"President Donald Trump announced Wednesday that his long-promised gold card was officially going on sale, offering legal status and an eventual pathway to U.S. citizenship for individuals paying $1 million and corporations ponying up twice that per foreign-born employee. A website accepting applications went live as Trump revealed the start of the program while surrounded by business leaders in the White House's Roosevelt Room."
"The president said all funds taken in as part of the program will go to the U.S. government and predicted that billions would flow into an account run by the Treasury Department where we can do things positive for the country. The new program is actually a green card, effectively offering permanent legal residency with the chance for citizenship. Basically, it's a green card but much better, Trump said. Much more powerful, a much stronger path."
"It is meant to replace EB-5 visas, which Congress created in 1990 to generate foreign investment and had been available to people who spend about $1 million on a company that employs at least 10 people. Trump sees the new version as a way for the U.S. to attract and retain top talent, all while generating revenue for federal coffers. He's been promoting the gold card program for months, and once suggested that each card would cost $5 million, though he more recently revised that to the $1 million and $2 million pricing scheme."
A new paid immigration program is accepting applications through an online portal and offers permanent legal residency with a pathway to U.S. citizenship. Individual applicants must pay $1 million; corporations must pay $2 million per foreign-born employee. All funds collected will be directed to the U.S. government and deposited into a Treasury-run account intended to generate revenue for federal coffers. The program is designed to replace the EB-5 investor visa and to help employers retain top international graduates. Public materials did not specify job-creation requirements or overall caps that exist under the current EB-5 program. Officials predicted the program could bring in billions and simplify hiring of foreign talent from U.S. universities.
Read at www.mercurynews.com
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