United States President Donald Trump announced on Tuesday a new immigration initiative aimed at attracting affluent foreign investors: a “gold card” visa available for $5 million, providing permanent U.S. residency and a pathway to citizenship.
Reuters reports that the program is set to replace the existing EB-5 Immigrant Investor Program, which has been in place since 1990.
“Wealthy people will be coming into our country by buying this card,” he stated. “They’ll be spending a lot of money, paying a lot of taxes, and employing a lot of people.”
The administration plans to implement this program within the next two weeks.
Commerce Secretary Howard Lutnick, present during the announcement, criticized the current EB-5 program, describing it as “full of nonsense, make-believe, and fraud.”
He noted that the “gold card” would raise the investment threshold and streamline the process, aiming to eliminate existing inefficiencies.
“The president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card,” Lutnick explained.
The EB-5 program was established to stimulate the U.S. economy through job creation and capital, requiring a minimum investment of $1 million, or $800,000 in targeted employment areas, and the creation of at least 10 full-time jobs for U.S. workers.
In contrast, the new “gold card” program sets a flat $5 million investment without specifying job creation requirements.
When questioned about the eligibility of individuals such as Russian oligarchs, President Trump acknowledged the possibility, stating, “Yeah, possibly. Hey … .”
Investor visa programs are not unique to the United States; over 100 countries, including the United Kingdom, Spain, and Canada, offer similar “golden visas” to attract foreign investment.
The administration believes that by increasing the investment requirement, the “gold card” will attract high-caliber investors and reduce potential fraud associated with the previous program.
While Congress traditionally determines qualifications for citizenship, President Trump asserted that the “gold card” would not require congressional approval.
He also suggested that the federal government could sell up to 10 million “gold cards” to help reduce the national deficit, stating, “It could be great, maybe it will be fantastic.”
Critics argue that this initiative prioritizes wealth over merit and may not address underlying issues within the immigration system.
Additionally, concerns have been raised about the potential security risks and ethical implications of offering citizenship for a monetary price.
