TOI Correspondetn from Washington: After announcing almost six months ago that it will be ready in two weeks, US President Donald Trump on Friday rolled out a glossy and gilded “Trump Gold Card” with his photo and monogrammed signature amid wide spread skepticism about its legality and viability in offering permanent residency in the US .
The card will allow individuals who make a "gift" of $1 million to the Department of Commerce to receive an expedited path to US residency. For corporations sponsoring an employee, the cost will be $2 million per card, and the card will be transferable for employees. The administration has also announced, for a $5 million contribution, a “Platinum Card” which would offer additional benefits, including an immediate 270 days per year stay in the US without being taxed on non-US income.
"For far too long, we have had millions of Illegal Aliens pouring into our Country, and our Immigration System was broken. It is beyond time that the American People, and American Taxpayers, are benefitting from our LEGAL Immigration System,” Trump told reporters in the Oval Office as he launched the card while decimating the H-1B visa program at the same time. He said he anticipates the card "will generate well over $100 Billion very quickly.”
Experts and critics have expressed skepticism about the program and the revenue projections by Trump and his minions, including a claim by Commerce Secretary Howard Lutnick that the Gold and Platinum card could generate $ 1 trillion and already some 250,000 wealthy people had expressed interest in it. The cards will replace existing visa categories such as the EB-1 and EB-5 visas under which foreigners who have extraordinary ability or those who are wealthy could become lawful permanent residents, the latter by investing between $ 800,000 and $1,050,000, in a Targeted Employment Area (TEA), which is a rural area or a region with high unemployment. Fewer than 10,000 such visas were issues annually under these categories.
As with the H1B program, the legality of the Trump Gold Card is likely to face challenges with opponents arguing that the power to create new visa categories and immigration programs rests with Congress, not the President. Trump surrogates however contend that the President has the authority to implement such a program through executive action, and the financial windfall is evidence of "exceptional business ability and national benefit," which is a criterion for existing visa categories.
Trump aides also reject “alarmist” projections that the card will be available to "every Cartel member, Russian mafia member, terrorist and everyone who got $1 million dollars,” saying applicants will be vetted by the Department of Homeland Security.
The card will allow individuals who make a "gift" of $1 million to the Department of Commerce to receive an expedited path to US residency. For corporations sponsoring an employee, the cost will be $2 million per card, and the card will be transferable for employees. The administration has also announced, for a $5 million contribution, a “Platinum Card” which would offer additional benefits, including an immediate 270 days per year stay in the US without being taxed on non-US income.
"For far too long, we have had millions of Illegal Aliens pouring into our Country, and our Immigration System was broken. It is beyond time that the American People, and American Taxpayers, are benefitting from our LEGAL Immigration System,” Trump told reporters in the Oval Office as he launched the card while decimating the H-1B visa program at the same time. He said he anticipates the card "will generate well over $100 Billion very quickly.”
Experts and critics have expressed skepticism about the program and the revenue projections by Trump and his minions, including a claim by Commerce Secretary Howard Lutnick that the Gold and Platinum card could generate $ 1 trillion and already some 250,000 wealthy people had expressed interest in it. The cards will replace existing visa categories such as the EB-1 and EB-5 visas under which foreigners who have extraordinary ability or those who are wealthy could become lawful permanent residents, the latter by investing between $ 800,000 and $1,050,000, in a Targeted Employment Area (TEA), which is a rural area or a region with high unemployment. Fewer than 10,000 such visas were issues annually under these categories.
As with the H1B program, the legality of the Trump Gold Card is likely to face challenges with opponents arguing that the power to create new visa categories and immigration programs rests with Congress, not the President. Trump surrogates however contend that the President has the authority to implement such a program through executive action, and the financial windfall is evidence of "exceptional business ability and national benefit," which is a criterion for existing visa categories.
Trump aides also reject “alarmist” projections that the card will be available to "every Cartel member, Russian mafia member, terrorist and everyone who got $1 million dollars,” saying applicants will be vetted by the Department of Homeland Security.
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