As the Trump administration restricts the H-1B visas, it has released the details of an investment-based programme called the 'Trump Gold Card'.
President Trump signed an executive order on Friday that would allow people to obtain a visa for $1 million and corporations for $2 million.
Commerce Secretary Howard Lutnick posted the details of the programme on X on Saturday, asserting this pathway "does not expand immigration."
"For $1M, individuals can obtain the Trump Gold Card -- creating jobs and building businesses here in America. For $2M, corporations can purchase a Corporate Trump Gold Card for one employee. The company -- not the individual -- owns the card, with the option to transfer to another employee for a fee," he wrote.
Lutnick added that all applicants under the Gold Card Programme will undergo "rigorous DHS vetting," and will pay a "$15,000 processing fee."
The Commerce Secretary emphasised that it "will replace broken visa categories like the diversity lottery, which brings down America instead of attracting the high-earning individuals these programs were originally designed to attract."
After signing the Executive Order on Friday, Trump said the Gold Card is like a "signing bonus" for baseball or football players.
"One of the biggest problems we have is that people, they go to the best schools, and they do great, and they get great marks, and then they're thrown out of the country. You're not allowed to stay this way. So, like a signing bonus in baseball or football, a corporation will be able to get them to stay in the country," the US President added.
Lutnick claimed that through the programme, the US would only take "extraordinary people at the very top."
"Instead of people trying to take the jobs from Americans, they are going to create businesses and create jobs for Americans. And this programme will raise more than $100 billion for the treasury of the United States of America," he noted.
(With inputs from IANS)
