Wealthy foreign nationals are showing strong interest in President Donald Trump's newly discounted Gold Card visa program.
With the investment reduced from $5 million to $1 million, the program has quickly become one of the most sought-after visas in the world, promising U.S. residency in "record time."
The program, announced via executive order on Sept. 19, offers foreign nationals permanent residency and a pathway to citizenship in exchange for a $1 million contribution, classified as an "unrestricted gift" to the government.
CNBC reported that the announcement coincided with a $100,000 fee increase for H-1B visas.
Immigration advisers report inquiries from wealthy families in China, India, and other countries, with expectations of hundreds of applications once the program is operational. Investors are attracted to access to the U.S. education system, health care, banking, and financial markets.
Despite strong demand, the program faces legal and practical hurdles. Citizens of China and India may encounter delays due to backlogs in the EB-1 and EB-2 visa programs, which serve as the basis for the visa.
Expanding the program would likely require congressional approval, and court challenges are possible. Applications are not yet open, and early applicants may wait to see the first approvals before committing.
Compared with similar visa programs in other countries, the new card's $1 million fee is low, though nonrefundable, and U.S. residents remain subject to taxation on worldwide income. A higher-tier visa, costing $5 million and allowing up to 270 days in the U.S. without taxation on overseas income, has been mentioned but is not part of the executive order.
The visa is expected to appeal mainly to younger members of wealthy families seeking U.S. education or entrepreneurial opportunities.
Some advisers have suggested the White House could eventually introduce a black card, priced at $20 million to $25 million and potentially exempt from estate taxes, which could attract thousands of wealthy applicants and bring substantial assets to the U.S.
Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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