All That Glitters: Trump Touts 'gold Card'

President Donald Trump on Wednesday officially opened a new pathway for foreigners to gain lawful permanent resident status in the U.S. by giving money directly to the federal government.

“Our Great American Companies can finally keep their invaluable Talent,” Trump posted on social media along with a link to apply for the “Trump Gold Card.”

Trump signed an executive order in September to create the program, which calls for individuals to “gift” $1 million “to promote commerce and American industry.”

Employers can sponsor workers for $2 million apiece while allowing the business to transfer who that money covers. The government also intends to levy a 1 percent annual maintenance fee and a 5 percent transfer fee on corporate Gold Cards, according to a FAQ on the website Trump posted.

The payments would essentially transform the existing EB-1 and EB-2 visa programs for people who exhibit “extraordinary” or “exceptional” ability in their professions. Applicants for those visas previously had to compile and submit evidence of their talents to qualify.

Trump touted the prospect of raising a “tremendous amount of money” by offering tens of thousands of gold cards to the world.

He singled out Apple CEO Tim Cook as someone who has pushed for the policy, saying nobody talked to me more about it.”

“The companies will be very happy, and I know Apple will be very happy,” Trump said.

Spokespeople for Apple did not immediately respond to a request for comment.

The program is being led by the Commerce Department, in conjunction with the departments of State and Homeland Security. Trump has credited Commerce Secretary Howard Lutnick with originating the idea.

The White House has also envisioned a $5 million “Platinum Card” that would allow non-Americans to reside in the country for up to 270 days per year without paying taxes on their income outside the U.S. That plan has yet to be finalized, and Lutnick has said it would require congressional approval.

The Trump administration has been open about wanting to reorient the U.S. immigration system in ways that favor the wealthy and high earners.

Apart from the Gold Card program, the White House has imposed a $100,000 charge on those seeking H-1B visas, and the DHS has proposed revamping the lottery system used to award those work visas by giving better odds to jobs that pay more.

The Chamber of Commerce and other business groups have filed lawsuits challenging the fee, arguing that it violates Congress’s intent for the H-1B visa program, which several industries, including Silicon Valley and health care providers, have come to rely upon.