The New Gold Card Program
President Donald Trump announced the official launch of a Gold Card, a new pathway for rich people seeking residency in the United States. The program offers rights to live in the United States in exchange for a payment by individuals of $1 million and by companies of $2 million for securing long-term residency options for their skilled employees.
Announcement Details
Trump introduced the plan in a round-table meeting with business leaders at the White House. There will be a dedicated website to process the applications for Gold Cards. According to Trump, the program will replace the EB-5 foreign investment visa system that has operated since 1990. He said the new system is aimed at reducing fraud and irregularities linked to the previous program. Trump said the Gold Card would cut what has traditionally been a multi-year application process.
Purpose Behind the Program
Trump said that this initiative helps the country by retaining such talented people. He mentioned that many professionals who were earlier contemplating returning to India, China, or European countries now had an avenue through the Gold Card to remain in the United States. He further added that the website for applications would go live shortly after his announcement.
Business Community Feedback
Trump added that many business leaders had been asking him to fix outstanding visa issues. Among them, he singled out Tim Cook, the CEO of Apple; the latter expressed the concern that these companies face the possibility of losing very talented workers because of the uncertainty about their visas. Trump thinks this new program will bring billions of dollars in revenue into the U.S. government.
Application Process Opens
The White House started taking online applications for the new Green Card system in the afternoon, hours after an announcement on Wednesday. The administration expects strong interest from both individuals and companies.
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