Trump Announces $5M ‘Gold Card’ Visa, Replacing 35-Year-Old Investor Program

President Donald Trump announced on Tuesday plans to introduce a new “gold card” visa that will provide a way for US citizenship to invest $5 million. This new program will replace existing EB-5 investor visas that have been available since 1990.

“They’ll be wealthy, they’ll be successful, and they’ll contribute significantly to the economy through spending, taxes, and job creation. We believe this will be a major success,” Trump stated from the Oval Office.

Replacing the EB-5 Investor Visa

The Trump Gold Card will take the role of EB-5 visas in two weeks, according to confirmation from Commerce Secretary Howard Lutnick. Foreign investors can obtain a U.S. green card under the EB-5 program by investing approximately $1 million in a company that creates at least 10 employment. However, the program has long been criticized for its fraud risks and weaknesses.

Although the Gold Card is a green card that grants permanent residency, Lutnick stressed that it would have higher financial requirements and do away with the fraud and inefficiencies that come with EB-5. There would be a route to U.S. citizenship, just like with other green cards.

Investor Visas: A Worldwide Development

There are other countries that provide investor visas besides the US. According to the advice firm Henley & Partners, over 100 countries offer “golden visa” programs that grant high-net-worth individuals citizenship or residency in return for investments. These countries include the UK, Spain, Greece, Malta, Australia, Canada, and Italy.

The Department of Homeland Security estimates that about 8,000 people were granted EB-5 visas in the 12 months that ended on September 30, 2022. But in 2021, the Congressional Research Service issued a warning that the program was vulnerable to fraud, particularly when it came to verifying the legitimacy of investment funds.

Trump’s Vision: A Massive Revenue Source?

While the EB-5 visa program has a cap on the number of visas issued, Trump suggested that the Gold Card visa could be sold in high volumes to help reduce the national deficit. He speculated that the federal government could sell up to 10 million Gold Cards, calling it “a fantastic opportunity.”

“It’s similar to a green card, but with a higher level of exclusivity,” Trump explained. “It’s a path to citizenship for wealthy individuals or highly skilled individuals, with companies potentially sponsoring talented workers for long-term U.S. residency.”

While Congress sets the legal qualifications for citizenship, Trump asserted that his Gold Card plan would not require congressional approval, raising questions about how the program would be implemented.