US President Donald Trump announced the launch of the "Gold Card" residency program at the White House on 10/12, addressing business leaders. A dedicated website for applications also went live.

This program replaces the EB-5 visa, which the US Congress enacted in 1990 to attract foreign investment. The EB-5 required investors to commit about 1 million USD to companies employing at least 10 people.

President Trump views the "Gold Card" residency as a means for the US to attract and retain top talent, while also generating federal revenue. He had promoted the program for months. The initial fee was 5 million USD per card, but was later adjusted to 1 million USD for individuals and 2 million USD for businesses wishing to sponsor employees.

US President Donald Trump in the Roosevelt Room, White House on 10/12. *Photo: AFP*

According to the US leader, the government will receive all revenue generated from this program. He predicted billions of USD would flow into accounts the US Department of the Treasury manages, funding initiatives that benefit the country.

The "Gold Card" residency is essentially a green card, granting permanent legal residency along with a path to citizenship. "Basically it's a green card but better, more impactful, and a much more certain path", the US President stated.

Trump did not specify job creation requirements for applying businesses, or overall program limits, elements present in the existing EB-5 program. Instead, he noted many businesses complained they could not hire top graduates from US universities because these students were from abroad and lacked residency permits.

US Secretary of Commerce Howard Lutnick stated the program includes a 15,000 USD fee for application processing. Rigorous background checks will "ensure applicants are fully qualified to live in the US". Businesses can receive multiple cards, but individuals are limited to one card.

Lutnick said that green card holders often have lower-than-average income compared to Americans, and President Trump aims to change this. "It's still that type of visa, but now it will only be for the best and brightest", Secretary Lutnick emphasized.

Investor visas are common worldwide, with dozens of countries offering "golden visa" versions for the wealthy, such as the UK, Spain, Greece, Malta, Australia, Canada, and Italy.

By Huyen Le (According to AP)