Trump’s $5M ‘Gold Card’ Visa: A Citizenship Pathway

In a move that could significantly reshape U.S. immigration policies, President Donald Trump announced plans to introduce a “gold card” visa program. This initiative, aimed at attracting affluent individuals, would offer a potential pathway to U.S. citizenship for $5 million, and is poised to replace the 35-year-old EB-5 visa program for investors. Trump expressed confidence in the program’s success, stating, “I happen to think it’ll sell like crazy. It’s a market.”

During the initial meeting with his second-term Cabinet, President Trump proposed that revenue from this program could contribute to reducing the national debt. “If we sell a million, that’s $5 trillion dollars,” he explained, emphasizing the anticipated high demand from the business community due to a “thirst” for such opportunities. Commerce Secretary Howard Lutnick, also present at the meeting, noted that the initiative would replace the established EB-5 program, which has been used to grant U.S. visas to investors contributing around $1 million to companies employing no less than 10 people. Lutnick criticized the EB-5 scheme as “poorly overseen, poorly executed” over the years.

The creation of the “gold card” visa could result in a significant shift in U.S. immigration strategy, although it’s not without global precedent. Various countries in Europe and beyond offer “golden visas,” allowing affluent individuals to purchase immigration status in desirable locales. While Congress sets the requirements for U.S. citizenship, Trump declared that the “gold cards” would not necessitate congressional approval.

President Trump explained that potential recipients of this new visa would be individuals who are affluent, successful, and capable of significant economic contributions through spending, taxation, and job creation. The advisory firm Henley & Partners reports that over 100 countries worldwide offer similar “golden visas” to wealthy investors, including major nations like the United States, United Kingdom, Canada, and Australia. Despite the existence of these international programs, Trump insisted that the U.S. remains a uniquely desirable destination for such investors. “No other country can do this because people don’t want to go to other countries. They want to come here,” he claimed.

Commerce Secretary Lutnick pointed out that the proposed “gold card,” akin to a green card or permanent residency at its inception, would elevate the cost for investors and eliminate issues such as fraud that have plagued the EB-5 program. Unlike the EB-5, the new initiative includes a citizenship pathway, setting it apart. As far as vetting potential candidates for the “gold card,” Trump acknowledged that the process is still in development. Addressing potential restrictions based on nationality, Trump indicated that the program might not impose country-based limitations, though individual cases might be considered.

The Department of Homeland Security noted that around 8,000 investor visas were issued in the 12-month span ending September 30, 2022. Meanwhile, a Congressional Research Service report from 2021 highlighted the EB-5 program’s vulnerability to fraudulent practices and challenges in verifying legal fund acquisition. While Trump did not elaborate on job creation requirements tied to the new visa, he speculated that selling as many as 10 million “gold cards” could play a role in reducing the national deficit. “It could be great, maybe it will be fantastic,” he mused.

President Trump characterized the initiative as similar to a green card in terms of residency but elevated in prestige and economic impact. He described it as a pathway to citizenship, specifically tailored to attract individuals of wealth and exceptional talent. Through this program, corporations could sponsor high-talent individuals, thus securing long-term residence in the United States for them.