Trump Launches Million-Dollar ‘Gold Card’ For US Permanent Residency
Washington: The Trump administration has launched a premium immigration program targeting wealthy individuals around the world, and offers us permanent residence through expensive “gold cards” that can earn billions of revenues for the American Treasury.
Trade Secretary Howard Lutnick announced the initiative on Friday and described it as a fundamental change in America’s approach to the legal migration by giving priority to wealthy applicants who can make significant financial contributions to the country.
In accordance with the Golden Card Program, individual applicants will pay $ 1 million (approximately 8.5 RS) for permanent residence, while companies with sponsoring employees will pay 2 million US dollars per person. The program replaces EB-1 and EB-2, starting from 80,000 usable visa categories with existing employment-based green card categories.
“You can prove an extraordinary value for the United States by contributing to a million dollars for the United States,” secretary Lutnick said during a press briefing. “This is very valuable.”
Golden card holders will be classified as “privileged permanent inhabitants” with permanent life and working rights in the US, including a way to citizenship.
An important requirement of the program is that gold card holders are paying tax on worldwide revenues similar to US citizens. This means that the revenues of the applicants will be taxed by the US government, regardless of where they are gained globally.
“The individual will pay global taxes and taxed like an American citizen or permanent residence,” Lutnick said.
The global tax obligation represents an important commitment, because US citizens and permanent inhabitants are one of the few countries that have taxed worldwide income and potentially exposed to two taxes on the tax treaties of their country with their own countries.
Applicants will go through what they define as the most intense veterinary process for US visas. The screening will cost an additional USD $ 15,000 per applicant and will be carried out by the Ministry of Interior Security and the Ministry of Foreign Affairs.
“We will make a much more meticulous veterinarian than he has never done before.”
The program excludes especially individuals with national security concerns or criminal backgrounds, especially similar to existing green card programs.
For companies, an investment of $ 2 million per employee creates a unique retention mechanism. If a sponsored employee leaves the company, the new employer becomes invalid unless you buy a gold card for the labor force.
“If that person does not have a gold card for them for them, they will work with someone else in another country.” However, the original sponsor protects the ownership of the card and can transfer to a new employee after paying additional veterinarians and transfer fees.
The management also summarized the Congress approval and a “Trump Platinum Card” program that costs $ 5 million. Unlike the Golden Card, this program does not offer a permanent residence or citizenship way, and owners will only pay taxes on American origin income.
Although the Platinum program expects certain terms for the congress action, the owners are expected to allow for certain visa categories to remain in the US for more than the current 120 -day annual limit.
Management projects can bring the Golden Card program over $ 100 billion for the US Treasury, and the future platinum program can bring 1 trillion dollars. These figures assume significant purchase among rich individuals looking for the US residence worldwide.
Application is expected in one month and other green card categories were probably suspended during presentation. Trumpcard.gov, a special website, will discuss applications.
The program represents a dramatic change from traditional employment -based immigration, which focuses on skills and labor market needs rather than a historical sense. While critics claim that the US has a “play fee” system for the residence of the US, supporters claim that immigrants make a significant contribution to the American economy.
For wealthy Indians, who consider the US residence, the program offers a potentially faster way from existing investor visa programs, but global tax requirements and important preliminary costs may limit appeals to those with significant international commercial interests.
The Golden Card Program participates in other latest Trump management immigration initiatives aimed at generating revenue, while reducing the total number of immigration through higher entry barriers.
