Former U.S. President Donald Trump has unveiled a proposal to replace the EB-5 immigrant investor visa program with a new initiative called the “Gold Card.” The proposed scheme would allow wealthy foreign nationals to gain American citizenship by making a $5 million investment in the United States.
A New Pathway for Wealthy Investors
Speaking to reporters, Trump explained that the Gold Card program aims to attract high-net-worth individuals while addressing concerns over fraud and inefficiencies in the existing EB-5 visa program. “We are going to be selling a Gold Card. It will cost about $5 million, provide green card privileges, and offer a direct route to American citizenship. Wealthy people will now be able to buy this card to enter our country,” he stated.
The EB-5 Immigrant Investor Program, which has been in place since 1990, allows foreign investors to obtain U.S. green cards by investing in businesses that create jobs for American workers. However, Trump has criticized the program, calling it inefficient and plagued by fraud.
Administration’s Stance on the Gold Card Initiative
Commerce Secretary Howard Lutnick voiced his support for the new proposal, reinforcing Trump’s stance against the EB-5 visa program. “Rather than continuing with this ridiculous EB-5 program, the president wants to replace it with the Trump Gold Card,” Lutnick remarked.
The Gold Card initiative is expected to bring in substantial foreign capital and benefit the American economy by attracting affluent investors from around the world. Unlike the EB-5 visa, which requires investments in job-creating businesses, the new program appears to offer a straightforward exchange of citizenship for investment.
Concerns Over Foreign Influence
While details about the Gold Card program are expected to be released in the coming weeks, Trump has already addressed questions about who might qualify under this system. When asked about the possibility of Russian oligarchs participating, he responded, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
This statement has raised concerns among critics who argue that the new initiative could allow foreign billionaires to gain influence in the United States through citizenship by investment.
Impact on U.S. Immigration Policy
If implemented, the Gold Card would mark a major shift in U.S. immigration policy for wealthy individuals, aligning it with “golden visa” programs already seen in countries like Portugal, the United Kingdom, and the United Arab Emirates. These programs have been used worldwide to attract foreign investors in exchange for residency or citizenship.
The administration’s decision to introduce this initiative signals a strategic move to reshape U.S. immigration laws in a way that prioritizes economic benefits. As the full details of the Gold Card program emerge, foreign investors and policy analysts alike will be watching closely to understand its long-term implications for the U.S. economy and immigration system.
