Donald Trump introduces million-dollar 'Gold Card' for US permanent residency

The Trump administration has launched a premium immigration programme targeting wealthy individuals worldwide offering US permanent residency through expensive Gold Cards that could generate billions in revenue for the American Treasury Commerce Secretary Howard Lutnick announced the initiative on Friday describing it as a fundamental shift in how America approaches legal immigration by prioritising wealthy applicants who can make substantial financial contributions to the countryUnder the Gold Card programme individual applicants will pay USD 1 million approximately Rs 85 crore for permanent residency while corporations sponsoring employees will pay USD 2 million per person The programme replaces existing employmentbased green card categories EB1 and EB2 starting with 80000 available visasYou can prove exceptional value for the United States of America by contributing a million dollars to the United States of America Secretary Lutnick explained during a press briefing Thats pretty good expectation that theyre highly valuableGold Card holders will be classified as privileged permanent residents with full rights to live and work in the United States permanently including a pathway to citizenship A key requirement of the programme is that Gold Card holders must pay taxes on their worldwide income similar to US citizens This means applicants will be taxed by the US government regardless of where their income is earned globallyThe individual will pay global tax and theyll be taxed like an American citizen or a permanent resident Lutnick said noting this requirement may discourage applicants with complex international financial arrangements The global tax obligation represents a significant commitment as the US is one of only a few countries that taxes citizens and permanent residents on worldwide income potentially subjecting wealthy applicants to double taxation depending on their home countrys tax treaties with the USApplicants will undergo what the administration describes as the most intensive vetting process ever implemented for US visas The screening will cost an additional USD 15000 per applicant and will be conducted by the Department of Homeland Security and the State DepartmentWere going to do a much more rigorous vetting than has ever been done before Lutnick emphasised citing the substantially higher fees as justification for enhanced security screening The programme specifically excludes individuals with national security concerns or criminal backgrounds similar to existing green card programmesFor corporations the 2 million investment per employee creates a unique retention mechanism If a sponsored employee leaves the company the Gold Card becomes invalid unless the new employer has also purchased Gold Cards for their workforceIf that person doesnt have a gold card that they bought for them theyre going to work with someone else in another country Lutnick explained However the original sponsoring company retains ownership of the card and can transfer it to a new employee after paying additional vetting and transfer feesThe administration also outlined plans for a Trump Platinum Card programme requiring congressional approval and costing 5 million Unlike the Gold Card this programme would not offer permanent residency or a path to citizenship and holders would only pay US taxes on Americansourced incomeThe Platinum programme is expected to allow holders to stay in the US for more than the current 120day annual limit for certain visa categories though specific terms await congressional actionThe administration projects the Gold Card programme will generate over 100 billion for the US Treasury while the future Platinum programme could bring in 1 trillion These figures assume significant uptake among wealthy individuals worldwide seeking US residencyImplementation is expected within one month with other green card categories likely suspended during the rollout A dedicated website trumpcardgov will handle applicationsThe programme represents a dramatic shift from traditional employmentbased immigration which has historically focused on skills and job market needs rather than wealth Critics may argue it creates a paytoplay system for US residency while supporters contend it ensures immigrants contribute substantially to the American economyFor wealthy Indians considering US residency the programme offers a potentially faster route than existing investor visa programmes though the global tax requirement and substantial upfront costs may limit appeal to those with significant international business interestsThe Gold Card programme joins other recent Trump administration immigration initiatives aimed at generating revenue while reducing overall immigration numbers through higher barriers to entryThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday 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