President Trump’s proposed $5 million “Gold Card” visa would replace the existing EB-5 investor program with a high-priced fast track to citizenship for wealthy foreigners, sparking both economic optimism and ethical concerns about creating a two-tier immigration system.
Top Takeaways
- Trump announced a “Gold Card” visa program costing $5 million to replace the current EB-5 investor visa, aiming to attract wealthy foreign investors
- The program promises to boost the economy through spending, tax revenue, and job creation from wealthy immigrants
- Commerce Secretary Howard Lutnick claims the new program will eliminate fraud associated with the current EB-5 program
- Golden visa programs in other countries have faced scrutiny for enabling criminals and corrupt elites to gain residency
- Implementation would likely require congressional approval, despite Trump’s claims to the contrary
Trump’s Vision for a “Gold Card” Program
President Donald Trump has unveiled plans for a “Gold Card” visa program that would replace the existing EB-5 investor visa system with a significantly higher price tag of $5 million. The program aims to attract wealthy and successful foreigners who would contribute to the American economy through investment, spending, and employment opportunities. Trump described the initiative during an Oval Office meeting, emphasizing the economic benefits of bringing affluent immigrants to the United States under this new framework.
“They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful,” Trump said in the Oval Office.
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 Potential and Implementation Timeline
Commerce Secretary Howard Lutnick announced that the “Trump Gold Card” would replace the EB-5 program within two weeks. The existing EB-5 program, established in 1990, requires foreign investors to put at least $800,000 into U.S. commercial enterprises and create or preserve 10 full-time jobs for American workers. The new program would significantly increase the investment requirement to $5 million while offering what Trump described as “green card privileges” and a pathway to citizenship for wealthy individuals.
“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.
Trump suggested the potential for selling 10 million “gold cards” to reduce the national deficit, though experts question whether demand would reach such levels. Approximately 8,000 people obtained investor visas in the fiscal year ending September 30, 2022, according to the Department of Homeland Security. The primary markets for such investment-based immigration programs typically include China, the Middle East, and Russia.
Concerns and Criticisms
Critics have raised concerns about the ethical implications of essentially selling U.S. citizenship to the wealthy. Similar “golden visa” schemes in countries like Cyprus and the United Kingdom have been discontinued due to issues with criminals and corrupt elites exploiting the programs. The U.K.’s former Home Secretary Suella Braverman noted that a review of visa recipients revealed disturbing patterns of potential misconduct.
Transparency International has warned that such programs can be appealing to criminals seeking legitimacy and has called for stronger regulation or outright bans. However, Dr. Kristin Surak from the London School of Economics suggested that the U.S. might be better positioned to manage such risks due to its size and existing immigration procedures. She noted, “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.”
Legal and Procedural Hurdles
While Trump has claimed the “gold card” program could be implemented without congressional approval, legal experts disagree. The power to create new visa categories lies with Congress, requiring legislation and approval. The Constitution gives Congress authority over naturalization and citizenship qualifications, meaning any new pathway to citizenship would likely require congressional action. The Congressional Research Service has already highlighted risks of fraud in the existing EB-5 program, particularly regarding the verification of funds’ legitimacy.
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