President Donald Trump has announced a new immigration initiative called the “Gold Card” program, which would offer permanent residency to wealthy investors for $5 million, with a pathway to citizenship.
According to The Hill and The Independent, Trump made the announcement during a press conference at the White House on February 25th. “This card is similar to the Green Card, but offers a higher level of privileges and includes a pathway to citizenship,” Trump explained.
“Wealthy people will purchase this card to enter the United States. They are successful individuals who will spend a lot of money, pay substantial taxes, and create many jobs,” Trump emphasized. “This policy will be very successful and represents a new approach that has never been implemented before.”
Howard Lutnick, Secretary of Commerce, revealed that the Trump administration plans to abolish the current EB-5 investor immigration program and replace it with the ‘Gold Card’ initiative. Trump added that the Gold Cards would be available for purchase in about two weeks and claimed the policy would not require congressional approval.
The existing EB-5 program allows applicants to apply for permanent residency if they invest a certain amount in U.S. businesses and create full-time jobs. However, Secretary Lutnick criticized this program as “an inefficient system full of falsehoods and fraud” and “a way to provide Green Cards at too low a price.”
“Of course, new program applicants will have to undergo thorough screening, allowing world-class investors to come to America,” Lutnick explained. “The President will directly issue permanent residency, and the funds invested in the United States can be used to reduce the national deficit.”
When asked if Russian oligarchs who support Russian President Vladimir Putin would be eligible to purchase Gold Cards, Trump responded affirmatively, stating, “Yes, they might not be as wealthy as before, but I think they can afford $5 million.”
The basic structure of the ‘Gold Card’ appears similar to the existing EB-5 investor immigration program. However, while the EB-5 visa requires investments ranging from $900,000 to $1.8 million depending on the region, plus the creation of at least 10 jobs, the Gold Card significantly increases the investment amount to $5 million.
It remains uncertain whether the Trump administration can terminate the EB-5 program, which was reauthorized by Congress in 2022. Legal disputes are expected regarding whether it can be abolished without congressional consent.
