President Donald Trump has announced his plan to introduce a "Gold Card"—a $5 million residency permit aimed at wealthy foreign investors seeking U.S. citizenship. The announcement was made during a press conference at the White House on February 26, 2025, where Trump described this initiative as replacing the existing EB-5 investor visa program, which has faced criticism for issues related to fraud.
According to Trump, the new Gold Card is set to become available within two weeks and aims to attract wealthy individuals who would contribute to the U.S. economy through spending and job creation. At the press conference, he elaborated on the type of individuals he envisions applying for the Gold Card, stating, "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."
The proposal has raised eyebrows, particularly concerning its lack of detailed vetting procedures for applicants. When asked about the potential eligibility of Russian oligarchs under this scheme, Trump responded jokingly, "Yeah, possibly. I know some Russian oligarchs who are very nice people." This comment highlights the broader concerns about transparency and the potential for misuse of the system.
U.S. Commerce Secretary Howard Lutnick supported the initiative, stating, "It’s somewhat like a green card, but at a higher level of sophistication. It’s a road to citizenship for people of wealth or people of great talent." Lutnick assured the public of intended vetting mechanisms, though specifics were not provided. This approach raises the question of how "wonderful world-class global citizens" would be defined and evaluated.
The Gold Card initiative directly contrasts with the EB-5 visa program established by Congress, which has been operational since 1990. Whereas the EB-5 program requires substantial investment and more stringent job creation criteria, the Gold Card allows for direct purchase, potentially simplifying the process for wealthy investors. Lutnick claimed this transition intends to eliminate fraud and streamline the investment process.
Trump’s administration anticipates the Gold Card could generate considerable revenue for the U.S. economy, touting the possibility of selling up to 10 million Gold Cards. "It could be great, maybe it will be fantastic," Trump remarked, reflecting his optimistic perspective on the program's financial potential.
The global trend of offering investor visas is not unique to the U.S.; countries around the world, including the UK, Australia, and Canada, offer similar incentive programs aimed at attracting wealthy foreign nationals. These so-called "Golden Visas" provide residency and even citizenship opportunities for high-net-worth individuals willing to invest considerable sums.
Despite the optimism surrounding the introduction of Gold Cards, critics have voiced concerns about the potential consequences of such proposals. The EB-5 program itself has previously been criticized for potential fraud, with warnings stemming from the Congressional Research Service about verification issues related to the legality of funds involved.
Trump's current proposal raises serious questions about the integrity of the immigration process. While selling American citizenship is not new, the lack of clear standards and potential for high-level corruption proposes substantial risks. The federal government under Trump previously attempted to impose higher investment thresholds for EB-5 visas, which faced legal challenges. Now, with the introduction of the Gold Card, there appears to be another attempt to modify pathways to U.S. residency based on the financial capability of applicants rather than their contributions to job creation.
The public response to Trump’s Gold Card announcement is anticipated to develop rapidly, particularly with respect to its proposed implementation timeline. The administration has provided no details on how this market for Gold Cards would operate, nor has it clarified the path to citizenship conditions amid concerns over foreign influence and financial interests within U.S. policy.
While Congress retains the power to set legal qualifications for citizenship, Trump has claimed the Gold Card program would not require congressional approval, which is likely to add to the controversy surrounding the initiative. Further announcements are expected within the next few weeks, as details about the implementation and operational guidelines are developed.
The prospect of the Gold Card concept adds another layer of complexity to the already contentious U.S. immigration system. With the country facing numerous challenges, the approach of monetizing citizenship through the sale of Gold Cards remains to be seen, particularly amid public skepticism over prioritizing wealth over established immigration standards.