President Donald Trump announced a new immigration initiative on Tuesday, February 25th, unveiling plans for a $5 million “gold card” visa aimed at wealthy foreign nationals seeking U.S. residency. The new visa would replace the existing EB-5 investor visa, which has existed since 1990.
According to Trump, the “gold card” will offer a pathway to permanent residency and citizenship for foreign investors. The program’s cost is significantly higher than the current EB-5 visa, which requires a $1 million investment. The new visa will grant green card privileges and simplify the process for obtaining U.S. residency, allowing holders to live and work in the country.
Commerce Secretary Howard Lutnick explained that the “gold card” would be available within two weeks. Lutnick emphasized that the program was designed to reduce fraud and inefficiency associated with the EB-5 program, which has faced criticism for potential abuses, including claims of improperly obtained funds.
The gold card is expected to attract wealthy individuals who contribute to the U.S. economy through investments, taxes, and job creation. “It’s going to be a route to citizenship, and wealthy people will be coming into our country by buying this card, they’ll be wealthy, and they’ll be successful and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people,” Trump said.
The Trump administration projects that the new visa could generate substantial revenue for the U.S., potentially raising billions of dollars. Trump has suggested that the government could eventually sell millions of gold cards, potentially reducing the national debt.
Investor visas are common worldwide, with more than 100 countries offering similar programs. However, Trump stated that the gold card would not require Congressional approval, as the initiative falls under existing legal frameworks governing U.S. immigration.
As the plan moves forward, it remains to be seen how lawmakers will receive it and how it might reshape the U.S. immigration landscape.
