President Donald Trump announced plans on Tuesday to introduce a $5 million "gold card" visa that would grant wealthy individuals permanent residency in the United States, replacing the long-standing EB-5 investor visa program. Speaking from the Oval Office, Trump said the initiative would attract affluent investors who would contribute significantly to the U.S. economy through spending, taxation, and job creation.
"We're going to be selling a gold card," Trump stated. "Wealthy people will be coming into our country by buying this card. They'll be wealthy and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people." Trump suggested that the U.S. could potentially sell a million or more of the cards, asserting that the initiative could bring in billions in revenue.
Commerce Secretary Howard Lutnick confirmed that the new visa program would replace the EB-5 system within two weeks. The EB-5 program, which was created by Congress in 1990, currently allows foreign investors to obtain a green card if they invest a minimum of $1 million in a U.S. business that creates at least 10 jobs. Trump's proposal, in contrast, eliminates the job creation requirement, allowing individuals to obtain residency solely through financial contribution.
Lutnick emphasized that the change would reduce risks of fraud associated with the EB-5 system, which has faced scrutiny over verifying the legality of investment funds. "The gold card would raise the price of admission for investors and do away with fraud and 'nonsense' that have plagued the EB-5 program," Lutnick said. The new visa would, like other green cards, provide a pathway to U.S. citizenship.
Trump's proposal follows a broader trend of "golden visa" programs globally. According to Henley & Partners, over 100 countries, including the U.K., Spain, Australia, and Canada, offer similar residency schemes that allow wealthy individuals to secure citizenship or long-term visas through investment. However, most of these programs require some form of economic contribution beyond a direct payment, such as real estate purchases or business investments.
Unlike the EB-5 visa, which caps the number of green cards issued, Trump suggested that the government could sell millions of "gold cards" to help reduce the federal deficit. "It's somewhat like a green card, but at a higher level of sophistication," he explained. "It's a road to citizenship for people, and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long-term status in the country."
It remains unclear whether Trump has the authority to unilaterally replace the EB-5 visa program or whether congressional approval would be required. Historically, Congress has determined the qualifications for U.S. citizenship and legal residency. While Trump asserted that "gold cards" would not require legislative approval, legal experts have raised questions about whether the program could be implemented without changes to existing immigration law.
The EB-5 program has been controversial in recent years due to allegations of fraud and concerns that it disproportionately benefits wealthy foreign nationals without clear economic benefits for American workers. According to the Department of Homeland Security's Yearbook of Immigration Statistics, about 8,000 EB-5 visas were issued in the 12-month period ending September 30, 2022. A 2021 report from the Congressional Research Service noted that the program had been associated with cases of investment fraud and difficulties in verifying whether funds were obtained legally.
Trump's announcement comes amid ongoing debates over the future of U.S. immigration policy. The administration has taken a hardline stance on illegal immigration while simultaneously exploring ways to attract high-net-worth individuals. The president previously suggested that any foreign investor willing to commit $1 billion to the U.S. economy would receive expedited permits for residency.
While Trump expressed confidence that the "gold card" visa would be "fantastic," he acknowledged that details remain to be finalized. It "could be great, maybe it will be fantastic," he said. The administration has yet to provide specifics on how many visas would be issued annually or how the revenue generated from the program would be allocated.
