US President Donald Trump has unveiled a new immigration initiative introducing a $5 million “gold card” residency permit for wealthy foreigners.
This program is designed to replace the existing EB-5 visa and provide a direct pathway to American citizenship.
Here are the essential details:
1. What Is the ‘Gold Card’ Visa?
Trump’s newly proposed “gold card” residency permit is aimed at affluent individuals seeking permanent residence in the United States, offering a streamlined path to citizenship. Unlike the traditional green card, this premium visa is expected to come with additional benefits.
“You have a green card; this is a gold card,” Trump stated while announcing the initiative, emphasizing its enhanced advantages over standard permanent residency.
2. Why Is the EB-5 Visa Being Replaced?
The EB-5 visa program, introduced in 1990, has allowed foreign investors to obtain green cards by investing at least $1 million in a US business that generates at least 10 jobs. However, Trump’s Commerce Secretary, Howard Lutnick, criticized the program, calling it inefficient and prone to abuse.
“The EB-5 program … was a way to get a green card at a low price, and it was full of make-believe and fraud,” Lutnick argued, explaining why the administration is scrapping it.
3. Who Is Eligible for the ‘Gold Card’ Visa?
Trump has made it clear that applicants must have substantial financial resources, but there are no specific job-creation requirements like those in the EB-5 program. He assured that all candidates would be thoroughly vetted, stating that the program aims to attract “wonderful, world-class global citizens.”
When asked about Russian oligarchs potentially qualifying, Trump responded, “Possibly. I know some Russian oligarchs who are very nice people.”
Unlike the EB-5 visa, which was capped at 10,000 issuances per year, Trump has hinted that there may be no limit on the number of gold cards available. He even suggested that selling 10 million of these visas could help reduce the national deficit.
4. Cost and Benefits of the ‘Gold Card’ Visa
Each gold card will cost $5 million per applicant. While further details are expected in the coming weeks, the initiative aims to provide a more accessible and potentially faster route to US citizenship compared to traditional green cards, which typically require five years of permanent residency before eligibility for naturalization.
5. How Does This Compare to Other Countries?
Several nations offer similar investment-based residency or citizenship programs, commonly known as “golden visas.” Countries in the European Union, such as Spain, Greece, and Portugal, have long had such schemes, while others, including Malta, Egypt, and Jordan, grant direct citizenship through investment.
In the Caribbean, countries like Dominica, Grenada, and St. Kitts and Nevis offer “golden passports” for investments as low as $200,000–$300,000.
However, growing concerns over money laundering and real estate inflation have led some European nations, including the UK, to restrict or phase out their golden visa programs.
Trump’s gold card proposal is expected to face legal and economic scrutiny, especially regarding its feasibility without Congressional approval. However, Trump remains confident that legislative approval is not necessary for its implementation.
