New US Gold, Platinum visas aim to attract wealthy immigrants

US President Donald Trump has announced a new visa programme for the world’s wealthy, a much-anticipated effort to encourage them to immigrate to the United States by offering residency permits for a hefty price tag.

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“They are going to spend a lot of money to come in,” he told reporters on Sept 19 in the Oval Office as he signed the order to create the visa programme. “It is going to raise billions of dollars, billions and billions of dollars, which is going to go to reduce taxes, pay off debt and for other good things.”

Individuals can pay US$1 million (S$1.28 million) to receive US residency with the “Trump Gold Card”, following a processing fee and vetting, according to a website announcing the programme.

A “Platinum Card” will soon be available for US$5 million, and allow recipients to “spend up to 270 days in the United States without being subject to US taxes on non-US income”.

Businesses that pay a US$2 million fee per employee can receive US residency for an unspecified number of workers, according to the website.