Donald Trump is making headlines with the introduction of a new immigration initiative called the Gold Card visa, which requires prospective applicants to pay a substantial $5 million for U.S. citizenship. This program is being positioned as a direct replacement for the existing EB-5 visa, which has been a popular pathway for foreign investors to obtain residency in the U.S. The announcement comes at a time when the administration is also focusing on addressing illegal immigration.
According to U.S. Commerce Secretary Howard Lutnick, during a recent episode of the All-In Podcast, approximately 1,000 Gold Cards worth $5 million each are being sold each day. Lutnick elaborated that there are about 37 million people globally who have the capability to purchase the card, and Trump believes that selling a million of these could generate a whopping $5 trillion. "There are 37 million people in the world who are capable of buying the card... The president thinks we can sell a million," Lutnick stated.
The idea for the Gold Card visa reportedly originated during a meeting between Trump and investor John Paulson. Lutnick mentioned that he was brought on board to help in the implementation of this concept, stating, "I figured out how to do it." Notably, tech mogul Elon Musk has also been mentioned in connection with this initiative, as he is said to be developing the necessary software for the application process.
Those who purchase the Gold Card will gain permanent U.S. residency, similar to what is provided by the standard green card. Although the Gold Card holders will have the option to pursue citizenship, many may choose not to, likely aiming to avoid the complexities of U.S. global taxation, according to Lutnick.
In place of traditional EB-5 visas, which were established in 1990, the Gold Cards aim to attract more affluent immigrants. Under the previous EB-5 program, an investment of at least $1 million was required, or $800,000 if investing in a targeted employment area, in a venture that must employ at least 10 workers. In 2024 alone, over 4,500 EB-5 visas were issued in the U.S.
On a broader scope, Trump believes the Gold Card initiative will significantly strengthen the U.S. economy. During a recent press conference, he remarked that the introduction of the Gold Card would bring in wealthy individuals who would not only settle in the U.S. but also contribute economically. He elaborated, "And 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, and we think it’s going to be extremely successful.”
Furthermore, Lutnick pointed out that the funds generated from the sale of these Gold Cards would play a pivotal role in addressing the U.S. national debt, which currently stands at around $36.2 trillion. Discussing the intent behind the program, he stated that its primary aim is to reduce this staggering deficit.
Despite the program's potential benefits, there are ongoing debates about its accessibility and the high cost that may limit participation to the wealthy elite. Critics are expressing concern that such initiatives might further widen socio-economic disparities within the United States. Some have labeled the Gold Card a “pay-to-play” strategy in immigration, raising questions about the fairness of allowing individuals to acquire citizenship based solely on financial capability.
However, the prospect of generating substantial income for the economy is enticing to many in the business community. Trump's administration, which has historically leaned towards pro-business policies, sees the potential to stimulate job creation and economic growth through this initiative. Lutnick's claim of raising $5 billion just by selling 1,000 Gold Cards in a single day underscores the demand and interest in such a program.
Many are looking ahead to see if the Gold Cards will achieve their financial targets and whether they will be widely accepted by wealthy investors around the globe. The program has the potential to attract significant foreign investment, and if successful, could revamp the manner in which the U.S. handles immigration for those looking to contribute economically.
As the Gold Card initiative rolls out, it remains crucial for the administration to manage the accompanying public dialogues regarding its implications for immigration rights, economic impacts, and social equity. With no caps set on the number of Gold Cards that can be issued, the future of this program could reshape the landscape of immigration as we know it.
In conclusion, Donald Trump's Gold Card initiative marks a significant turn in the U.S. immigration narrative, positing wealth as a pathway to residency and economic participation. Whether this plan will succeed in attracting high-net-worth individuals, enhancing the U.S. economy, and addressing the national debt remains to be seen.
