Donald Trump has initiated a new program allowing wealthy foreign individuals to acquire a U.S. “golden visa” for $1 million. There’s also a “platinum” option coming soon for $5 million.
On social media, Trump expressed excitement about this program, stating it offers “a direct path to citizenship for all qualified and vetted people.” He emphasized that great American companies can retain valuable talent through this initiative.
According to an official government webpage, applicants can expect U.S. residency “in record time.” However, there is a $15,000 processing fee, a background check, and of course, the hefty $1 million payment.
A recent executive order has clarified these requirements. Individuals must pay $1 million, while businesses sponsoring employees are looking at a $2 million fee. Additionally, there’s a $20,000 annual maintenance fee and a $100,000 fee for switching visa holders.
This new program has been met with criticism. Many view it as contradictory to the U.S. tradition of being a refuge for hardworking individuals. Critics worry it might prioritize wealth over compassion.
The upcoming “Trump Platinum Card” will allow holders to spend up to 270 days in the country without paying U.S. taxes on non-U.S. income. Trump believes this program will generate “many billions of dollars” for positive initiatives in the country.
Interestingly, when this program was first reported earlier this year, the golden visa cost $5 million. The current pricing could attract more interest, especially compared to other countries’ similar initiatives. For example, New Zealand has a golden visa program priced nearly at $3 million, which has gained traction among wealthy Americans.
Trump argued that this program brings in successful individuals willing to invest money, rather than those crossing the border illegally. DHS Secretary Kristi Noem praised the program, noting that it will offer expedited green cards following thorough vetting.
According to a recent survey by Pew Research, immigration laws are a growing concern for many Americans. While this program may benefit some, it raises questions about equity and access in the immigration process.
For more information on immigration trends and policies, you can check out Pew Research.
