United States President Donald Trump has introduced a new immigration policy, the “$5 million Gold Card” residency permit, aimed at attracting wealthy foreign investors. This initiative is expected to replace the existing EB-5 visa and provide a direct pathway to American citizenship.
Here are the 4 key details to Know about the Gold Card
What is the ‘Gold Card’ Visa and Who is Eligible?
The Gold Card visa is designed for high-net-worth individuals seeking U.S. permanent residency and a faster route to citizenship. Unlike the traditional green card, this premium visa offers exclusive privileges and a streamlined naturalization process.
Trump emphasized its superiority, saying, “You have a green card; this is a gold card.”
To qualify, applicants must demonstrate substantial financial resources, though specific job-creation requirements have not been outlined. Trump assured that all candidates would undergo strict vetting to ensure they are “wonderful, world-class global citizens.”
When asked if Russian oligarchs could apply, Trump responded, “Possibly. I know some Russian oligarchs who are very nice people.”
Unlike the EB-5 visa, which is capped at 10,000 issuances per year, Trump suggested there might be no limit on Gold Card visas. He even proposed issuing 10 million visas as a strategy to help reduce the U.S. national deficit.
Why Replace the EB-5 Visa?
The EB-5 visa, introduced in 1990, allows foreign investors to secure a green card by investing at least $1 million in a U.S. business that creates a minimum of 10 jobs. However, Trump’s Commerce Secretary, Howard Lutnick, criticized the program for being riddled with “nonsense” and “fraud.”
“The EB-5 program was a way to get a green card at a low price, and it was full of make-believe and fraud,” Lutnick said, justifying the need for its replacement.
Cost and Benefits of the ‘Gold Card’ Visa
Each Gold Card visa will cost $5 million per applicant. While additional details are expected in the coming weeks, the program is projected to offer a more efficient and potentially faster pathway to U.S. citizenship compared to traditional green cards, which require five years of permanent residency before naturalization eligibility.
How Does This Compare to Other Countries?
Several nations offer similar investment-based residency or citizenship programs, often called “golden visas.” European countries like Spain, Greece, and the UK have adopted such schemes, while Malta, Egypt, and Jordan even grant direct citizenship through investment.
In the Caribbean, nations such as Dominica, Grenada, and St. Kitts and Nevis offer “golden passports” for as low as $200,000 to $300,000. However, concerns over money laundering and inflated real estate markets have led some European countries, including the UK, to tighten or roll back their golden visa programs.
Trump’s proposed initiative is expected to face scrutiny, particularly regarding its economic implications and the legal challenges of implementing it without Congressional approval. However, Trump remains confident that he can push the policy through without legislative backing.