President Donald Trump has announced the introduction of the 'Trump Gold Card' visa, aimed at wealthy investors, which will replace the current EB-5 investor visa program.
During his announcement made at the Oval Office, Trump stated, "We're going to be selling a gold card, and we're going to be putting a price on it of about $5 million." The Gold Card is touted to provide holders with Green Card privileges and serve as a pathway to U.S. citizenship, making it significantly more exclusive than the EB-5 program, which currently requires investments starting at $800,000.
Commerce Secretary Howard Lutnick backed the new proposal, describing the EB-5 program as "underpriced" and riddled with issues. He remarked, "It was full of nonsense, make-believe, and fraud," adding, "Rather than having this sort of ridiculous EB-5 program, we're going to end it and replace it with the Trump Gold Card." Lutnick confirmed the Gold Card program could launch within two weeks.
Trump emphasized the economic benefits of the new program, asserting, "Wealthy people will be coming to our country by buying this card. They'll be wealthy and they'll be successful, and they'll be spending a lot of money, paying taxes, and employing people." The potential influx of affluent individuals to the U.S. is positioned as advantageous for the economy.
One contentious moment occurred during the press conference when Trump was questioned about the eligibility of Russian oligarchs for the Gold Card. He stated, "Yeah, possibly. I know some Russian oligarchs; they are very nice people," which raised eyebrows due to the complicated nature of current U.S.-Russia relations.
The EB-5 visa program, enacted by Congress back in 1990, has facilitated permanent residency for foreign investors willing to create jobs for U.S. citizens. According to the U.S. Homeland Security Department, approximately 8,000 people received investor visas during the year leading up to September 2022. Yet, warnings have circulated about the program's vulnerabilities, particularly concerning the verification of investment sources.
Trump’s proposed Gold Card visa not only ramps up the financial requirement but also aims to eliminate the risks of fraud and misuse associated with its predecessor. The drastic uplift to $5 million is expected to reshape how wealth-based immigration operates within the U.S.
Notably, countries around the world—including the U.K., Canada, and Australia—offer similar investor visas, often referred to as "golden visas./" These programs attract wealthy applicants globally, making Trump's introduction of the Gold Card part of a larger trend toward capitalizing on foreign investments.
While the changes could dramatically affect the immigration process for high-net-worth individuals, they also invite discussions about the broader impacts on American society and the economy. Critics may contend this approach favors the wealthy, potentially widening the gap between socioeconomic classes.
Looking forward, more detailed information about the Trump Gold Card and its operational guidelines is expected to be released within the coming weeks, leaving many to speculate about the long-term ramifications of this policy shift.