• Trump introduces a 'Gold Card' visa for a $1 million investment, aimed at wealthy individuals and corporations.
• The program promises expedited U.S. residency for approved applicants, with 80,000 cards expected to be issued.
• Critics voice concerns over the potential legality and revenue claims for the Gold Card scheme.
• A $5 million Platinum Card with additional benefits is also planned, pending congressional approval.
• Trump's administration aims to replace existing visa categories like EB-1 and EB-2 with this new program.

President Donald Trump has unveiled a new immigration program, the "Trump Gold Card," designed for wealthy individuals seeking U.S. residency through a substantial financial investment. The program requires a non-refundable processing fee of $15,000 and a "gift" of $1 million to the Department of Commerce for individuals or $2 million for corporations wishing to sponsor employees. This initiative aims to streamline U.S. residency for affluent foreigners while generating revenue for the government, with Commerce Secretary Howard Lutnick expressing confidence that it could raise upwards of $100 billion in the short term, according to Indiatimes and CBS News.

The Gold Card program, first announced in February, aims to provide an expedited process for obtaining immigrant visas typically reserved for individuals with extraordinary abilities under the EB-1 and EB-2 categories. Trump's announcement included indications that the new program would replace these existing categories, raising questions about the legality and authority of the executive office to create such pathways without congressional approval, as mentioned by critics of the initiative, including some immigration analysts, according to Newsweek and Indiatimes.

In addition to the Gold Card, Trump has also proposed a "Platinum Card" that would cost $5 million, allowing holders to reside in the U.S. for up to 270 days a year without being taxed on non-U.S. income. This proposal, which still requires congressional approval, is positioned as an attractive option for ultra-high-net-worth individuals, aiming again to monetize immigration pathways, according to Indiatimes and Indiatimes.

Despite Trump's optimistic revenue projections, skepticism exists among experts regarding the potential pool of applicants who can afford the $1 million investment. Many express doubts about the ability of the administration to meet its ambitious revenue goals through this program. Critics also emphasize the need for thorough vetting of applicants to prevent misuse of the program by individuals potentially involved in criminal activities, as highlighted by concerns regarding its implementation, according to Indiatimes and Indiatimes.