Trump announces Gold, Platinum cards for US: What are they?
What's the story
US President Donald Trump has announced a major overhaul of the country's visa system. The new system includes the introduction of "Gold Card" and "Platinum Card" schemes for those seeking US residency. The announcement was made yesterday, with Trump saying it would bring in billions of dollars and change immigration paths.
Visa details
Gold Card to replace current EB-1 and EB-2 visas
The "Trump Gold Card" will cost $1 million and is subject to vetting and processing fees. The "Platinum Card," which costs $5 million, allows holders to stay in the US for up to 270 days a year without paying taxes on foreign income. Commerce Secretary Howard Lutnick said congressional approval for the platinum card is expected later this year.
Replacement
Businesses can participate through 'Trump Corporate Gold Card'
The Gold Card will replace the current EB-1 and EB-2 visas for foreign nationals with extraordinary or exceptional abilities. After a short transition period, Lutnick said other Green Card categories may be eliminated in favor of this new model. Businesses can also participate through a "Trump Corporate Gold Card," costing $2 million per employee for residency security.
Visa fee hike
H-1B visa application fees increased to $100,000
Trump also signed a proclamation increasing H-1B visa application fees to $100,000. White House Staff Secretary Will Scharf called the H-1B program one of the "most abused visa" systems in the US. The new fee is meant to ensure applicants meet necessary criteria with exemptions allowed in national interest cases.
Policy defense
'US shall benefit from its legal immigration system'
Defending the new policies, Trump said they would help keep productive people in the US and that companies would be happy to pay for it. He stressed that America should benefit from its legal immigration system, adding that he expects the "Trump Gold Card" to generate over $100 billion quickly. This money will be used for reducing taxes, growth projects, and paying down debt.