• Donald Trump has launched a $1 million Gold Card visa for wealthy foreign nationals.
• The initiative aims to retain talented individuals and boost US economic growth.
• Corporate sponsors can pay $2 million for a Corporate Gold Card to retain foreign employees.
• A Platinum Card providing tax benefits will soon be available for $5 million.
• Critics argue the program unfairly favors affluent individuals over traditional immigrant pathways.

US President Donald Trump on Wednesday unveiled the "Trump Gold Card," a new expedited visa program that allows wealthy foreigners an opportunity for US citizenship by paying a $1 million fee. This program is designed to attract individuals who can demonstrate a "substantial benefit" to the U.S. economy, potentially including graduates from U.S. universities who would otherwise need to return to their home countries after studies. Trump's announcement highlighted the importance of retaining valuable talent for American companies, stating, "Our Great American Companies can finally keep their invaluable Talent," according to India Times and BBC.

The program features two tiers of citizenship options: an individual Gold Card costing $1 million and a Corporate Gold Card requiring a $2 million sponsorship fee. Both come with a non-refundable processing fee of $15,000. In addition, a forthcoming Platinum Card option will reportedly allow foreigners to spend up to 270 days in the U.S. without incurring taxes on foreign income, in exchange for a $5 million contribution. Trump stated that the introduction of these cards is akin to the green card process, but with added financial incentives and benefits, as detailed by Vox and India Times.

Applications for the Gold Card opened immediately following Trump's announcement, aiming to provide a fast track to US residency in record time. Successful applicants under this visa will receive lawful permanent resident status through the EB-1 or EB-2 classification, encouraging high-skilled professionals to settle in the US. This move comes amidst broader immigration policy changes under the Trump administration, which have included increasing fees for existing visa categories and implementing a more stringent deportation strategy, as reported by India Times and BBC.

While Trump advocates the program as a means to promote economic growth and job creation, it has faced criticism from various political groups. Detractors argue that the Gold Card prioritizes the wealthy over traditional immigration pathways, particularly for those who wish to seek asylum or come from less affluent backgrounds. The disparity in eligibility and financial accessibility raises concerns about equity in the US immigration system, according to Vox and BBC.