Trump’s $5 Million ‘Gold Card’ Visa: A New Fast-Track Route to US Citizenship
Former US President Donald Trump has unveiled a new immigration initiative targeting wealthy foreign investors: the “Gold Card” visa, which offers a direct path to US citizenship for a $5 million investment. This move is set to replace the EB-5 visa program, which has been in place since 1990.
What Is the ‘Gold Card’ Visa?
Announcing the initiative on Tuesday, Trump stated that the Gold Card visa would grant investors the same privileges as a green card, allowing them to secure permanent US residency through financial investment. The former president emphasized that this visa would attract wealthy individuals who are willing to invest in the US economy in exchange for a fast-tracked path to citizenship.
Further details about the program are expected to be released in the coming weeks. However, when asked whether Russian oligarchs could 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, created by Congress in 1990, allows foreign investors to gain US residency if they invest at least $1,050,000, or $800,000 in economically distressed areas, and create or preserve jobs in the country.
Over the years, the program has faced accusations of fraud and misuse, with critics arguing that it became a loophole for wealthy individuals to buy US residency. Notably, businesses—including those linked to the Trump family—have leveraged the EB-5 visa to fund large-scale property developments.
Howard Lutnick, Trump’s Commerce Secretary, criticized the EB-5 visa, calling it “nonsense” and “fraud” due to its low investment threshold. He explained the rationale behind replacing it with the Gold Card visa, stating, “Rather than having this ridiculous EB-5 program, we’re going to end it and replace it with the Trump Gold Card.”
Controversy and Political Context
The EB-5 visa program was last renewed in 2022 under President Joe Biden, with its minimum investment amounts increased to the current levels. During Trump’s presidency in 2019, an attempt was made to raise the minimum investment requirement for targeted economic areas to $900,000, but a federal judge struck it down in 2021.
With Trump pushing for a higher price tag and a rebranded investor visa, the introduction of the Gold Card is seen as an attempt to tighten control over US residency for investors while generating greater revenue for the country.
More details about the program and its potential impact on US immigration and investment policies are expected in the coming weeks.