Trump Launches Gold Card, But the Price Tag Is Shocking

US President Donald Trump on Wednesday unveiled his long-promised fast-track Gold Card visa scheme, that offers wealthy foreigners US residency and a path to citizenship for a minimum fee of one million dollars. Through this programme, Trump intends to draw both talent and revenue to the nation.

Trump announced the scheme earlier this year, promising residency to individuals, in a record time, who would be able to provide significant benefit to the US. While unveiling the programme, Trump said that it would end the ridiculous system that forces skilled talent to leave after completion of studies.

Speaking at the White House, Trump said it is a ‘shame’ that students from countries like India and China have to leave the US after graduating from top universities, as he touted that the new immigration initiative will enable companies to hire and retain such talent in the country. Trump said that the Gold Card website is live and companies can “buy” the Gold Card to keep the students they hire from top American universities like Wharton, Harvard and MIT.

The US President said that Apple CEO Tim Cook and several other executives expressed concern over not being able to hire people from the best colleges because they don’t know whether they can keep the person. “Despite graduating number one from the college, there’s no way of guaranteeing, that they would stay in the country,” Cook told Trump.

From now, this will not be a problem. “As you know, they used to send people up to Canada and other places, other countries,” Trump said. This problem has been solved. Through the Gold Card, Trump hoped that the US will take in billions of dollars that can be used for the development of the country.

Trump said that the Gold Card will make the companies happy as the programme has more advantages than the Green Card that offers permanent residency in the US.

US Secretary of Commerce Howard Lutnick said individuals can obtain the Gold Card for $1 million, while corporations could purchase one for $2 million. Employees undergoing full vetting can be retained by the companies. The vetting process would cost $15,000. Once approved, the employee would be able to have citizenship after five years.