President Donald Trump is considering launching a “gold card” visa initiative, offering a potential route to U.S. citizenship with a price tag of $5 million. The new scheme would take the place of an established program that grants U.S. visas to investors who invest about $1 million in a business employing at least 10 people. This concept mirrors the “golden visa” programs present in countries such as Canada, New Zealand, and Malta, among others, where participants can secure residency by paying a fee or making a specified investment.
The conditions and procedures differ across various “golden visa” programs globally, and their success in driving economic investment has been mixed. Specifics on the qualifying criteria and application process for Trump’s proposed gold card remain undisclosed. Commerce Secretary Howard Lutnick mentioned the new program would replace the existing one within two weeks, hinting that additional information will be revealed shortly. Trump has indicated that the cost will be $5 million per applicant, predicting that those who secure these visas will be wealthy individuals contributing significantly to the economy through substantial spending, tax contributions, and job creation. Moreover, companies may also have the opportunity to purchase these gold cards.
The U.S. currently offers the EB-5 Immigrant Investor Program, established by Congress in 1990, to stimulate job creation and attract foreign investment. Investors under this program who put around $1 million into a business employing at least ten people can acquire a visa leading to permanent residency. During the year ending September 30, 2022, roughly 8,000 people obtained investor visas via this program, according to data from the Homeland Security Department’s Yearbook of Immigration Statistics.
Globally, Henley & Partners, a firm advising on investment-linked citizenship or residency, states that over 100 countries have offered “golden visas” to affluent individuals and investors. This list includes nations like the United States, United Kingdom, Australia, Canada, and Italy, though some have since revised or terminated these programs. Requirements in different countries may involve the purchase of a property, financial investments, or job creation. While some programs have successfully met investment objectives, they do not always have a lasting presence. For instance, Spain discontinued a scheme due to rising real estate prices, and the United Kingdom ended its program in 2022, citing security concerns.
As for Trump’s “gold visa” plan’s efficacy in attracting U.S. investment, its success remains uncertain. Although the $5 million price might seem high, there may still be considerable interest. However, clear parameters are yet to be disclosed. Such programs could potentially help nations achieve investment goals based on their intentions and execution parameters. While demand might be high, the program’s success hinges less on the investment cost and more on how it is administered. Programs tend to gain popularity with lower residency requirements since wealthy individuals globally favor having diverse options for residency across different regions.
Looking forward, if this new program is to succeed the current EB-5 arrangement shortly, the fate of individuals already engaged in the existing scheme is uncertain. Typically, these individuals transition or are “grandfathered” into the new program; however, this might change. Notably, Congress extended the EB-5 program through 2027, implying legislative intervention would be necessary to alter its official status. Nonetheless, Trump maintains that gold cards would not necessitate Congressional approval.
