President Donald Trump has unveiled a new immigration initiative, introducing the $5 million “Gold Card” residency permit, designed for foreign investors seeking U.S. citizenship. This program aims to replace the EB-5 visa and offer a more direct route to American permanent residency and citizenship. Here are the main points:
1. What is the ‘Gold Card’ Visa? The proposed “Gold Card” residency permit is aimed at wealthy individuals looking for U.S. permanent residency and a clear path to citizenship. This high-end visa will offer more privileges and a faster citizenship process compared to traditional green cards.
Trump described it as, “You have a green card; this is a gold card,” emphasizing its superior benefits.
2. Why Replace the EB-5 Visa? The EB-5 visa, which has been in place since 1990, grants green cards to foreign investors who invest at least $1 million in businesses that create 10 or more jobs. However, Commerce Secretary Howard Lutnick criticized the program for fraud and “make-believe,” arguing it allowed a cheap route to a green card. As a result, Trump announced its termination.
3. Who is Eligible for the ‘Gold Card’ Visa? Applicants for the “Gold Card” will need significant financial resources, but there are no specific job-creation requirements. Trump emphasized that applicants would be thoroughly vetted to ensure they are “world-class global citizens.” When asked about Russian oligarchs, Trump stated that some might qualify, adding, “I know some Russian oligarchs who are very nice people.” Unlike the EB-5 program, which is limited to 10,000 visas annually, Trump suggested there may be no cap on the number of Gold Cards, even proposing the sale of 10 million visas to reduce the national deficit.
4. Cost and Benefits of the ‘Gold Card’ Visa The cost of the Gold Card is $5 million per applicant. The program promises a potentially faster route to citizenship compared to traditional green cards, which generally require five years of permanent residency before becoming eligible for naturalization.
5. How Does This Compare to Other Countries? Many countries, including Spain, Greece, and the UK, offer similar investment-based residency programs, known as “golden visas.” Other nations, like Malta, Egypt, and Jordan, even provide citizenship through investment. Meanwhile, Caribbean nations such as Dominica and St. Kitts and Nevis offer “golden passports” for as little as $200,000–$300,000. However, concerns about money laundering and rising real estate prices have led some European countries to tighten or discontinue their golden visa programs.
Trump’s plan is expected to face scrutiny, particularly regarding its economic impact and the legal feasibility of implementing it without Congressional approval, although Trump maintains this is unnecessary.
