Former President Donald Trump has unveiled a new immigration initiative aimed at attracting wealthy foreign investors—a “Gold Card” visa that grants a direct pathway to U.S. citizenship for a hefty price tag of $5 million. The scheme is set to replace the existing EB-5 visa program and promises permanent residency (green card) benefits in exchange for financial investment.
How Does the ‘Gold Card’ Visa Work?
The Gold Card visa will function as an investment-based route to citizenship, allowing affluent individuals to secure U.S. residency by purchasing the card. According to Trump, this initiative will attract high-net-worth individuals who want to establish themselves in the United States.
Further details of the program will be released in the coming weeks. When asked whether Russian oligarchs would qualify for the visa, Trump responded, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
Why Replace the EB-5 Visa Program?
The EB-5 visa program, established in 1990, was designed to stimulate the U.S. economy through foreign investment and job creation. It required a minimum investment of $1.05 million or $800,000 in economically distressed areas to qualify for a green card.
However, the program has faced criticism over allegations of fraud, abuse, and misuse—including by businesses linked to Trump’s family. Critics argue that instead of benefiting struggling communities, the program was frequently used to finance luxury real estate projects.
Trump’s Commerce Secretary, Howard Lutnick, dismissed the EB-5 program as “nonsense” and “fraud,” saying it was too cheap for the benefits it provided. “Rather than this ridiculous EB-5 program, we’re going to end it and replace it with the Trump Gold Card,” Lutnick stated.
The Future of Investment-Based Immigration in the U.S.
The EB-5 program was last updated in 2022 under President Joe Biden, when the minimum investment requirement was raised to its current level. Trump previously attempted to increase the minimum threshold in 2019, but his efforts were blocked by a federal judge in 2021.
With Trump now advocating for a premium-priced alternative, the Gold Card visa could reshape investment-based immigration—favoring the ultra-wealthy over traditional investors. However, it remains to be seen how the plan will be received and whether it will face legal and political challenges.
Stay tuned as more details unfold in the coming weeks.
