In a bold move to reshape immigration policy, U.S. President Donald Trump on February 25, 2025, announced the introduction of the "gold card" visa, an innovative approach allowing foreign investors to secure permanent residency—and a potential pathway to citizenship—through a $5 million investment.
During an appearance on the All-In Podcast, U.S. Commerce Secretary Howard Lutnick reported significant demand for the program, revealing that on a single day, 1,000 gold cards were sold. “There are 37 million people in the world who are capable of buying the card,” he stated, sharing confidence in the program’s potential for success. Trump, he noted, believes they can sell up to a million gold cards.
The genesis of the gold card idea originated from a conversation between Trump and financier John Paulson. Lutnick explained that he had been brought in to develop the concept further, mentioning that tech magnate Elon Musk was currently working on the software necessary to implement the program.
“Elon Musk is building the software for it right now, and then it goes out in about two weeks,” Lutnick said, underscoring the urgency to push the initiative forward.
The gold card, intended to replace the existing EB-5 visa program established in 1990, enables high-net-worth individuals to gain permanent residency in the United States by meeting the steep financial requirement. The EB-5 program historically required investors to invest either $1 million or $800,000 in a targeted employment area in exchange for a green card. In 2024 alone, more than 4,500 EB-5 visas were issued, demonstrating robust interest in this pathway.
Trump emphasized that the gold card program aims to open doors for industrious individuals. Speaking about its implications during a recent joint session of Congress, he asserted, “Our country will bring in brilliant, hardworking, job-creating people.” He added that acquiring a gold card could significantly aid in reducing the national debt, with projections estimating that if one million cards are sold, the program could generate up to $5 trillion for the U.S. government.
Despite the optimistic outlook, experts have raised concerns about the scheme’s feasibility. According to immigration lawyer Prashant Ajmera, interest from Indian applicants is more anecdotal than actionable, with the preference for residency options gravitating towards other countries due to favorable conditions there. “The primary applicants for these residency and citizenship visas tend to be Russians and Chinese, largely due to geopolitical factors in their home countries,” Ajmera indicated to Business Standard.
Varun Singh, managing director of XIPHIAS Immigration, also weighed in on the potential fallout from displacing the EB-5 program, which he deemed essential for Indian investors. “The removal of the EB-5 visa program would be a severe blow to Indian investors, the U.S. economy, and bilateral ties,” he said, highlighting that the program provided a direct route for families facing prolonged wait times for other types of visas.
“Indian investors may now turn to other global residency programs such as Greece’s Golden Visa, Portugal’s Golden Visa, and investor schemes in the UAE and Canada,” Singh warned. These international alternatives often feature lower investment thresholds and quicker processing times, thereby rendering them more appealing to high-net-worth individuals.
Meanwhile, reactions from the business elite regarding the gold card have been mixed. A survey conducted by Forbes revealed that among the wealthy, skepticism looms over the program's attractiveness. Of the 18 billionaires interviewed across continents, 13 expressed disinterest in acquiring a gold card, with only a couple of respondents considering it a potential option. One Canadian billionaire distilled the sentiment: “If you’re a billionaire, you don’t need it.”
Trump's initiative, nonetheless, presents a significant shift in the immigration landscape, potentially altering how the U.S. attracts foreign investors and talent. As the rollout date approaches in two weeks, all eyes will be on the reception of this ambitious proposal from both potential investors and industry experts who remain cautious about its implications on future immigration policy and bilateral relations.
In closing, the gold card program, by providing a fast track to residency for the affluent, encapsulates the ongoing conversation around the nuances of wealth, citizenship, and the evolving priorities of the U.S. immigration system.
