President Trump unveils a “$5 million Gold Card Visa” to replace the fraud-prone EB-5 program, promising economic benefits while raising questions about implementation and oversight.
Quick Takes
- Trump’s proposed Gold Card Visa would cost $5 million and replace the current EB-5 investor visa program
- Commerce Secretary Lutnick claims the program will eliminate fraud associated with the existing investor visa system
- The visa aims to attract wealthy investors who will contribute to the economy through spending, taxes, and employment
- Similar “golden visa” programs in other countries have faced scrutiny for attracting criminals and corrupt elites
- Congress typically determines citizenship qualifications, raising questions about implementation without legislative approval
Trump Announces $5 Million “Gold Card” Visa Program
President Donald Trump has announced plans to implement a new “Gold Card” visa program requiring wealthy foreign investors to pay $5 million for an expedited path to American citizenship. The proposal would replace the existing EB-5 investor visa program, which has been in place since 1990 and currently requires substantially lower investment amounts. According to Trump, the new program would be launched within two weeks and aims to attract affluent individuals who can make significant contributions to the U.S. economy.
“We are going to be selling a gold card. We are going to be putting a price on that card of about $5 million,” Trump stated from the Oval Office. “It’s going to give you green card privileges, plus it’s going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card.”
Trump to introduce 'gold card' visa for wealthy investors with $5 million price tag: 'Route to citizenship' https://t.co/xa3KD7xriC
— FOX Business (@FoxBusiness) February 26, 2025
Economic Benefits and Program Structure
The Trump administration positions the Gold Card visa as an economic stimulus measure designed to attract high-net-worth individuals who will inject capital into the American economy. Commerce Secretary Howard Lutnick, a key architect of the program, emphasized that it would replace the current program, which he characterized as fraudulent. The existing program requires investment in a U.S. commercial enterprise and the creation or preservation of 10 full-time jobs for U.S. workers at a lower investment threshold.
“It was a way to get a green card that was low price. So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card,” said Lutnick.
According to the Homeland Security Department, approximately 8,000 people obtained investor visas in the fiscal year ending September 30, 2022. The new program would substantially increase the investment requirement while potentially eliminating some of the job creation mandates of the current system. Trump has even suggested the possibility of selling 10 million “gold cards” to help reduce the national deficit, though demographic and market experts consider that figure highly unrealistic.
Potential Problems and International Comparisons
Critics point to problems with similar “golden visa” programs in other countries. The United Kingdom and Cyprus have revoked their investor visa programs after discovering they were being exploited by criminals and corrupt elites. Over 100 countries currently have some form of golden visa legislation, with the biggest demand traditionally coming from China, the Middle East, and Russia. Trump has confirmed that Russian oligarchs could potentially qualify for the Gold Card.
However, Dr. Kristin Surak from the London School of Economics suggests the U.S. might avoid major issues due to its size and established immigration procedures. “The U.S. is such an enormous country, both economically and in terms of migration flows, that the problems that golden visas might bring will barely move the needle,” she told Newsweek. Dr. Surak found the $5 million price tag “surprising” and suggested demand would remain high even at much higher amounts like $50 million.
Implementation Challenges and Congressional Authority
Legal experts question Trump’s claim that the Gold Card program could be implemented without congressional approval. Traditionally, the power to create new visa categories lies with Congress, requiring legislation and approval from both chambers.
The Gold Card proposal represents a significant shift in immigration policy that prioritizes financial investment as a pathway to citizenship. While proponents argue it will bring much-needed capital into the American economy, others worry about proper vetting mechanisms and the broader implications of essentially selling citizenship. As the administration moves toward implementation, further details on security protocols and economic impact assessments will likely be forthcoming.
