Former U.S. President Donald Trump has announced a new immigration initiative targeting wealthy investors: the “US Gold Card” visa, which offers a fast-track route to American citizenship for a $5 million investment. This program is set to replace the existing EB-5 visa, which has long been a pathway for foreign investors seeking U.S. residency through economic contributions.
What Is the ‘Gold Card’ Visa?
Trump’s proposed Gold Card visa would provide foreign investors with the same benefits as a U.S. green card, including permanent residency and an eventual path to citizenship. Speaking at an event on Tuesday, Trump suggested that the initiative would attract high-net-worth individuals willing to invest in the U.S. economy in exchange for citizenship.
Further details about the program are expected to be released within the next two weeks. When asked if Russian oligarchs could qualify for the Gold Card, Trump responded:
“Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
Why Is the EB-5 Visa Program Being Scrapped?
The EB-5 visa program, established in 1990, was designed to stimulate the American economy by granting green cards to foreign investors who create or preserve jobs in the U.S. The minimum investment required under this program is $1,050,000, or $800,000 for projects in economically distressed areas.
However, the EB-5 program has faced controversy and allegations of fraud, with some critics arguing that it has been misused for real estate developments—including projects linked to Trump family members. Trump’s Commerce Secretary, Howard Lutnick, criticized the program, calling it “nonsense” and “fraud” due to its relatively low price tag for obtaining a green card.
“Rather than having this sort of ridiculous EB-5 program, we’re going to end it and replace it with the Trump Gold Card,” Lutnick stated.
A History of EB-5 Visa Controversies
The EB-5 program was last renewed in 2022 under President Joe Biden, with increased investment requirements. In 2019, the Trump administration attempted to raise the minimum investment for targeted employment areas to $900,000, but a federal judge struck down the changes in 2021.
During Trump’s first presidency, the program was widely criticized for straying from its intended economic goals, with calls for reform. A CNN report also highlighted that Trump family members had benefited from the program, using EB-5 funds to finance real estate ventures.
With the US Gold Card set to replace EB-5, Trump’s latest immigration strategy signals a shift toward a higher-priced, exclusive path to U.S. citizenship, favoring ultra-wealthy investors over the previous economic development-focused model.
