February 26th 2025.
In a recent announcement, US President Donald Trump shared his plans for a new immigration option called the Gold Card. This card would be available for purchase by companies for $5 million and would provide a solution for the challenges faced by highly skilled employees when dealing with work visas and green cards.
During his speech in Washington on Tuesday, President Trump revealed that the Gold Card program would primarily cater to the wealthy, who would be able to purchase it for themselves. He also mentioned that companies like Apple would have the option to buy the card for their top-performing employees who have graduated from prestigious schools such as Wharton, Harvard, and Stanford.
President Trump explained that the current system of employment visas often leads to uncertainty for talented individuals who graduate from top institutions. He cited examples of graduates not being able to secure a job due to visa restrictions, even after completing their studies from renowned schools. With the Gold Card, individuals would receive the benefits of a green card and also have a pathway to citizenship, which could potentially solve the issues faced by professionals with H-1B visas and the long wait times for green cards, particularly for individuals from India.
Commerce Secretary Howard Lutnick further added that the Gold Card would replace the existing EB-5 program, which offers immigration privileges to those who invest between $800,000 and $1.05 million to create jobs in specific areas. President Trump emphasized that the Gold Card would primarily be available to individuals with significant financial resources and those who have the ability to create jobs.
When asked about the potential benefits of the Gold Card program, President Trump stated that it could potentially generate a significant amount of revenue for the US government, which could help reduce the national deficit. He also shared that if a million Gold Cards were sold, it could bring in a whopping $5 trillion, and if ten million were sold, it could generate $50 trillion. President Trump expressed his hope for the program to be launched in the next two weeks.
While addressing concerns about the legality of the Gold Card program, President Trump clarified that it would not require Congressional approval as it would be similar to allocating green cards. However, there may be limitations due to the existing national green card quota set by Congress. President Trump also expressed his desire to eliminate programs like the green card lottery, which offers visas through a randomized selection process to citizens of certain countries that have not utilized their green card quota.
Commerce Secretary Lutnick pointed out that the EB-5 program is set to expire in 2027 when the five-year extension given to it by Congress in 2022 ends. He referred to it as a "low-price program" and stated that it has been plagued with fraudulent activities. President Trump echoed these sentiments, stating that the program is full of "nonsense" and "make-believe." Overall, the Gold Card program aims to provide a more efficient and secure option for highly talented individuals and companies to navigate the complexities of the US immigration system.
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