Trump ‘Gold Card’ visa defines wealth as an ‘extraordinary ability’

President Donald Trump’s new “Gold Card” visa program uses a new definition of wealth as a business perk that allows the overseas wealthy to bypass immigration rules and secure citizenship, immigration lawyers say.

Last week, Trump announced that applications for the “Trump Gold Card”, a new investment visa for foreign nationals, have begun. According to the program’s website, “Gold Card” applicants will become full-time residents of the United States in “record time” for $1 million and a $15,000 processing fee. The website also offers a “Corporate Gold Card” that allows companies to pay $2 million to provide an employee with a “Gold Card” and a “Platinum Card” that offers special tax benefits and may eventually be offered for $5 million.

Only Congress can set immigration policy, meaning the president has no authority to create or destroy a visa program. To create the “Gold Card,” Trump is effectively adding a new fee model to two existing programs known as EB-1 and EB-2, experts told CNBC.

EB-1 and EB-2 programs are both employment-based programs aimed at attracting award-winning or renowned professionals. Dubbed the “Einstein Visa,” the EB-1 program targets individuals with “extraordinary abilities” such as scientists, artists, entrepreneurs, athletes and professors who have earned “sustained international or national acclaim.”

EB-2 is for researchers, scientists and others whose skills will help solve national problems, such as a leading cancer researcher developing new treatments or a top energy scientist who can help expand the power grid.

White House officials say the $1 million payment is proof that “Gold Card” holders are successful businessmen with extraordinary talents. It is said that anyone with $1 million to spend on a visa will make a productive contribution to the American economy and society. Entrepreneurs who start companies abroad may come to the U.S. to expand or start new ventures and create more jobs. Spending by the “Gold Card” rich is also expected to help real estate, the service economy and other sectors.

“Why shouldn’t we accelerate giving $1 million to the United States to people who want to take action?” Commerce Secretary Howard Lutnick told CNBC last week. he said. “Let’s bring in the top people, the best. Why take the below-average people?”

But immigration lawyers say replacing highly skilled or well-known talent with foreign nationals whose only qualification is writing $1 million checks distorts the purpose of the EB-1 and EB-2 programs. They say not everyone who receives a $1 million payment is a successful businessman or entrepreneur. Some may have borrowed the money from friends, family, or a lender. Others may have inherited wealth but lack business skills.

“Having $1 million has nothing to do with your value as a person with extraordinary abilities,” said Emily Neumann, an immigration attorney at Reddy Neumann Brown PC. “That doesn’t mean you can provide value to the United States. These categories are supposed to be reserved for people who can drive innovation, contribute to the economy, and create jobs. “Gold Card” holders don’t need to have a track record in any of those just because they have $1 million.”

While “Gold Card” applicants cannot legally skip the existing waiting line for EB-1 and EB-2 holders, some lawyers fear the White House will prioritize “Gold Card” applicants. Neumann said he has an Indian client who is a leading expert in artificial intelligence and machine learning and is working on AI applications so doctors can better diagnose patients. He was approved for an EB-1 but is still waiting for a green card, which could take years.

“They use the limited number of green cards that are given to people who have done great things,” he said. “This is a very different standard.”

The use of EB-1 and EB-2 programs for the “Gold Card” program has created other potential obstacles. While Trump said he would sell “millions” of “Gold Cards” and Lutnick said sales could generate $1 trillion in revenue, the limit for the two programs is around 28,000 per year. Individual countries are limited to 7% of the total; That’s why the waiting list for E-1 and E-2 applications from India and China has already been growing for several years.

Immigration lawyers say India and China will be the biggest source of demand for “Gold Cards”. However, due to waiting lists, very few people are likely to apply.

“If ‘Gold Card’ holders are allowed to queue, there is likely to be litigation from those currently on the waiting list,” said Reaz Jafri, an immigration lawyer at international law firm Withers. “If not, who wants to pay $1 million and wait three years?”

Lawyers say unanswered questions and legal risks regarding the “Gold Card” are causing potential buyers to delay applying. Dominic Volek, group head of private clients at Henley & Partners, said some clients in Taiwan, Vietnam and Singapore were interested in the “Gold Card” but were waiting for evidence that the program worked.

Some also worry about paying the $1 million and then having their visas revoked by a court or a future Democratic administration.

“They want to see if the dust settles and if there are any major legal challenges,” Volek said. he said.

Another concern is the structure of the fee. While some national investment visas are more expensive (Singapore’s is about $8 million or New Zealand’s is about $3 million) they are structured as investments rather than non-refundable payments. Without a clear green card guarantee, the wealthy abroad are reluctant to pay $1 million.

“It is unclear whether you will make the payment after it is approved, present it as evidence, or hold it in escrow during the transaction,” Jafri said. “They didn’t address a lot of fundamental questions.”

Proof of funds poses another hurdle for the overseas wealthy. To screen for money laundering or criminal activity, the U.S. government typically requires proof that the $1 million fee is not illegal or from illegal sources. Many potential applicants from Asia, Africa and the Middle East currently oppose requests because the financial documentation is not comprehensive enough.

“The biggest challenge for many clients is being able to document the source of the money,” Jafri said. “In some parts of the world it’s not that easy to document.”