US President Donald Trump has announced plans to introduce a “gold card” visa, offering a fast-track route to American residency and citizenship for wealthy investors willing to pay $5 million. The proposal, which could replace the existing EB-5 immigrant investor program, is expected to be formally introduced in the coming weeks.
The EB-5 program, established in 1990 and administered by the US Citizenship and Immigration Services (USCIS), allows foreign investors to gain US residency by investing at least $1.05 million (or $800,000 in designated economically distressed areas) in job-creating businesses. Additionally, the program requires investors to create or preserve at least ten permanent full-time jobs for qualified US workers. However, the scheme has been widely criticized for inefficiency and allegations of fraud.
Speaking at the White House, Trump outlined his vision for the new initiative, arguing that it would attract high-net-worth individuals and generate substantial revenue for the country.
“We are going to be selling a gold card,” Trump told reporters. “It’s going to cost around $5 million, and it will give you green card privileges, plus a path to American citizenship.”
The president suggested that the program could be a lucrative revenue stream, estimating that the government could sell up to one million gold cards, raising billions of dollars.
A Direct Route to Citizenship
Under the current system, green cards are typically obtained through employment, family sponsorship, or investment via the EB-5 program. Trump’s proposal would introduce a more straightforward option for affluent individuals looking to secure permanent residency in the United States.
Commerce Secretary Howard Lutnick voiced support for the initiative, dismissing the EB-5 program as outdated and vulnerable to exploitation. “It was a way to get a green card at a low price,” Lutnick said. “The president wants to replace this flawed system with the Trump gold card.”
A Controversial Proposal
Trump’s comments on potential eligibility have already sparked debate. When asked whether Russian oligarchs could purchase a gold card, the president responded, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
Critics argue that the plan could allow foreign elites to buy influence and residency in the US, raising national security and ethical concerns. However, supporters claim it will bring substantial investment and economic benefits.
The EB-5 program has previously been used to finance major real estate developments, including projects linked to the Trump family. During his first term, Trump attempted to increase the minimum investment requirement for the program to $1.8 million, but a federal judge overturned the move in 2021. The Biden administration later set the current investment levels at $1.05 million or $800,000 when it renewed the program in 2022.
Several countries offer similar investor visa schemes. The United Kingdom’s Tier 1 (Investor) visa, for instance, grants residency to foreign nationals who invest between five and ten million pounds.
Further details on the gold card visa are expected to be released in the coming weeks as the Trump administration moves forward with the proposal.
