US President Donald Trump announced the launch of his "gold card residency" program on 10/12. This initiative, which he had promoted for months, aims to attract and retain top talent in the US while generating significant revenue for the federal budget. The official application website, trumpcard.gov, went live concurrently with the announcement.

President Trump expressed his enthusiasm for the program, stating that the "Trump Gold Card" is similar to a green card but offers "better privileges and a more secure path to becoming a US citizen." The program requires a one million USD contribution from individuals. For businesses sponsoring employees, the contribution is two million USD per employee.

The website for registering for President Trump's gold card residency program. Photo: trumpcard.gov

To apply, individuals must pay a 15,000 USD fee for the US Department of Homeland Security (DHS) to process their application, followed by the one million USD contribution. The website, trumpcard.gov, features a gold card design with President Trump and the Statue of Liberty, inviting users to "unlock life in America." The review process is expected to take "several weeks."

Applicants must qualify for legal permanent resident status and meet US entry requirements. Approved individuals will gain legal permanent resident status, comparable to holders of EB-1 or EB-2 visas, which are employment-based visas for individuals with exceptional abilities. While the program has no regional limitations, applicants from "a few countries may have to wait a year or more, depending on visa availability." The program also specifies that gold card holders may have their cards revoked if they pose a national security risk or other threat to the US.

The gold card is set to replace the existing EB-5 visa program, which was established by the US Congress in 1990 to attract foreign investment. The EB-5 visa typically requires an investment of about one million USD in a company employing at least 10 people. The EB-5 program is capped at 10,000 visas annually, with 30% reserved for investors in high-unemployment areas. Secretary of Commerce Howard Lutnick, who oversees the new gold card program, has been a vocal critic of the EB-5, citing its susceptibility to exploitation and its low price point. President Trump has stated that the number of gold cards will not be limited.

For the business gold card, companies must pay a 15,000 USD application processing fee for each employee they wish to sponsor, along with a two million USD contribution upon approval. This card is subject to an annual fee of 1% and a transfer fee of 5%. The US Department of State may impose additional fees on a case-by-case basis.

The website also provides an overview of the "Trump Platinum Card," priced at 5 million USD. This card allows holders to stay in the US for up to 270 days without incurring US taxes on foreign income. The start date for this program remains unclear, but the website encourages early applications to secure a spot on the waiting list, noting that the contribution amount is not guaranteed to remain at 5 million USD.

President Trump projects that the program will generate billions of USD, which will be "transferred to the government" and managed by the US Department of the Treasury for "positive things for the country." DHS Secretary Kristie Noem praised the initiative, affirming its role in helping President Trump fulfill his commitment to attracting successful entrepreneurs and investors who are accountable to the US. "This is fantastic! Major US companies can finally retain their invaluable talent," President Trump posted on Truth Social.

US President Donald Trump (right), Secretary of Commerce Howard Lutnick, and a model of the "Trump Gold Card" at the White House on 19/9. Photo: Reuters

The program has drawn criticism from some Democratic lawmakers and immigration advocacy groups, who argue that it unduly favors the wealthy. Concerns have also been raised regarding the legality of the president unilaterally creating such a program or making changes to the existing EB-5 visa. Sharvari Dalal-Dheini, a senior director at the American Immigration Lawyers Association, questioned the administration's legal authority. "Congress must enact legislation to establish a new program. I am truly unclear what legal authority the Trump administration is relying on to create such a program from scratch," she told CNN.

By Nhu Tam (According to CNN, The Hill, Independent)