President Donald Trump announced plans on Tuesday to introduce a new visa program, called the “Trump Gold Card,” which will offer a path to U.S. citizenship for wealthy investors willing to pay $5 million. This initiative is set to replace the EB-5 visa program that has been in operation for over three decades.
In a statement from the Oval Office, Trump highlighted the benefits he anticipates from the new visa option. “These individuals will be affluent and successful, contributing significantly to the economy by spending money, paying taxes, and creating jobs,” he expressed, confident in the potential of the program’s success.
Commerce Secretary Howard Lutnick explained that the “Trump Gold Card” would phase out the EB-5 visas within a fortnight. Instituted by Congress in 1990, EB-5 visas were aimed at promoting foreign investment by requiring applicants to invest around $1 million in a business that creates at least ten jobs. Lutnick emphasized that the gold card, effectively a green card offering permanent residency, would increase the entry cost for investors and address issues associated with fraud and inefficiencies reportedly affecting the EB-5 program. Like existing green cards, it offers a route to citizenship.
According to the latest Yearbook of Immigration Statistics from the Homeland Security Department, nearly 8,000 individuals acquired investor visas in the 12 months leading up to September 30, 2022. The Congressional Research Service had previously noted in 2021 that the EB-5 program faced challenges related to fraudulent activities, particularly the verification of the legitimacy of the funds invested.
Globally, investor visas are commonplace. Henley & Partners, a firm specializing in immigration investment, states that over 100 countries offer “golden visas” to affluent individuals, including nations like the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy.
While Trump did not elaborate on specific job creation requirements for the new visa, he speculated that selling up to 10 million “gold cards” could significantly impact the national deficit, suggesting it could bring significant revenue. “It resembles a green card but operates on a more sophisticated level, providing a citizenship pathway for those of wealth or exceptional talent,” he noted. “Businesses could potentially sponsor talented individuals by covering their gold card purchase, thus offering them a long-term presence in the U.S.”
While Congress traditionally sets the criteria for citizenship, Trump asserted that the inception of “gold cards” would not necessitate congressional approval.
