Trump unveils Gold, Platinum visas to cost up to US$5 million
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US President Donald Trump speaking as he sits next to a sign that reads "Trump Gold Card is here", in the Oval Office, on Sept 19.
PHOTO: REUTERS
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US President Donald Trump has announced a new visa programme for the world’s wealthy, a much-anticipated effort to encourage them to immigrate to the United States by offering residency permits for a hefty price tag.
“They’re going to spend a lot of money to come in,” he told reporters on Sept 19 in the Oval Office as he signed the order to create the visa programme. “It’s going to raise billions of dollars, billions and billions of dollars, which is going to go to reduce taxes, pay off debt and for other good things.”
Individuals can pay US$1 million (S$1.28 million) to receive US residency with the “Trump Gold Card”, following a processing fee and vetting, according to a website announcing the programme.
A “Platinum Card” will soon be available for US$5 million, and allow recipients to “spend up to 270 days in the United States without being subject to US taxes on non-US income”.
Businesses that pay a US$2 million fee per employee can receive US residency for an unspecified number of workers, according to the website.
“The Trump Corporate Gold Card allows your business to transfer access from one employee and grant it to another, with the cost of a transfer fee and DHS vetting. A small annual maintenance fee will also apply,” the website said, referring to the Department of Homeland Security (DHS).
It is not clear how soon the visas could be awarded. The website includes an “apply now” section, which asks applicants for their name, the region in which they live and their e-mail address.
Immigration experts say Congress likely would need to approve the programme.
Commerce Secretary Howard Lutnick predicted the plan would raise more than US$100 billion for the US government.
Mr Trump first teased the gold card venture in February,
The visas for the super-rich are part of Mr Trump’s efforts to overhaul the country’s immigration system, which also include ramped-up deportations of undocumented migrants. Mr Trump has said he wants to expand legal pathways to citizenship, particularly for high-earning individuals.
“The main thing is we’re going to have great people coming in, and they’re going to be paying,” Mr Trump said.
He has envisioned as many as one million people purchasing the cards, but immigration experts have said that the pool of individuals who could afford to take part in the programme is far smaller.
The announcement comes as he is also moving to extensively overhaul the H-1B visa programme,
He said that technology executives would be “very happy” with the golden visa programme because it would allow them to bring in additional workers.
Accenture, Cognizant Technology and other IT consulting stocks hit session lows on Sept 19 on the news of the visa fee. BLOOMBERG
