Wealthy foreign nationals now have a fast track to US permanent residency with President Donald Trump’s newly launched Gold Card programme.
The initiative allows qualified individuals to secure a US visa for a payment of at least $1 million, offering a direct path to permanent residency and eventual citizenship.
Trump’s US Gold Card program
According to official programme details, the Gold Card is granted to applicants who can prove they'll provide a "substantial benefit" to the United States.
A $1 million payment is proof of contribution, while sponsoring businesses have to pay $2 million with all applicable fees applied. A platinum version, offering tax incentives, would sell for $5 million.
Moreover, at the time of submitting an application, applicants must pay a non-refundable $15,000 fee for processing.
Whereas the usual green card processes take years before one can assume citizenship, the Gold Card is meant to accelerate residency.
Trump made it known that in return for capital-infused contributions, the programme welcomes only highly qualified persons who have gone through the most stringent screening.
Critics say the program gives preferential treatment to the ultra-rich and could cost jobs for US citizens. Some lawmakers and immigration experts have also expressed concerns over fairness and accessibility.
The administration, however, insists that the project will provide "substantial benefits" to the nation's economy as well as its innovation sector.
The Gold Card visa comes after a series of immigration moves during the Trump era related to increased H-1B visa fees and enforcement on unauthorised immigrants.
Supporters say that these moves try to balance national security and economic growth with selective talent acquisition.