On September 19, President Trump announced the $1 million dollar “Gold Card” visa.
This Gold Card will allow foreign nationals who pay a fee of $1 million dollars (minimum) to expedite the process for obtaining a Green Card. Businesses can also sponsor individuals for the same with a minimum payment of $2 million.
According to Secretary of Commerce Howard Lutnick, the Gold Card will replace the current EB-1 and EB-2 visa categories, now pathways to obtaining a Green Card for those of exceptional abilities in qualifying fields. Lutnick also announced plans to suspend the other visa Green Card categories within the next month.
There will be approximately 80,000 Gold Cards once the program is officially implemented. After paying a $15,000 vetting fee, individuals approved for a Gold Card will become lawful permanent residents.
Additionally, the Trump Administration is discussing the creation of a $5 million “Platinum Card.” This nonimmigrant visa would allow foreign nationals to live in the United States for up to 270 days without requiring them to pay taxes on their non-US income. The Platinum Card is not official yet, but the administration has created an online waiting list for those interested.
It’s likely this will be litigated since the President, without Congress, cannot unilaterally suspend or create new EB green card categories. We will keep you posted.
If you have questions about the Gold Card, contact us and we would be happy to speak with you.