President Donald Trump signed an executive order establishing the “Trump Gold Card” and introduced a $100,000 fee for H-1B visas. The Gold Card’s price was slashed from $5 million to $1 million, making it highly sought after by the global wealthy. The program aims to issue 80,000 Gold Cards and raise $100 billion in federal revenue.

The Gold Card promises speedy approvals and access to the U.S. education, health-care, banking, and financial systems for $1 million. The program has garnered interest from wealthy families in China and India, with expectations of hundreds of applications to be processed by law firms. The initiative is expected to attract 5,000 to 10,000 applications annually.

The U.S. is among the top destinations for millionaires seeking alternative citizenships. Demand for the Gold Card is anticipated from China and India, despite existing backlogs in the EB-1 and EB-2 programs. While the $1 million donation isn’t refundable, the Platinum Card offers tax benefits, allowing holders to stay in the U.S. for 270 days without paying taxes on overseas income.

The Platinum Card, priced at $5 million, may not be as appealing as the Gold Card due to limited benefits. However, it could attract ultra-wealthy individuals wanting to shield their income from U.S. taxes. The Gold Card is more suitable for the children of wealthy individuals seeking education and job opportunities in the U.S. Suggestions have been made for the White House to consider issuing a Black Card priced at $20-25 million.

Read more at CNBC: Global wealthy are lining up for Trump’s $1 million Gold Card