WASHINGTON – President Donald Trump announced Wednesday that his administration has begun accepting immigration applications for the “Trump Gold Card."
The visa program offers legal status and a pathway to U.S. citizenship to foreign recipients. Individual applicants will pay $1 million, while corporations are set to pay twice the amount per foreign-born employee.
The president has been promoting the initiative for several months now. Initially, it was suggested that it would cost $5 million.
“Very excitingly, for me and for the country, we’ve just launched the ‘Trump Gold Card,’” the president said during a White House roundtable conference.
The website for the program went live during Trump's announcement.
The “gold card” will replace EB-5 visas. Congress created the EB-5 visa in 1990 to generate foreign investment. The initial program granted access to people who spent around $1 million on a company that employed a minimum of 10 people.
“For a $15,000 DHS processing fee and, after background approval, a contribution of $1 million, receive U.S. residency in record time with the Trump Gold Card,” states the official website.
Trump views the new program as a tool for the U.S. to draw and keep top talent.
All funds taken in will “go to the U.S. government,” according to Trump. The Treasury Department expects to receive billions in an account “where we can do things positive for the country.”
“Basically, it’s a green card but much better,” Trump established. “Much more powerful, a much stronger path.”
Requirements for job creation for applicant corporations have not been made. The program additionally does not contain an overall cap. The current EB-5 program does contain such prerequisites.
The president’s been facing criticisms from “MAGA” leaders for his frequent remarks advocating the admission of skilled immigrants into the U.S.
Despite scrutiny, Trump emphasizes the program’s importance. Signaling that the U.S. is “getting somebody great coming into our country because we think these will be some tremendous people.”
