President Trump’s proposed $5 million “Gold Card” visa program aims to replace the current EB-5 investor visa, targeting wealthy global investors while raising concerns about potential exploitation by criminals and corrupt elites.
Key Takeaways
- Trump’s “Gold Card” visa would cost $5 million, replacing the current EB-5 investor program with a focus on attracting wealthy global investors
- The plan aims to generate economic benefits through spending, taxes, and job creation from high-net-worth immigrants
- Critics warn of potential exploitation by criminals, citing examples of similar programs in other countries that were later revoked
- Commerce Secretary Howard Lutnick claims the Gold Card would eliminate fraud associated with the current EB-5 program
- The proposal faces questions about congressional approval requirements and potential economic impact
Trump Unveils $5 Million “Gold Card” Visa Program
President Donald Trump announced plans to introduce a “Gold Card” visa program with a $5 million price tag, designed to replace the current EB-5 investor visa that has been in place since 1990. The new visa would offer wealthy foreign investors a green card with privileges and a path to American citizenship. Commerce Secretary Howard Lutnick confirmed the administration intends to launch the program within two weeks, positioning it as a premium immigration option for high-net-worth individuals from around the world.
The “Trump Gold Card” targets successful individuals who would contribute significantly to the American economy. “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,” Trump stated during an Oval Office announcement. The administration believes this investment-based immigration approach could potentially help reduce the national deficit while attracting global capital to American shores.
Trump to introduce 'gold card' visa for wealthy investors with $5 million price tag: 'Route to citizenship' https://t.co/xa3KD7xriC
— FOX Business (@FoxBusiness) February 26, 2025
Addressing Fraud Concerns and Program Requirements
A key selling point for the Gold Card program, according to administration officials, is addressing alleged fraud in the existing EB-5 program. The current investor visa requires a significantly lower investment threshold—between $800,000 and $1.05 million—and mandates the creation or preservation of at least 10 full-time jobs for American workers. The Congressional Research Service has highlighted risks in the existing program, particularly regarding the verification of investment funds’ legitimacy.
“It was a way to get a green card that was low price. So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card,” said Lutnick.
In fiscal year 2022, approximately 8,000 people obtained investor visas through the EB-5 program, according to the Homeland Security Department. Trump has suggested the potential to sell up to 10 million “gold cards” under the new program, though he did not specify job creation requirements that would accompany the increased investment threshold. The administration has also indicated that companies might fund these visas for particularly talented individuals.
International Precedents and Potential Concerns
The concept of “golden visas” is not unique to the United States. Over 100 countries worldwide have implemented similar programs, with varying degrees of success and controversy. Notably, both Cyprus and the United Kingdom have revoked their golden visa schemes due to concerns about exploitation by criminals and corrupt elites. The biggest demand for such programs traditionally comes from China, the Middle East, and Russia—raising questions about proper vetting of applicants.
Transparency International, a global anti-corruption organization, has warned that such schemes particularly appeal to criminals seeking to legitimize ill-gotten gains through investment immigration programs. However, some experts believe the United States’ size and existing immigration procedures might mitigate these concerns. Dr. Kristin Surak from the London School of Economics told Newsweek, “The U.S. is such an enormous country, both economically and in terms of migration flows, that the problems that golden visas might bring will barely move the needle.”
Implementation Challenges and Legal Questions
Questions remain about Trump’s authority to implement such a program without congressional approval. While the president claimed the Gold Card could be established quickly through executive action, immigration laws typically require legislative approval. The Constitution gives Congress the power to establish uniform rules of naturalization, meaning any new pathway to citizenship would traditionally require congressional authorization.
The $5 million price point has also surprised some experts in the investor visa field. Dr. Surak noted this high threshold might limit participation, though she suggested demand could remain significant even at much higher price points. When asked about potential applicants, Trump confirmed that Russian oligarchs could be eligible for the program, raising additional questions about sanctions compliance and national security considerations as the administration moves toward implementation.
