United States President Donald Trump on Wednesday announced the immediate launch of the “Gold Card” a new pathway to permanent resident status in exchange for a substantial financial contribution to the US Treasury made by a foreign national. The new visa will both attract wealthy immigrants and provide US companies a streamlined way to retain highly skilled foreign talent.

The official “Gold Card” website is online, and the White House is now taking applications online for the new immigration category.

The Individual ‘Trump Gold Card’

President Trump said the proposal was “somewhat like a green card, but with big advantages over a green card.”

Financial Requirement: Application-seekers must pay a non-refundable sum of $15,000 as a processing fee to DHS upfront.

Donation for Residency: Once the individual has passed the expedited “vetting” process, he or she is required to make a “$1 million gift” to the US Treasury. The gift is, quite literally, “evidence that the individual will substantially benefit the United States.”

Expedited Processing: The website says that the whole petition approval and visa adjudication process will be processed on an expedited basis upon receipt of an initial processing fee.

The Corporate Talent Retention Program

The ‘Trump Corporate Gold Card’ element will prevent highly qualified foreign graduates from leaving the US once they complete their education.

Corporate Sponsorship: The card will enable corporations to retain foreign talent through becoming a corporate sponsor. Trump made it clear that its use would be extended to graduates: “Companies are going to be able to go to the Wharton School of Finance, Stern Business School, Harvard, MIT, wherever you may get your students, any school, and you’re able to buy a card and keep that person in the United States.”

Corporate Fees: A corporate sponsor must also pay a $15,000 per employee processing fee and a $2 million per employee gift upon completion of the vetting process.

Transferability: The corporate card includes the following significant benefit: “Corporate sponsors may stop sponsoring one employee and use the gift contribution tied to the prior application as a basis for sponsoring a new employee, without a new $2 million gift.”

fees: The company card has a very minimal 1% annual maintenance fee, and a 5% transfer fee to cover the cost of a new DHS background check in the event of a replacement employee.