President Donald Trump has made a change to the U.S. immigration policy announcing the introduction of a “Trump Gold Card” visa, offering affluent foreigners a direct path to American citizenship for a $5 million investment.
This initiative aims to replace the existing EB-5 investor visa program, which has been in place since 1990.
“We’re going to be selling a gold card,” President Trump declared from the Oval Office. “You have a green card; this is a gold card.” He emphasized that the program is designed to attract individuals who will “be spending a lot of money and paying a lot of taxes and employing a lot of people.”
The current EB-5 program grants green cards to foreign investors who commit approximately $1 million to U.S. businesses, with a requirement to create at least ten jobs.
However, the program has faced criticism for fraud and inefficiencies. Commerce Secretary Howard Lutnick highlighted these issues, stating that the EB-5 program has been “riddled with fraud and abuse.”
The newly proposed Trump Gold Card eliminates the job creation mandate, focusing instead on the financial contribution of the investor. Applicants will undergo a stringent vetting process to ensure they are “high-quality global citizens,” according to Secretary Lutnick.
The administration anticipates that this influx of wealthy immigrants will stimulate economic growth through increased spending and tax revenues.
President Trump also suggested that the program could significantly reduce the national deficit. He projected the sale of up to one million gold cards, which could generate substantial revenue for the federal government. “This could be a big, beautiful win for our economy,” he remarked.
The Trump Gold Card is set to launch in two weeks, effectively phasing out the EB-5 visa program. This move aligns with global trends, as several countries have implemented similar investor visa schemes to attract foreign capital.
Critics, however, caution that such programs may favor the wealthy and raise ethical concerns about selling citizenship.
As the administration prepares to roll out this initiative, the impact on immigration patterns and the broader economy remains to be seen.
Supporters argue that the infusion of affluent residents could bolster economic growth, while detractors question the implications of commodifying American citizenship.