On Tuesday, President Donald Trump announced that the U.S. would introduce a “gold card” for wealthy foreigners, offering them the opportunity to live, work, and pursue a path to citizenship in exchange for a $5 million fee. Speaking from the Oval Office, Trump explained, “We’re going to be selling a gold card. You have a green card. This is a gold card. We’re going to set the price at about $5 million, and that will grant you green card privileges, along with a route to citizenship. Wealthy individuals will be able to enter our country by purchasing this card.”
Trump indicated that the sale of these cards would begin in approximately two weeks and suggested that millions could be sold. When asked if Russian oligarchs would be eligible to purchase the cards, Trump responded, “Yeah, possibly. I know some Russian oligarchs who are very nice people.”
Commerce Secretary Howard Lutnick, who was present during the announcement, clarified that the gold card would replace the existing EB-5 immigrant investor visa program. The EB-5 program, established by Congress in 1992, allows foreign investors to obtain green cards by investing a minimum of $1,050,000 (or $800,000 in economically distressed areas) in U.S. projects that create jobs. Lutnick emphasized that applicants would still undergo vetting to ensure they are “wonderful, world-class global citizens.”
The EB-5 program has faced bipartisan criticism in Congress, with lawmakers arguing that it has strayed from its original objectives and requires reform. During Trump’s first term, his administration attempted to raise the minimum investment thresholds to $900,000 for targeted economic areas and $1.8 million for other locations. However, a federal judge overturned the change in 2021, ruling that the acting Homeland Security secretary who authorized the adjustment had not been properly appointed.
The program was most recently renewed in 2022 under the Biden administration, with the minimum investment requirements set at their current levels. Notably, businesses linked to Trump and his family have utilized the EB-5 program to finance significant property developments.
Trump’s gold card proposal aims to attract wealthy foreign investors while overhauling the existing system, though it remains to be seen how it will address past criticisms and ensure transparency in the vetting process.
