In an upcoming move, President Donald Trump is set to introduce a “gold card” visa initiative that could provide a path to U.S. citizenship for an investment of $5 million. This new program is designed as a replacement for the existing scheme that offers U.S. visas to investors, with the requirement to invest around $1 million in a business that creates at least 10 jobs. The concept aligns with “golden visa” programs in countries like Canada, New Zealand, and Malta, where participants pay a fee or make significant investments to secure residency in sought-after destinations.
Typically, these “golden visa” schemes have varying frameworks leading to permanent residency and have produced mixed outcomes in boosting economic investment. The specifics of who will be eligible for Trump’s “gold card” and the application process are expected to be revealed shortly as Commerce Secretary Howard Lutnick has indicated the replacement of the existing program will be effected within two weeks. For now, details about the cost have been released, specifying the price tag of $5 million.
Recipients of the “gold card” are expected to be affluent and successful individuals who will contribute substantially through taxes and job creation. Furthermore, both individuals and companies will be eligible to purchase these “gold cards,” expanding the scope of potential applicants.
The U.S. currently offers the EB-5 Immigrant Investor Program, initiated by Congress in 1990, which aims to stimulate job creation and foreign investment. This program grants visas and possible permanent residency to those investing approximately $1 million in enterprises that employ at least ten people. Most recent statistics indicate that about 8,000 investors took advantage of this visa route in the year ending September 2022.
Globally, over 100 nations have engaged in similar investor residency arrangements, as highlighted by Henley & Partners, a firm advising on citizenship programs. Countries such as the U.S., UK, Spain, Greece, and Italy have been involved, although some have either tightened regulations or discontinued their schemes due to various challenges like rising real estate prices or security risks.
For instance, Spain recently terminated its program amid criticism for increasing property costs, and the UK ended its version over security implications in 2022. Despite these factors, Trump’s proposed “gold card” may attract interest, contingent upon the final outlines of the initiative.
Basil Mohr-Elzeki, from Henley & Partners North America, notes that while the program’s success depends heavily on its structure rather than the investment amount, there could still be substantial interest, with the anticipation resting on upcoming details.
The overall popularity of such programs is often dictated by lower residency requirements, offering potential investors the flexibility to reside in multiple countries. Thus, while it could draw investors to the U.S., many will likely seek options to live in various international locales for broader access.
As the implementation of the “gold card” program approaches, questions arise about the fate of those already engaged in the existing EB-5 program. Typically, participants are absorbed into the new system; however, there is uncertainty if this will occur in this instance. Originally extended until 2027, the EB-5 program changes would require Congressional approval, yet Trump asserts that gold cards can be realized without legislative action.
