In a bold move that has stirred both excitement and controversy, President Donald Trump unveiled his new "gold card" program, aimed at wealthy foreigners seeking a fast track to U.S. residency. Announced aboard Air Force One on April 3, 2025, the gold card will be available for purchase at a staggering price of $5 million, a significant revamp of the existing EB-5 visa program.
Trump, who claimed to be the first buyer of the card, described it as a way for affluent migrants to gain permanent residency while also contributing to the U.S. economy. "For $5 million, this could be yours," he told reporters, holding up the shiny gold card emblazoned with his image and the words "The Trump Card." He added, "That was the first of the cards. You know what that card is? It’s the gold card — the Trump card." The card is designed to attract wealthy individuals who can invest significantly in the American economy.
The gold card initiative is part of a broader overhaul of the EB-5 visa program, which allows foreign nationals to obtain green cards by investing at least $1 million in U.S. businesses. This program has been in place since the 1990s, but Trump’s proposal simplifies the process and removes previous preferences for investments in rural or high-unemployment areas.
Commerce Secretary Howard Lutnick, who has been vocal about the potential of the gold card, reported that more than 1,000 cards had already been sold, raising approximately $5 billion in just one day. He emphasized that around 37 million people worldwide are financially capable of purchasing a gold card. Lutnick explained, "There’s a line for EB-5 of 250,000 right now. 200,000 of these gold green cards [at $5 million] is $1 trillion to pay down our debt," referring to the current national debt of $36.5 trillion.
However, the announcement of the gold card comes at a time of economic uncertainty, as Trump's recent tariffs on global trade have led to significant market volatility. Following the tariffs, the S&P 500 experienced its worst day since 2020, dropping 4.8 percent, with major tech stocks like Apple and Amazon taking substantial hits. Critics of the gold card program have raised concerns about potential corruption and the ethical implications of selling residency to the wealthy.
Trump's remarks about the gold card came while he was en route to Florida for a LIV Golf tournament at his resort. The president has often touted the benefits of attracting wealthy immigrants, arguing that they will contribute to the economy by spending money and paying taxes. He 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, and we think it’s going to be extremely successful."
Despite the potential financial benefits, government watchdog groups have voiced concerns about the implications of such a scheme. They argue that similar programs in other countries have been exploited for money laundering and political favoritism. Critics warn that the gold card could further entrench economic inequality and create a system where only the wealthy can access U.S. residency.
As the gold card program prepares for its launch in the coming weeks, the implications for U.S. immigration and the economy remain to be seen. Supporters of the initiative believe it could provide a much-needed influx of cash to help address the national debt, while opponents fear it could undermine the integrity of the immigration system.
In the wake of his announcement, Trump faced questions from reporters about the broader economic impact of his tariffs. He described the current economic situation as a "sick patient" that he inherited, suggesting that the tariffs were necessary to rectify previous economic mismanagement. "It was a sick patient that went through an operation on 'Liberation Day,'" he stated, referring to the day he announced the tariffs. "It’s gonna be a booming country ... It’s going to be amazing, actually. We see it because we have trillions of dollars committed to come in."
As the gold card program unfolds, it will undoubtedly continue to generate debate and discussion among policymakers, economists, and the public. Will this new approach to immigration prove beneficial for the U.S. economy, or will it exacerbate existing inequalities? Only time will tell as the program prepares to launch.
