Trump has long been known for his over-the-top opulence — shimmering golden toilets, 24-carot golden front door encrusted with diamond, and gold accents overwhelming his $100 million dollar penthouse in Trump Tower.
Apparently, U.S. immigration is no different.
Overview
U.S. President Donald Trump has proposed a new immigration initiative that would replace the existing EB-5 Immigrant Investor Visa Program with a “Gold Card”—a pathway to U.S. citizenship for foreign investors willing to pay $5 million. This proposal, involving the federal government in setting immigration policies and regulations, aims to attract wealthy individuals from around the world while discontinuing the EB-5 program, which has faced criticism for alleged fraud and inefficiency.
Trump’s Statement:“We are going to be selling a Gold Card. We are going to be putting a price on that card of about $5 million. It’s going to give you green card privileges, plus it’s going to be a route to citizenship, and 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.”
Skepticism
It is important to take his statements with a grain of salt. Trump is known for making unsubstantiated claims and not following-up on announced programs.
We are still waiting on the Green Card he promised for College Graduates.
Key Highlights of Trump’s ‘Gold Card’ Proposal
- Investment Requirement: $5 million for a “Gold Card”
- Benefits: Green card privileges and a direct route to U.S. citizenship
- Objective: Encourage wealthy individuals to invest in the U.S. economy
- Generate foreign investment and its economic benefits
- Replacement: Will replace the EB-5 visa program
- Comparison to EB-5: No clear job-creation requirement; meant to attract high-net-worth individuals
- Availability: Trump has hinted at issuing up to 10 million visas to reduce the national deficit
- Eligibility: Open to all qualified foreign investors, including Russian oligarchs
- Expected Timeline: More details to be revealed in two weeks
What Is the EB-5 Immigrant Investor Program?
The EB-5 program, created by Congress in 1990, was designed to boost the U.S. economy by granting green cards to foreign investors who invest a significant sum into American businesses and create jobs. This program was specifically created to attract foreign investment. Under this program:
- Investors were required to invest at least $800,000 to $1,050,000 in a U.S. business
- The investment had to create or preserve at least 10 jobs for American workers
- Successful applicants, their spouses, and children under 21 received permanent residency (green card)
However, the EB-5 program has been criticized for being riddled with fraud, inefficiencies, and a lack of proper oversight. According to the US Department of Homeland Security’s Yearbook of Immigration Statistics, thousands of individuals have obtained investor visas through this program, highlighting both its popularity and the ongoing concerns regarding potential fraud.
Why Replace EB-5 with the Gold Card?
According to President Trump and Commerce Secretary Howard Lutnick:
- Fraud Concerns: The EB-5 program has been accused of being misused by investors who fail to fulfill job creation requirements.
- Low Investment Threshold: Trump called the EB-5 program a “low-price” way to obtain a green card.
- A More Direct Approach: The Gold Card would eliminate complex job creation requirements and instead provide a straightforward, premium-priced route to U.S. citizenship.
- Unconditional EB-5 Green Card could take up to 10 years to obtain.
Trump’s Commerce Secretary Howard Lutnick labeled the EB-5 program as “full of nonsense, make-believe, and fraud.” According to a 2021 U.S. Government Accountability Office report, concerns about fraud and the difficulty of tracing applicants’ funds have plagued the program
Statistical Insights
According to the Department of Homeland Security:
- 8,000 EB-5 visas were issued in the fiscal year ending in September 2022.
Who Qualifies for the Gold Visa? Foreign Investors
Trump has not specified eligibility criteria beyond wealth requirements, but has stated that applicants will be “wonderful, world-class global citizens.”
Eligibility Factors:
✅ Wealthy individuals willing to invest $5 million
✅ No job-creation requirement mentioned
✅ Open to all nationalities, including Russians, according to Trump
✅ Expected to undergo strict vetting
Potential Implications of the Gold Card Program
Economic Impact
- Increased Revenue for the U.S.: If thousands of investors participate, the U.S. could raise billions of dollars through foreign investment, significantly boosting the economy.
- Wealthy Immigration Surge: The program could attract high-net-worth individuals looking for security, financial opportunities, and a pathway to U.S. citizenship.
- Business Investments: Unlike EB-5, there may be fewer job creation requirements, allowing investors to buy their way into citizenship without business obligations.
Political and Ethical Concerns
- Access for the Wealthy Only: This could be seen as favoring the ultra-rich while ignoring skilled workers or family-based immigration applicants.
- Eligibility of Controversial Figures: When asked about Russian oligarchs qualifying, Trump replied, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
- Equity Issues: Critics argue that the program could create a system where only the wealthy have an expedited pathway to citizenship, while others endure long waits and stringent requirements.
- Money Laundering & Corruption – Some programs have been used to launder illicit funds.
- National Security Risks – Lax background checks could let in individuals with criminal or political motives.
- Housing Market Disruptions – Wealthy investors could drive up property prices in major U.S. cities, similar to effects seen in London and Vancouver.
- Congressional Approval: Immigration policies are typically set by Congress. If Trump bypasses Congress, legal challenges could arise.
- Political Backlash: While aimed at boosting the U.S. economy, the optics of selling citizenship may be politically unpopular.
- Implementation Uncertainty: There is no clear timeline for how quickly applicants could receive citizenship.
How the ‘Gold Card’ Compares to Other Investment Visa Programs
The $5 million price tag makes this the most expensive residency-by-investment program in the world.
Golden visas, popular as investment-based residency options, are often controversial due to concerns about fraud, money laundering, and their impact on local housing markets. These programs are widely available across various countries, particularly in Europe and the Caribbean.
| Program | Investment Amount | Benefits | Citizenship Pathway | |
|---|---|---|---|---|
| Trump Gold Card | $5 million | Green Card + Citizenship | Yes, direct path | |
| EB-5 Visa | $800K – $1.05 M | Green Card | Citizenship after 5 years | |
| U.K. Investor Visa | £2 million ($2.5M) | Residency + Citizenship | Citizenship after 5-6 years | |
| Portugal Golden Visa | €500K+ ($540K+) | Residency + Path to Citizenship | Citizenship after 5 years |
Notable Global Golden Visa Programs:
- Spain, Greece: Offer residency for real estate investments starting at €250,000 ($270,000)
- Malta, Egypt, Jordan: Grant citizenship directly through investment
- Caribbean nations (Dominica, Grenada, St. Kitts & Nevis): Citizenship available for as low as $200,000
Trump’s visa proposal, while unique, is significantly more expensive than these options. The Trump Gold Card aims to provide permanent legal residency similar to other global golden visa programs.
Potential Benefits of Gold Card:
- Fast-tracked U.S. residency
- Potentially quicker path to citizenship
- Green card privileges
- Investment in U.S. economy
Potential Drawbacks of Gold Card:
- U.S. tax obligations (global income taxation)
- Uncertainty over Congress’ approval
- Potential backlash and political hurdles
It Worth It?
For business owners, the Gold Card may not be such a great deal. There may be other, much less expensive immigration pathways into the U.S, such as the L-1/EB1C route (setting up a branch subsidiary in the U.S. and implementing an intra-company transfer.
There may also be other self-sponsorship pathways available, such as EB-1A (Extraordinary Ability) and EB-2 National Interest Waiver.
Should the Gold Card program become law, then foreign-born entrepreneurs and executives should carefully review ALL immigration options to the U.S.
What Happens Next? Congressional Approval
- Trump’s administration is expected to release detailed guidelines within two weeks. Trump told reporters in the Oval Office about the upcoming detailed guidelines.
- Lawmakers and immigration advocates are likely to debate the fairness and effectiveness of the Gold Card program.
- If implemented, this could reshape U.S. immigration policy, making it easier for wealthy individuals to gain American citizenship.
Trump has promised more details in the next two weeks, with visas expected to go on sale soon. However, the program’s legal and political future remains uncertain.
FAQ
1. What is the Trump Gold Card?
The Trump Gold Card is a proposed visa program that allows affluent foreign nationals to obtain U.S. residency and a pathway to citizenship in exchange for a $5 million investment. This initiative is designed to replace the existing EB-5 Immigrant Investor Program.
2. How does the Trump Gold Card differ from the EB-5 program?
The EB-5 program requires a minimum investment of $1.05 million (or $800,000 in targeted employment areas) and mandates the creation or preservation of 10 full-time U.S. jobs. In contrast, the Trump Gold Card requires a $5 million investment with no explicit job creation requirement, aiming to simplify the process and attract high-net-worth individuals.
3. What are the benefits of obtaining a Trump Gold Card?
Holders of the Trump Gold Card would receive privileges similar to those of a green card, including the right to live and work in the United States, along with a pathway to citizenship. The program is intended to attract wealthy individuals who can contribute significantly to the U.S. economy.
4. Who is eligible to apply for the Trump Gold Card?
The program targets affluent foreign nationals willing to invest $5 million in the United States. Applicants will undergo thorough vetting to ensure they are “world-class global citizens.”
5. When will the Trump Gold Card be available?
According to Commerce Secretary Howard Lutnick, the Trump Gold Card is expected to replace the EB-5 program within two weeks from the announcement made on February 25, 2025.
6. Will the $5 million investment be refundable?
Specific details regarding the refundability of the investment have not been disclosed. Further information is expected to be released in the coming weeks.
7. Are there any restrictions on the source of investment funds?
While detailed guidelines have yet to be provided, all applicants will undergo rigorous vetting to ensure the legitimacy and legality of their investment funds.
8. Will there be a cap on the number of Trump Gold Cards issued annually?
The administration has not specified a cap. President Trump mentioned the potential to sell up to one million cards, generating significant revenue.
9. How does this program impact existing EB-5 applicants?
The Trump Gold Card is intended to replace the EB-5 program. However, the administration has not clarified how current EB-5 applicants will be affected. Prospective investors are advised to consult with immigration professionals for personalized guidance.
10. Will the Trump Gold Card program require congressional approval?
President Trump has indicated that the program will not require congressional approval. However, significant changes to immigration policy typically involve legislative processes, and the exact legal framework for this initiative has not been fully outlined.
11. Are there any tax implications for Trump Gold Card holders?
Obtaining U.S. residency may subject individuals to U.S. taxation on worldwide income. Potential applicants should consult with tax advisors to understand the financial implications fully.
12. Can family members of the primary investor also obtain residency through the Trump Gold Card?
Details regarding the inclusion of family members have not been explicitly stated. Traditionally, investment-based visas allow immediate family members to obtain residency, but confirmation is pending further official guidelines.
13. What sectors or types of investments qualify for the Trump Gold Card?
The administration has not specified particular sectors or types of investments required for the Trump Gold Card. Further details are expected to clarify acceptable investment avenues.
14. How does the vetting process ensure applicants are “world-class global citizens”?
The vetting process aims to assess the background, financial standing, and overall reputation of applicants to ensure they meet the program’s high standards. Specific criteria and procedures have yet to be detailed.
15. How does this program align with global trends in investment migration?
The Trump Gold Card positions the U.S. within the competitive landscape of countries offering residency or citizenship through significant financial contributions. Similar programs exist worldwide, though the $5 million price point places the U.S. at the higher end of the spectrum.
16. What are the criticisms or concerns associated with the Trump Gold Card?
Critics argue that the high investment threshold may deter potential applicants, especially considering U.S. taxation on global income. Additionally, similar programs in other countries have faced scrutiny over their economic impact and potential for misuse.
17. How will the funds generated from the Trump Gold Card be utilized?
President Trump has suggested that revenue from the program could be used to reduce the national debt, though specific allocation plans have not been detailed.
18. Is there a possibility of the Trump Gold Card program being challenged legally?
Given that significant changes to immigration policy often require legislative approval, there is potential for legal challenges. The administration asserts that the program does not need congressional consent, but this stance may be contested.
19. How does the Trump Gold Card compare to similar programs in other countries?
The U.S. is entering a competitive market of investment-based immigration programs. Countries like Portugal, Malta, the United Arab Emirates, and Canada offer residency or citizenship-by-investment programs, often at a lower price point than the $5 million required for the Trump Gold Card. Some of these programs also come with tax incentives, making them potentially more attractive to high-net-worth individuals.
20. Can current U.S. visa holders switch to the Trump Gold Card program?
There has been no confirmation on whether holders of visas such as EB-5, E-2, or H-1B can transition into the Trump Gold Card program. Further details from the administration are expected to clarify this possibility.
21. What happens if an investor fails to maintain their investment?
It is unclear whether investors must sustain their $5 million investment over time to retain their residency or if they can withdraw or sell assets after obtaining their Gold Card. The policy specifics are yet to be outlined.
22. Will Trump Gold Card holders have the right to work in the U.S.?
Yes, similar to a green card, the Trump Gold Card is expected to grant residency rights, allowing holders to live and work in the U.S. without the need for employer sponsorship.
23. Will Trump Gold Card holders be eligible for U.S. citizenship?
The program is described as offering a “path to citizenship,” but the exact timeline and requirements for naturalization have not been detailed. It is likely that applicants would still need to fulfill the standard U.S. residency and naturalization requirements, including continuous residence and good moral character.
24. Will this program affect employment-based green cards (EB-1, EB-2, EB-3)?
The program is separate from employment-based immigration categories and does not directly impact them. However, if it leads to a high influx of wealthy applicants, it could shift priorities in the U.S. immigration system over time.
25. Will this initiative face political opposition?
Yes, the proposal is expected to face scrutiny from both sides of the political spectrum. Some may argue that it favors the wealthy while ignoring merit-based immigration reforms, while others may view it as a pragmatic revenue-generating initiative.
26. How will this impact U.S. real estate and business markets?
A surge in wealthy investors could drive up property prices in key cities, benefiting luxury real estate markets. Similarly, it could lead to increased foreign direct investment in U.S. businesses. However, it may also contribute to concerns about housing affordability.
27. Is this program open to applicants from all countries?
There has been no mention of country-specific restrictions, but U.S. sanctions or diplomatic concerns may prevent applicants from certain nations from participating.
28. Will Trump Gold Card holders have access to U.S. healthcare and social benefits?
Residency typically grants access to U.S. healthcare systems, but eligibility for social benefits may depend on the specific terms set by the program. It is likely that investors will not qualify for government assistance programs.
29. What is the application process for the Trump Gold Card?
The full application process has yet to be disclosed. However, given the high investment threshold, applicants can expect an extensive vetting process, including financial background checks and security screenings.
30. Where can interested applicants find official details and updates?
Prospective applicants should monitor official U.S. government immigration websites and trusted news sources for announcements and policy updates. Consulting with an immigration attorney may also be beneficial for navigating the application process.
Conclusion
US President Donald Trump’s proposed Gold Card program could mark a major shift in U.S. immigration policy, replacing the EB-5 visa with a straightforward, high-price citizenship pathway for the world’s wealthy elite. Trump’s vision aims to attract affluent individuals, including potential eligibility for Russian oligarchs, emphasizing the financial benefits these investors could bring to the US economy. While it promises economic benefits, the program may face political and ethical scrutiny over its accessibility and fairness.
The U.S. Gold Visa is the most expensive residency-by-investment option globally. While it offers a pathway to U.S. citizenship and green card benefits, it also presents legal, financial, and political risks. Prospective applicants should weigh the costs and uncertainties before applying. The concept of ‘wealth pay’ is central to this proposed visa system, allowing wealthy individuals and organizations to financially support the immigration of talented individuals.
For updates on the U.S. Gold Visa program, visit:
