Trump unveils a $1 million 'Gold Card' for the ultra-rich to buy U.S. residency

The Trump administration on Wednesday launched a new “Gold Card” program designed to provide rich foreigners with a streamlined path to U.S. residency. For a $15,000 processing fee payable to the Department of Homeland Security and a $1 million “contribution,” foreigners will receive residency “in record time,” according to the site. All applicants are subject to a background check from the U.S. Citizenship and Immigration Services.

For $5 million, foreigners can apply for a “Trump platinum card.” The processing fee is the same, but those applying must make a $5 million payment. There’s an extra benefit, however. Foreigners with the platinum card can reside in the U.S. for up to 9 months without paying taxes on their non-U.S. income. 

It’s unclear how the tax exemption will be implemented without Congress, which traditionally holds the power to levy taxes. The legislative branch usually has jurisdiction over creating new visa categories as well.

Commerce Secretary Howard Lutnick has championed the program throughout the year, from its planning stages to formal rollout. Trump signed an executive order on Sept. 19 to establish the initiative.

“We should be bringing in the best and brightest, and that's what Donald Trump is changing about our immigration system,” Lutnick said in a CNBC interview on Thursday. “Let's expedite the best and brightest who are gonna give a million dollars to the U.S. to prove they're at the top of the list.”

A corporate version of the card is also being introduced. There's still a $15,000 fee along with a $2 million charge for each foreign worker.

Lutnick had previously said that the so-called Gold Cards will replace the existing EB-1 and EB-2 visa programs for foreign citizens that demonstrate an “extraordinary ability” in business, sciences, the arts, and education.

A design of the card featured on the official website shows Trump flanked by the Statue of Liberty and a bald eagle. His signature is on prominent display, alongside the seal of the office of the president of the United States.

"Wealthy people will be coming into our country by buying this card," Trump said in February. "They'll be wealthy and they'll be successful and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people. And we think it's going to be extremely successful,” Trump said in February.