Summary:
- President Donald Trump announced a new $5 million “gold card” program, offering wealthy foreigners the right to live, work, and gain citizenship in the U.S.
- The gold card will replace the EB-5 immigrant investor visa program, which required lower investment amounts for green card eligibility.
- Commerce Secretary Howard Lutnick stated applicants would undergo vetting to ensure they are “world-class global citizens.”
- The EB-5 program has faced criticism for misuse and was reformed under both Trump and Biden administrations before this proposed replacement.
President Donald Trump announced on Tuesday that the United States will introduce a new “gold card” program for wealthy foreigners, offering them the right to live and work in the U.S. and a pathway to citizenship in exchange for a $5 million fee. The announcement was made during remarks from the Oval Office.
“We’re going to be selling a gold card,” Trump said. “You have a green card. This is a gold card. We’re going to be putting a price on that card of about $5 million, and that’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.”
The program is set to launch in approximately two weeks, with Trump suggesting that millions of these cards could potentially be sold. When asked if Russian oligarchs would be eligible to purchase the cards, Trump responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
Commerce Secretary Howard Lutnick, who joined Trump for the announcement, explained that the gold card will replace the government’s existing EB-5 immigrant investor visa program, which has been in place since 1992. The EB-5 program allows foreign investors to obtain green cards by investing in U.S. projects that create jobs, with minimum investment amounts ranging from $800,000 in targeted employment areas to $1,050,000 elsewhere, according to the United States Citizenship and Immigration Services (USCIS).
“They’ll have to go through vetting, of course,” Lutnick said of potential gold card applicants, adding that the process would ensure only “wonderful world-class global citizens” are approved.
The EB-5 program has faced bipartisan criticism over the years for alleged misuse and deviation from its original goals. During Trump’s first term, lawmakers called for reforms amid concerns about fraud and national security risks. In 2019, the Trump administration attempted to raise investment thresholds for the program—$900,000 for targeted areas and $1.8 million elsewhere—but those changes were struck down by a federal judge in 2021 due to procedural issues.
The program was last renewed under President Joe Biden’s administration in 2022, with updated minimum investment requirements.
Trump’s announcement marks a significant shift in U.S. immigration policy by prioritizing high-net-worth individuals as part of his administration’s broader focus on economic benefits for the country. However, critics may scrutinize whether this new initiative adequately addresses concerns raised about its predecessor or creates new challenges related to wealth-based immigration policies.
Further details on how the gold card will be implemented and vetted are expected in the coming weeks.
