President Donald Trump unveils the $1M “Trump Gold Card” program

President Donald Trump on Friday unveiled the much-touted new immigration program, the Trump Gold Card, to give wealthy individuals and corporations the “gift” of US residency for up to $5 million.

According to the trumpcard.gov website, individuals can pay $1 million to receive US residency after undergoing a vetting process and paying additional processing fees. Corporations can secure residency for employees for $2 million per worker. 

There is an additional option featured as a “Trump Platinum Card,” which is priced at $5 million. Holders will be permitted to spend up to 270 days in the United States annually without being subject to taxes on non-US income.

“Today we are proud to announce THE TRUMP GOLD CARD,” President Trump wrote on his Truth Social account Friday. 

Trump cards to replace EB-1 and EB-2 visas

Commerce Secretary Howard Lutnick, who joined Trump in the Oval Office for the launch yesterday, said the Gold Card program would replace the EB-1 and EB-2 visa categories, previously available to individuals with “extraordinary ability” or advanced degrees.

“We were taking in the bottom quartile… We are going to stop doing that. We are going to only take extraordinary people at the very top, instead of people trying to take the jobs from Americans,” Lutnick told reporters.

The administration initially plans to issue 80,000 Gold Cards, but could also phase out more visa programs if the new model succeeds. The website for the program, launched after a waiting list opened in June, includes an application form requesting names, regions, and email addresses from prospective applicants.

In the executive order published on the White House website, Trump bashed the previous administration’s immigration policies. The order argued that former President Joe Biden allowed millions of unauthorized migrants to cross into the country, which was a danger to national security.

The document accused international cartels, transnational criminal organizations, and foreign actors of taking advantage of the US “open borders policies,” adding that some towns and cities were overwhelmed to the point of declaring emergencies.

“It is a priority of my administration to realign federal immigration policy with the nation’s interests by ending illegal immigration and prioritizing the admission of aliens who will affirmatively benefit the nation, including successful entrepreneurs, investors, and businessmen and women,” the order stated.

Raising revenue with tightened immigration laws

Lutnick said the Gold Card could generate at least $100 billion, supporting Trump’s remarks that the money would be used to lower taxes and pay down the $36 trillion and counting US debt. 

“The main thing is we’re going to have great people coming in, and they’re going to be paying,” Trump said at the White House.

Some policymakers have been making whispers that such a change might require congressional approval, since the current visa categories were created by statute. It is not clear how soon the cards could be issued.

The executive order specifies that applications will be adjudicated by the Secretaries of State and Homeland Security. It directs them to treat the required financial contribution as proof of “exceptional business ability and national benefit,” consistent with existing provisions under US immigration law.

The Trump administration’s Gold Card comes against the backdrop of discussions to change the H-1B visa system, which is used by technology firms to hire skilled foreign workers. Under the proposed changes, applicants for H-1B visas would be required to pay a $100,000 fee. 

The smartest crypto minds already read our newsletter. Want in? Join them.