Immigration has always been a key element of the Trump presidency, but while tackling illegal entries to the US has been the headline grabber, there are also some significant changes for those choosing legal routes.
The president has confirmed some changes to his previously announced method for wealthy foreigners to be able to live and work in the United States, with the Trump Gold Card and Trump Platinum Card which is available to those with at least a million dollars to ‘gift’ to the US Department of Commerce and who meet other eligibility criteria including passing vetting.
An executive order has been signed and the government has launched a website explaining the details of the new cards under the slogan “Unlock life in America.”
For those who want permanent residency in the US, the Gold Card promises “lawful permanent resident status as an EB-1 or EB-2 visa holder” will happen in “record time.” Those who are granted the card will be subject to similar taxation as other permanent residents and citizens of the US.
But for those who want to spend most of their time in the US, but limited to 270 days a year, a Trump Platinum Card will be made available for a ‘gift’ to the US government of $5 million. It offers those with significant wealth the ability to enjoy around nine months of the year in the US “without being subject to tax on non-US income. No more travel visas.” This card is yet to launch and a wait list has been established.
A Trump Gold Card is also available to businesses, which will pay $2 million and an annual maintenance fee for a transferable card for their employees, subject to the usual vetting. This means that a company can sponsor a foreign employee but, if they stop sponsoring that employee, they can sponsor a new employee without an additional $2 million gift.
The new cards are essentially ‘residency by investment’ programs and the government hopes it will bring in as much as $100 billion. It’s not clear whether existing programs such as EB-5 will be replaced by the new scheme, but commerce secretary Howard Lutnick has said other green card criteria could be suspended in favor of the new Trump Card program.
Meanwhile, those who want to work in the US under an H-1B visa will now have to pay a six-figure fee.
Although the government has confirmed that those already holding an H-1B but who are not currently in the US do not have to reapply – a move made in response to a rush of visa holders into the US over the weekend – but for new applicants the $100,000 fee will be a tough pill to swallow.
The FT estimates that businesses may face an aggregate $14 billion annual fee to employ skilled foreign workers in the US. Tech firms are among those that rely on overseas workers for vital roles.
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