Trump introduces a new revenue-generating scheme: Gold Card Visa, with a low tier of $1 million and a high tier of $5 million, exempting taxes in the U.S

Former President Trump has come up with a new way for the government to generate revenue: attracting wealthy individuals through high-priced visas, providing a fast track for obtaining U.S. residency visas.

On Friday, the 19th, Eastern Time, Trump announced the launch of a visa program called the "Trump Gold Card," selling U.S. residency rights to the world's wealthy. Individual applicants can pay up to $5 million, allowing them to stay in the U.S. for up to 270 days without having to pay taxes on income earned outside the U.S. Companies can apply for an unlimited number of Gold Cards for their employees. Trump stated that tech executives would be "very satisfied" with the Gold Card program, as it would allow them to bring in more employees.

While signing the relevant executive order in the Oval Office, Trump stated that the Gold Card visa program would "raise billions of dollars for tax cuts, debt repayment, and other beneficial uses." U.S. Secretary of Commerce Gina Raimondo expects the visa program to generate over $100 billion for the U.S. government.

The Gold Card visa program is part of Trump's comprehensive immigration reform efforts. The Trump administration is tightening restrictions on other immigration pathways. On Friday, Trump also signed an announcement requiring companies to pay a fee of $100,000 to obtain H-1B work visas.

Visa Program Details and Pricing Structure

The official website for the new U.S. visa program shows that individual applicants can choose between two levels: the "Gold Card" and the "Platinum Card."

To apply for the "Trump Gold Card," applicants must pay $1 million, including a processing fee, and after review by the Department of Homeland Security (DHS), pay an additional $1 million to obtain U.S. residency "at a record speed." The higher-level "Platinum Card" requires a payment of $5 million, allowing holders to stay in the U.S. for up to 270 days without paying taxes on income earned outside the U.S.

There is also a corporate version of the Gold Card. Companies can pay $2 million to obtain Gold Cards for individual employees, allowing them to secure U.S. residency rights for an unlimited number of employees.

The website states, "The Trump Corporate Gold Card allows companies to transfer Gold Card privileges from one employee to another, requiring a transfer fee and DHS review. Additionally, a small annual maintenance fee must be paid."

The website has launched an "Apply Now" section, requiring applicants to provide their name, residence area, and email address. However, the specific issuance time for the visas remains unclear.

Legal Obstacles and Congressional Approval Requirements

Immigration experts point out that the new visa program may require Congressional approval to be implemented. Legal experts and immigration lawyers state that the president cannot create new visa categories without Congressional authorization.

It is currently unclear whether the new Gold Card program will replace the existing EB-5 visa program, which has long been a pathway for wealthy individuals to immigrate quickly to the U.S., with a current investment threshold of $800,000.

Experts also warn that allowing wealthy individuals to "cut in line" may face legal challenges and lawsuits. The Trump administration established a waiting list for the program last June to attract interested applicants to register

The Double Standards of Immigration Policy Trigger Market Reactions

The launch of this visa program comes at a time when the Trump administration is tightening restrictions on other forms of immigration. The government is not only taking action against undocumented immigrants but also cutting back on legal immigration pathways such as Temporary Protected Status programs and humanitarian parole.

On Friday, the Trump administration also announced a new fee of $100,000 for the H-1B visa program to curb the abuse of such visas. This move will significantly increase the costs for tech companies and other businesses hiring foreign engineers and technical workers.

Lutnik commented on the existing visa programs on Friday, stating, "We used to accept the lower-tier population, and now we will stop this practice. We will only accept the top-tier outstanding talents, not those who take jobs away from Americans."

After the news of the new H-1B visa fees broke on Friday, shares of some IT consulting companies hit daily lows, with Accenture dropping over 2% at one point before slightly recovering, and Cognizant closing down 4.7%.