U.S. President Donald Trump made waves on Tuesday with his announcement of a new residency program dubbed the 'gold card,' which would allow wealthy foreign investors to purchase their way to American citizenship for $5 million. This initiative aims to replace the existing EB-5 visa program, which has been criticized for enabling fraud and offering low investment thresholds.
During a briefing held at the Oval Office, Trump mentioned, "We are going to be selling a gold card. We are going to be putting a price on this card of about $5 million." He emphasized the benefits of the gold card, stating, "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 and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful.”
The current EB-5 visa program permits foreign investors who put significant capital (ranging from $800,000 to over $1 million) toward U.S. businesses to gain permanent residency. While this program was intended to stimulate job creation and capital investment, it has been beset by allegations of fraud and ineffectiveness. Commerce Secretary Howard Lutnick voiced support for the transition, stating, "The EB-5 program ... it was full of nonsense, make believe and fraud...We've decided to replace it with the Trump gold card.”
Trump's gold card proposal is likely poised to attract affluent individuals from around the world, effectively creating what has been termed as "a green card plus." Applicants seeking the gold card would still undergo the standard vetting process mandated by the U.S. Citizenship and Immigration Services (USCIS) to assess their qualifications. The president mentioned the potential for issuing anywhere between one to ten million of these cards, depending on demand.
The timing of this announcement also bears significance, as the Biden administration's expanded immigration pathways for Central and Southern Americans have come under scrutiny. Trump's proposal could reshape immigration dynamics, particularly for those with financial means. He underscored the necessity for new avenues of investment, indicating, "You’re getting big taxpayers, big job producers, and we’ll be able to sell maybe a million of these cards, maybe more than as well.”
Interestingly, Trump's remarks indicated the potential eligibility of foreign oligarchs, saying, "Yeah, possibly. Hey, I know some Russian oligarchs who are very nice people." This comment sparked discussions about the influence of international wealth on U.S. immigration policy.
The gold card initiative is expected to launch within weeks, potentially as early as two weeks after the announcement. Nevertheless, Trump's administration recognizes the necessity of Congressional approval to abolish the EB-5 program officially and introduce the gold card. While the president possesses executive powers, the legislative route must still be followed, as the EB-5 program's authorization was renewed by Congress as recently as 2022.
William Abernathy, a well-known immigration attorney, shared his initial reaction to the announcement, describing the plan as "really interesting,” yet also highlighting the hurdles stemming from existing legislative frameworks surrounding U.S. visas. Legal experts suggest numerous factors could affect how swiftly Trump’s proposed program could be enacted, especially considering the necessity of amending current laws.
Many stakeholders have expressed opinions about the gold card proposal. Corporate law attorney Florian Hauswiesner mentioned, "President Trump is correct to note the current EB-5 program's flaws and abuses... A 'gold card' would level the playing field to attract successful entrepreneurs and their families to America.”
Meanwhile, proponents of the EB-5 program argue its current structure improved with necessary reforms. Critics worry the gold card’s hefty price tag could exacerbate inequalities and privilege only the wealthy elite. But Trump's administration maintains this change is imperative to rejuvenate the U.S. economy, especially as existing systems have proven cumbersome to international investors.
Looking forward, the government would need to inform the public about how the gold card program will operate, including the full details of the application process, qualification requirements, and the stringent vetting method intended to prevent abuse. What remains certain is the evolution of U.S. immigration policy amid shifting political landscapes, with the gold card representing Trump's bold vision of capital-infused citizenship.