In an effort to lure wealthy investors and reduce the national debt, President Donald Trump has introduced a new immigration program: the “Gold Card” visa. The program grants permanent residency in the United States and access to citizenship for a fee of $5 million, in place of the current EB-5 Immigrant Investor Program.
Overview of the Gold Card Visa
Released on 25 February 2025, the Gold Card visa is meant to simplify the application process for wealthy individuals who want to immigrate to the United States. In contrast to the EB-5 program, which involves a minimum investment of $1 million (or $800,000 in high-unemployment or rural areas) and the establishment of at least ten full-time positions, the Gold Card involves a direct contribution to the American government without particular job creation requirements. Commerce Secretary Howard Lutnick denounced the EB-5 program as being “full of nonsense, make-believe, and fraud,” calling for a simpler approach.
Financial Implications
President Trump sees the Gold Card program as a major source of revenue for paying down the national debt. He estimated that selling one million Gold Cards would bring in $5 trillion, and ten million would bring in $50 trillion, which could cover the $35 trillion national debt. Those are optimistic projections, given that about 8,000 individuals received investor visas during the 12 months through September 30, 2022. On that basis, the program would bring in around $40 billion a year.
Eligibility and Application Procedure
Potential applicants will have to go through a screening process to qualify as “wonderful world-class global citizens,” says Lutnick. Although no criteria have been outlined, the administration hopes to welcome those who can be assets to the U.S. economy. When questioned about the potential eligibility of Russian oligarchs, President Trump remarked, “It’s possible. I’m familiar with some Russian oligarchs who are quite nice individuals.”
Comparison to International Programs
The idea of awarding residency or citizenship in return for investment is not exclusive to the United States. More than 100 nations, such as the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy, have similar “golden visa” schemes. Such efforts have witnessed mixed success and scrutiny, especially regarding their effects on domestic economies and housing sectors. For example, foreign investment in the form of real estate market distortions in nations such as Portugal, Spain, and Greece has been witnessed in these nations.
Opponents worry that the Gold Card program may further perpetuate problems within the U.S. housing market. If investment in residential property is permitted, demand would greatly increase and cause prices to surge, especially within city centers, thus making homes less affordable to locals. Equivalent programs in Europe have produced similar results, creating increased property costs and decreased affordability for locals.
Legal Considerations
The government says the Gold Card program is valid without approval by Congress, citing it as an upgraded version of the green card. Legal authorities are skeptical, pointing out that Congress sets citizenship qualifications. Congress created the current EB-5 program in 1990 and would most probably need to be involved in substantial changes or substitutes.
The intended Gold Card visa is a bold realignment of American immigration policy with the goal of bringing wealthy visitors to directly invest in the economy of the country. Though potentially financially lucrative, the scheme does provoke debate concerning its housing affordability, legality, and moral impact of commercializing access to citizenship. While the administration prepares for implementation, all these issues are certain to become matters of strict debate and inspection.
