US Gold Card Visa Overview: On Tuesday, President Donald Trump unveiled a new immigration initiative targeting affluent foreign investors: a “gold card” that provides a pathway to US citizenship for a fee of $5 million. This initiative will replace the existing EB-5 visa program and will confer upon investors the benefits of a green card, enabling them to achieve permanent residency in the United States through financial contributions.
The current EB-5 visa program, which was established in 1990, permits foreign investors to obtain US residency by creating or preserving jobs through their capital investments. The minimum investment thresholds are set at $1,050,000, or $800,000 for investments in economically distressed regions. The program has faced criticism due to concerns regarding potential misuse and fraud, with some businesses, including those associated with members of the Trump family, utilizing it to finance real estate developments.
Statements from Trump Regarding the ‘Gold Card’
President Trump indicated that the “gold card” would offer the same privileges as a green card and serve as a means to attain American citizenship, suggesting that wealthy individuals would be inclined to come to the United States by acquiring this card.
Trump mentioned that additional information about the “gold card” initiative would be disclosed in two weeks. When questioned by a reporter about the eligibility of Russian oligarchs for the card, Trump responded that it is possible they could qualify. “Yes, possibly. I know some Russian oligarchs who are very nice people.”
Howard Lutnick, the Commerce Secretary under Trump, expressed to reporters that the existing EB-5 visa program was “nonsense” and “fraudulent,” characterizing it as a low-cost means to obtain a green card. He stated, “The president has decided that instead of continuing with this absurd EB-5 program, we will terminate it and introduce the Trump gold card in its place.”
What is the EB-5 visa program being replaced?
The EB-5 visa program was established by the United States Congress in 1990 with the aim of enhancing the American economy through job creation and capital investment from foreign investors. This program allows immigrants to obtain a green card by investing a minimum of $1,050,000, or $800,000 in designated economically distressed areas known as targeted employment areas.
A CNN report indicated that the EB-5 visa program was utilized by businesses and family members of President Trump to finance significant property developments. The program faced criticism during Trump’s initial term, with calls for reform as it appeared to stray from its original objectives.
The EB-5 visa program was last renewed during the administration of former President Joe Biden in 2022, at which point the minimum investment thresholds were increased to their current figures. In 2019, the previous Trump administration attempted to elevate the minimum investment requirement for targeted economic areas to $900,000, but this change was overturned by a federal judge in 2021.
