US President Donald Trump has signed an executive order offering “Gold Card” visas to individuals willing to pay $1 million or more.
Mr Trump signed the order on Friday, alongside another order requiring a $100,000 annual fee for companies seeking to sponsor H-1B worker visas.
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“The Trump Gold Card is Here. Unlock life in America,” read the government website created for prospective applicants.
The website shows a mock-up of the gold card with Mr Trump’s photo, his signature, and images of a bald eagle and the Statue of Liberty.
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In June, the US President unveiled the website, while noting that his administration had begun accepting applications for his “gold Card.”
The gold card promises applicants permanent residency for $1 million, which will be paid to the country’s commerce department.
Companies can also sponsor individuals for Gold Cards if they contribute at least $2 million to the government.
“The main thing is, we’re going to have great people coming in, and they’re going to be paying,” Mr Trump told reporters at the White House, according to Al Jazeera.
According to Commerce Secretary Howard Lutnick, about 80,000 Gold Cards will be made available for prospective applicants. He, however, noted that the program is still in the “implementation phase.”
He told reporters that anyone wanting a Gold Card must first pass checks by the State Department and Homeland Security, and pay a $15,000 vetting fee.
Only then will they be eligible to become lawful permanent residents.
With the new policy, Gold Cards will replace the existing EB-1 and EB-2 visa programs, which offer green cards to individuals with exceptional ability in business or other fields.
“You can prove exceptional value for the United States of America by contributing $1 million to the United States of America. That’s a pretty good expectation that they’re highly valuable.
“In less than a month, the other visa Green Card categories are likely to be suspended, and this will be the model that people can come into the country,” Mr Lutnick said.
On the other hand, the executive order imposing a $100,000 fee for anyone applying for an H-1B visa would affect corporations that hire foreign workers to work in the country.
The H-1B programme allows skilled foreign workers to live and work in the US for up to six years.
The change could mark a substantial crackdown on the H-1B programme.
Supporters of the programme say the H-1B programme is vital for industries like tech, which often face shortages of qualified US workers. Companies such as Amazon request thousands of H-1B visas each year.
However, critics argue that the programme enables companies to circumvent American workers by employing foreigners at lower wages.
When asked how companies will react to the new H-1B fee, Mr Trump said, “I think they’re going to be very happy.”
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“And we’re going to be able to keep people in our country that are going to be very productive people, and in many cases, these companies are going to pay a lot of money for that, and they’re very happy about it.”
Meanwhile, the administration is considering a $5 million “Platinum Card” that would let holders stay in the US for up to 270 days tax-free on foreign income.
The Trump-led administration has stated that it wouldn’t lead to citizenship, and Congress must approve it before it can be launched.
An online waitlist, however, is already open.
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