On Wednesday, President Donald Trump officially launched his much-anticipated "gold card" program, which aims to provide legal status and a pathway to U.S. citizenship for foreign nationals willing to invest $1 million, while corporations will need to invest $2 million per foreign employee. This program is intended to replace the existing EB-5 visa program, which was established by Congress in 1990 to encourage foreign investment in U.S. businesses and requires similar investment amounts.
During the announcement at the White House's Roosevelt Room, where he was flanked by business leaders, Trump revealed that a dedicated website for the application process is now live. The president emphasized that all funds generated from the gold card program will be directed to the U.S. government, predicting that it would yield billions for the Treasury Department to support various initiatives beneficial to the nation.
Unlike the EB-5 program, which includes specific requirements for job creation, Trump provided little information regarding such stipulations in the gold card initiative. He mentioned hearing frustrations from business executives who faced difficulties in hiring outstanding graduates from U.S. universities due to their foreign status and lack of work authorization. Trump argued that this barrier prevents American businesses from employing top talent.
The gold card effectively functions as an enhanced green card, promising permanent legal residency and a route to citizenship. Trump described it as "much better" than a standard green card, asserting that it provides a "stronger path" to permanent residency.
Commerce Secretary Howard Lutnick supported the announcement by detailing that the program would involve a vetting fee of $15,000 for applicants, with an emphasis on stringent background checks to ensure the eligibility of prospective citizens. He noted that while companies would be eligible for multiple cards, each card would only be applicable for one individual. Lutnick also referenced existing disparities in earnings, stating that current green card holders often earn less than the average American, a situation the gold card program aims to rectify.
In an attempt to align with investors' needs, Trump highlighted the international trend of investor visas, akin to "golden visas" offered in numerous countries, including the UK, Spain, Greece, Malta, Australia, Canada, and Italy. He remarked that the gold card program would attract "great" individuals to the U.S., specifically noting top graduates from prestigious universities in China, India, and France as potential beneficiaries of the program.
While this initiative appears to provide a more flexible path for skilled immigrants, it could also bring about mixed reactions. Critics from within Trump's own "Make America Great Again" movement have voiced concerns about his openness to facilitating the entry of skilled immigrants, which contrasts with his stricter immigration policies enacted during his previous administration. The launch of the gold card program may therefore signify a complex balancing act between attracting foreign talent and adhering to his established immigration principles.
