportionately benefits the rich. They fear it would deepen other inequities already built into our immigration system. The plan has provoked a fierce backlash from international students enrolled in U.S. This has big tech firms spooked, firms that rely heavily on skilled foreign workers.
In fact, in September, Trump did the opposite and signed an order to end this. He instituted a $100,000 fee on applicants to the H-1B visa program, for highly skilled foreign workers. This expansion is all just part of a larger strategy. Its central priorities include increasing work visa fees and ramping up deportation measures against undocumented migrants.
The resulting changes in the still-evolving Trump administration immigration policy have struck fear across affected sectors. This concern is compounded by the administration’s current anti-immigration crackdown. The former president’s administration has devoted considerable resources to deporting immigrants, further complicating the landscape for those seeking entry into the United States.
The gold card scheme rolls out the welcome mat for rich foreigners, making it much easier for them to get in. It anticipates introducing a “platinum” version of the card that provides access to specialized tax breaks for a mere $5 million. Opponents argue that these policies would create a two-tiered system where money trumps merit.
“It’s going to sell like crazy. It’s a bargain.” – Donald Trump