President Donald Trump has officially launched a new $1 million visa program, known as the “gold card,” aimed at wealthy foreigners seeking residency in the US. The scheme provides fast-track rights to live and work in the country, replacing existing EB-1 and EB-2 visa categories.
Commerce Secretary Howard Lutnick, who joined Trump for the announcement, said the program would initially offer 80,000 slots. He added that it may expand further in the future. Lutnick explained that the gold card is designed to attract high-value individuals and investments, boosting the economy of the US.
Officials estimate the initiative could generate $100 billion in revenue. Trump said these funds could help reduce federal debt and taxes. Lutnick emphasized that the new system would accept only “extraordinary people at the top,” not those competing with American workers.
Under the program, individual applicants must pay $1 million plus a $15,000 vetting fee. Companies sponsoring employees will be charged $2 million. Recipients will also be required to pay global taxes like other permanent residents of the US.
A separate idea, called the “Trump Platinum Card,” has also been floated. It would cost $5 million and grant up to 270 days of residency without taxing foreign income. However, Lutnick clarified this proposal would need congressional approval before becoming law.
The announcement is part of broader Trump-era immigration reforms. Alongside measures against illegal migration, the administration has tightened rules for other visas. On the same day, it introduced a $100,000 annual fee for H-1B visa applicants.
Critics warn the gold card could spark legal challenges for favoring wealthy applicants over others. Supporters, however, view it as a bold step to attract investment and strengthen the US economy.
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