Trump proposes $5m ‘Gold Card’ for wealthy immigrants to gain U.S. citizenship

On Tuesday, U.S. President Donald Trump unveiled a new immigration program designed to attract wealthy foreign investors: a “gold card” visa priced at $5 million.

This visa would grant permanent U.S. residency and a potential path to citizenship.

Reuters reports that this initiative is set to replace the current EB-5 Immigrant Investor Program, which has been in operation since 1990. Speaking from the Oval Office, President Trump highlighted the advantages of the proposed “gold card,” stressing its potential to bring successful individuals to the U.S. who would contribute significantly to the economy.

“Wealthy people will be coming into our country by purchasing this card,” Trump said. “They’ll be spending a lot of money, paying a lot of taxes, and employing a lot of people.”

The administration plans to roll out the program within the next two weeks. Commerce Secretary Howard Lutnick, who was present during the announcement, criticized the existing EB-5 program, calling it “full of nonsense, make-believe, and fraud.” He explained that the “gold card” would increase the investment requirement while streamlining the process, aiming to address the inefficiencies of the current system.

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Lutnick added, “The president said, rather than having this sort of ridiculous EB-5 program, we’re going to end it and replace it with the Trump gold card.”

The EB-5 program was originally designed to boost the U.S. economy by attracting capital and creating jobs, with a minimum investment of $1 million (or $800,000 in targeted employment areas) and a requirement to create at least 10 full-time U.S. jobs. In comparison, the new “gold card” program demands a flat $5 million investment, with no specific job creation requirements.

When asked about the potential eligibility of individuals such as Russian oligarchs, President Trump responded, “Yeah, possibly. Hey … .”

Investor visa programs are not exclusive to the U.S.; more than 100 countries, including the United Kingdom, Spain, and Canada, offer similar “golden visas” to attract foreign capital.

The administration believes the increased investment threshold of the “gold card” will attract high-quality investors while minimizing fraud associated with the EB-5 program.

While citizenship requirements are typically determined by Congress, President Trump suggested that the “gold card” would not require congressional approval. He also hinted that the federal government could sell up to 10 million “gold cards” to help reduce the national deficit, saying, “It could be great, maybe it will be fantastic.”

Critics, however, argue that the proposal places an emphasis on wealth over merit and may fail to address deeper issues in the immigration system. Concerns have also been raised about the security risks and ethical implications of offering citizenship in exchange for a financial investment.

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