Trump launches $1 million 'gold card' visa scheme for wealthy applicants

Trump rolls out high-priced ‘gold card’ visas despite hard-line immigration stance. (Photo/AP)

US President Donald Trump has announced that his long-promised "gold card" programme is officially live, offering legal residency — and an eventual pathway to US citizenship — for individuals paying $1 million and corporations paying $2 million per foreign-born employee.

A dedicated application website went live as Trump launched the scheme at the White House alongside business leaders.

The programme replaces the EB-5 visa system, created in 1990 to encourage foreign investment by allowing residency for those investing about $1 million in businesses employing at least 10 people.

Trump said he views the new model as a way to attract and retain "top talent" while bringing substantial revenue to the US Treasury.

He previously floated a $5 million price tag per card before settling on the current pricing.

"All funds taken in as part of the programme will go to the US government," he said.

"Basically, it’s a green card but much better. Much more powerful, a much stronger path."

The president did not outline job-creation requirements or caps on the number of cards available — both features of the current EB-5 system.

Instead, he said companies had complained they could not retain exceptional graduates from US universities because of visa uncertainty.

"You can’t hire people from the best colleges because you don’t know whether or not you can keep the person," he said.

Commerce Secretary Howard Lutnick said each application would include a $15,000 vetting fee and insisted screening would "make sure these people absolutely qualify to be in America."

Companies may secure multiple cards but only one individual can be named per card.

Lutnick added that Trump wanted to shift US immigration towards wealthier and highly skilled applicants, saying current green-card holders "earn less money than the average American."

Investor residency schemes — often called "golden visas" — are used by numerous countries including the UK, Spain, Malta, Canada and Australia.

Trump said the US would now be "getting somebody great coming into our country," naming elite graduates from China, India and France as examples of applicants who may benefit.

"The companies are going to be very happy," he said.

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Source: TRT