In a recent announcement from Washington, President Donald Trump introduced the concept of a new “gold card” visa, which aims to offer a route to U.S. citizenship for a price tag of $5 million. This initiative is poised to replace the long-standing 35-year-old investor visa program known as EB-5.
President Trump expressed optimism about the new venture, stating, “I happen to think it’ll sell like crazy. It’s a market,” signaling strong confidence in the program’s marketability. Trump also highlighted the program’s potential financial benefits, suggesting it could significantly contribute to reducing the national debt. “If we sell a million, that’s $5 trillion dollars,” he remarked, indicating a high demand within the business sector.
Commerce Secretary Howard Lutnick supported this initiative during a Cabinet meeting, suggesting it would serve as a fresh alternative to the EB-5 program. This current program grants U.S. visas to investors who put in around $1 million in a business employing at least ten people but has faced criticism for being poorly managed. Lutnick expressed optimism that the gold card program would avoid the pitfalls of fraud and inefficiency associated with its predecessor.
Although transitioning the focus of U.S. immigration policy could be seen as a substantial change, similar systems are already in place in various countries around the world. European countries and other regions offer what are commonly referred to as “golden visas,” which allow individuals to secure residency or citizenship through financial investments.
President Trump assured that the gold card program would not necessitate legislative approval from Congress and emphasized the potential benefits of attracting wealthy and successful individuals to the U.S. He stated, “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.”
Advisory firm Henley & Partners notes that over 100 countries currently provide “golden visas” for affluent investors, highlighting nations such as the United Kingdom, Spain, Greece, Malta, and more. Trump’s comments reinforced his belief in a robust demand for such visas in the U.S., as opposed to other countries.
Lutnick further outlined that the introduction of the gold card visa could offer a clearer path to citizenship than the existing EB-5 program, which has been criticized for its susceptibility to fraudulent practices. This sentiment is echoed by previous assessments from the Congressional Research Service and legal changes enacted in 2022 aiming to mitigate such risks.
Details on the operational framework and requirements of the gold card program remain somewhat unclear, especially concerning traditional EB-5 targets such as job creation. However, President Trump speculated on the prospects of selling millions of such visas, potentially mitigating the federal deficit.
In describing the essence of the program, Trump described it as “somewhat like a green card, but at a higher level of sophistication,” stressing both the financial and talent-driven aspects of the visa. The proposal foresees companies purchasing these gold cards to secure long-term residency options for talented individuals, furthering economic and cultural contributions to the country.
