President Donald Trump has announced a sweeping overhaul of the US permanent residency system, introducing “gold” and “platinum” visas worth up to $5 million that will replace EB-1 and EB-2 visas. This initiative aims to attract the ultra-wealthy and corporate investment, dramatically shifting the country’s immigration and economic landscape.
Trump Announces High-Value Visa Program to Replace EB-1 and EB-2:
Hot on the heels of imposing a $100,000 fee on H-1B visas, President Trump rolled out a new residency scheme, the Gold Card program, designed to attract affluent migrants willing to make multi-million-dollar payments for US residency. The Gold Card will replace the EB-1 and EB-2 visa categories, which previously allowed foreign nationals with exceptional skills or achievements to claim permanent residency. Trump’s executive order, signed from the Oval Office, sets a sharp turn from merit-based visas to wealth-based entry, with the roll-out scheduled to last less than a month. Several existing visa categories may also be suspended in favor of the new approach, seeking to use visa revenue to support American industries, reduce taxes, and pay down national debt.
Gold, Platinum, and Corporate Visa Options Introduced:
The program will allow individuals to apply for a Trump Gold Card by paying $1 million, plus a $15,000 vetting fee. For those seeking a higher tier, the Trump Platinum Card is available at $5 million, which provides up to 270 days of US residency annually and offers exemption from US taxes on income earned abroad. The overhaul isn’t restricted to individuals: Corporations can pay a $2 million fee per employee under the Corporate Gold Card option, granting residency rights to staff. Notably, corporations will be permitted to transfer these rights between employees, subject to Department of Homeland Security approval and an annual maintenance fee. All applicants will face more rigorous scrutiny compared to previous visa systems.
Commerce Secretary Howard Lutnick emphasized that revenue generated from the program will be channeled into a special Treasury fund earmarked solely for strengthening American commerce. The aim is to maximize economic benefits from incoming wealthy residents and multinational corporations. Lutnick noted that vetting would be stricter to prevent misuse or abuse of the system while maintaining security and integrity standards.
Economic Rationale and Government Goals:
Projecting that the new visa regime will generate “billions and billions of dollars” for the US economy, President Trump emphasized the financial incentives behind it. The executive order is designed to draw in capital inflows that can be used to finance tax cuts, pay down the government debt, and support important domestic industries. Trump argues that long-standing worries about the prior system’s susceptibility to abuse and large processing volumes without appreciable financial gains are addressed by the visa reform. By transforming immigration into a direct source of national funds, the government hopes to use the US permanent residency system as a lever for economic policy.
Impact on Existing Visa Holders and Future Applicants:
Current and prospective EB-1 and EB-2 visa holders are among the most affected by this reform, as their path to US residency via merit or professional achievement will be suspended during the transition. Several other visa categories may also soon face suspensions. Foreign nationals and multinational companies now face a new reality: US residency is increasingly tied to wealth rather than talent or achievement. The short roll-out window prompts urgency among applicants, especially corporations that depend on staff mobility.
Analysts expect Trump’s move to fuel debates on immigration policy, meritocracy, and the accessibility of the American Dream. Critics highlight concerns over decreased opportunities for skilled professionals, while supporters point toward potential increases in government revenue and foreign investment. The roll-out’s impact will depend on applicant turnout, revenue generation, and any legal or legislative challenge during the transition. Trump’s gold and platinum visa scheme marks a radical shift in US immigration, prioritizing high-net-worth individuals and corporations and sidelining traditional merit-based routes. With the promise of billions in new revenue for the Treasury, this approach sets an unprecedented precedent for US residency access and policy.
