Trump’s ‘golden card’ visa defines wealth as ‘extraordinary ability’

President Donald Trump’s new “Golden Card” visa program uses a new definition of wealth as a job skill to allow wealthy people abroad to bypass immigration rules and secure citizenship, according to immigration lawyers.

Last week, Trump announced the start of applications for the “Trump Gold Card,” a new investment visa for foreign citizens. In exchange for $1 million and a $15,000 processing fee, Gold Card applicants will gain full-time residency in the United States in “record time,” according to the program’s website. The site also offers a “Corporate Gold Card,” allowing companies to pay $2 million to secure a “Gold Card” for an employee, and a “Platinum Card,” which offers special tax benefits and may eventually be offered for $5 million.

Only Congress can set immigration policy, meaning the president has no power to create or destroy the visa program. In order to create the “gold card,” Trump is effectively adding a new fee model to two existing programs — known as EB-1 and EB-2 — as experts explained to CNBC.

The EB-1 and EB-2 programs are employment-based programs that aim to attract award-winning or well-known professionals. The EB-1 program, nicknamed the “Einstein Visa,” targets those with “extraordinary abilities” — such as scientists, artists, entrepreneurs, athletes and professors who have achieved “sustained international or national acclaim.”

The EB-2 program is for researchers, scientists and others whose skills are useful to help solve national problems, such as a leading cancer researcher who is developing new treatments, or a top energy scientist who can help expand the electric grid.

White House officials say the $1 million is proof that Gold Card holders are successful businessmen who meet the requirements for exceptional abilities. They say that anyone with a million dollars to spend on a visa is likely to be a fruitful addition to the American economy and society. Entrepreneurs who have established companies abroad can come to the United States to expand or start new ventures, creating more job opportunities. “Gold Card” spending by wealthy people on real estate, the service economy and other industries is also expected to help.

“Why shouldn’t we rush the people who are willing to come forward, to give the United States a million dollars,” Commerce Secretary Howard Lutnick told CNBC last week. “Let’s take the top, the best. Why should we take the people who are below average?”

However, immigration lawyers say that replacing highly skilled or well-known talent with foreign nationals whose only qualification is writing a $1 million check distorts the intent of the EB-1 and EB-2 programs. They say that not everyone who earns $1 million is a high-achieving entrepreneur or entrepreneur. Some may have borrowed money from friends, family or a lender. Others may have inherited wealth but have minimal job skills.

“Getting $1 million has nothing to do with your worth as a person with extraordinary abilities,” said Emily Neumann, an immigration attorney with Reddy Neumann Brown PC. “This does not mean you can provide value to the United States of America. These categories were supposed to be for people who can foster innovation, contribute to the economy, and create jobs. There is no requirement that Gold Card holders have a track record of any of these things, just because they have a million dollars.”

While Gold Card applicants cannot legally jump the current waiting line for EB-1 and EB-2 holders, some lawyers fear the White House will prioritize Gold Card applicants. Newman said she has an Indian client who is a leading expert in artificial intelligence and machine learning and is working on AI applications for doctors to better diagnose patients. He has been approved for EB-1 but is still waiting for a green card, which could take years.

“They use a limited number of green cards that are reserved for people who have done great things,” she said. “It’s a completely different standard.”

The EB-1 and EB-2 programs’ use of the “gold card” program creates other potential hurdles. While Trump has said he will sell “millions” of “gold cards,” and Lutnick said sales could raise $1 trillion in revenue, the cap for the two programs is about 28,000 per year. A cap of 7% of the total is set for each individual country, which is why the waiting list for E-1 and E-2 applications from India and China stretches for several years already.

Immigration lawyers say India and China will be the biggest sources of demand for “golden cards.” However, due to waiting lists, only a few are likely to apply.

“If Gold Card holders are allowed to skip the queue, there will likely be lawsuits from those currently on the waiting list,” said Riz Jafri, an immigration lawyer with international law firm Withers. “And if not, who would want to pay the million dollars and then wait three years?”

Lawyers say unanswered questions and legal risks surrounding the “gold card” have caused potential buyers to put off applying. Dominic Volek, head of the private client group at Henley & Partners, said a number of his clients in Taiwan, Vietnam and Singapore are interested in the “Gold Card” but are waiting for evidence of the program’s success.

Some also worry about paying $1 million and then having their visas revoked by a court or a future Democratic administration.

“They want the dust to settle and see if there are any major legal challenges,” Volek said.

Another concern is the fee structure. While some national investment visas are more expensive – such as Singapore visas at approximately US$8 million or New Zealand visas at approximately US$3 million – they are structured as investments rather than non-refundable payments. Without the express guarantee of a green card, wealthy people abroad are reluctant to pay the million dollars.

“It is not clear whether you made the payment once it was approved or whether you submitted the payment as proof, or if it was kept in escrow during the process,” Jafri said. “They didn’t answer a lot of basic questions.”

Proof of funds has proven to be another hurdle for wealthy people abroad. In order to detect money laundering or criminal activity, the US government typically requires proof that the $1 million fee did not come from illegal or illicit sources. Many potential applicants from Asia, Africa and the Middle East actually reject these applications, because the financial documents are not accurate.

“The biggest sticking point for many clients is the ability to document the source of the funds,” Jafri said. “In certain parts of the world it is not easy to document.”