Residency for sale? Trump’s “gold card” plan sparks debate
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The rules for staying and working in the US could be changing yet again.
A new proposal is stirring debate as it introduces a high-priced shortcut to residency—reserved for those with deep pockets.
This "gold card" concept aims to provide a premium path to living in the US, but at a cost that only a select few can afford…
Unlike the EB-5 program—which requires an investment of around $1 million into a US-based business that creates 10 full-time jobs—the gold card comes with a $5 million price tag and fewer conditions.
"We're going to be putting a price on that card of about $5 million, and that's going to give you green card privileges, plus," Trump said.
The program would allow wealthy individuals to live and work in the US, travel freely, and start the process for citizenship.
Source: Forbes Breaking News / YouTube
"They'll have to go through vetting, of course," said Commerce Secretary Howard Lutnick, adding that the government would ensure applicants are "wonderful world-class global citizens."
When asked whether Russian oligarchs could qualify, Trump responded, "Possibly."
"I know some Russian oligarchs that are very nice people," he added. "It's possible. They're not as wealthy as they used to be. I think they could afford—I think they could afford $5 million."
Lutnick criticized the current system, calling it "full of nonsense, make-believe, and fraud."
"So the President said, rather than having this sort of ridiculous EB-5 program, we're going to end the EB-5 program," Lutnick explained. "We're going to replace it with the Trump Gold Card, which is really a Green Card Gold."
At $5 million per card, that could generate $5 trillion in revenue.
"And if you sell 10 million of the cards, that's a total of $50 trillion," Trump added. "We have $35 trillion in debt. That'll be nice, so we'll see."
However, past investor visa programs have drawn far fewer applicants.
Homeland Security data shows that only about 8,000 people received EB-5 visas in the 12-month period ending September 2022.
If similar numbers applied for gold cards, it could raise $40 billion annually.
More than 100 countries, including the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy, provide "golden visa" programs to attract wealthy residents.
"We have it all worked out from the legal standpoint. It's totally legal to do," Trump stated.
He described the program as "somewhat like a green card, but at a higher level of sophistication", calling it "a road to citizenship" that allows wealthy investors to pay for talented individuals to gain long-term residency.
As the US navigates ongoing immigration debates, this proposal could reshape how residency is granted, particularly for high-net-worth individuals looking for a fast-track option.
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A new proposal is stirring debate as it introduces a high-priced shortcut to residency—reserved for those with deep pockets.
This "gold card" concept aims to provide a premium path to living in the US, but at a cost that only a select few can afford…
The gold card: What it is and how it works
The gold card aims to attract affluent investors, replacing the existing EB-5 visa program, which has been criticized for loopholes and misuse.Unlike the EB-5 program—which requires an investment of around $1 million into a US-based business that creates 10 full-time jobs—the gold card comes with a $5 million price tag and fewer conditions.
"We're going to be putting a price on that card of about $5 million, and that's going to give you green card privileges, plus," Trump said.
The program would allow wealthy individuals to live and work in the US, travel freely, and start the process for citizenship.
Source: Forbes Breaking News / YouTube
Who is eligible for the gold card?
Aside from having $5 million, applicants would have to meet vetting requirements, though details remain unclear."They'll have to go through vetting, of course," said Commerce Secretary Howard Lutnick, adding that the government would ensure applicants are "wonderful world-class global citizens."
When asked whether Russian oligarchs could qualify, Trump responded, "Possibly."
"I know some Russian oligarchs that are very nice people," he added. "It's possible. They're not as wealthy as they used to be. I think they could afford—I think they could afford $5 million."
What happens to the EB-5 visa program?
The gold card is set to replace the EB-5 visa, a long-standing program that has allowed foreign investors to gain residency by investing in US businesses.Lutnick criticized the current system, calling it "full of nonsense, make-believe, and fraud."
"So the President said, rather than having this sort of ridiculous EB-5 program, we're going to end the EB-5 program," Lutnick explained. "We're going to replace it with the Trump Gold Card, which is really a Green Card Gold."
How much money could this program raise?
Trump suggested the US could sell maybe a million of these cards, maybe more than that.At $5 million per card, that could generate $5 trillion in revenue.
"And if you sell 10 million of the cards, that's a total of $50 trillion," Trump added. "We have $35 trillion in debt. That'll be nice, so we'll see."
However, past investor visa programs have drawn far fewer applicants.
Homeland Security data shows that only about 8,000 people received EB-5 visas in the 12-month period ending September 2022.
If similar numbers applied for gold cards, it could raise $40 billion annually.
Do other countries have similar programs?
Yes. The US is not alone in offering investor visas to high-net-worth individuals.More than 100 countries, including the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy, provide "golden visa" programs to attract wealthy residents.
Does the gold card need congressional approval?
Unlike citizenship qualifications, which require congressional approval, Trump claims the gold card does not."We have it all worked out from the legal standpoint. It's totally legal to do," Trump stated.
He described the program as "somewhat like a green card, but at a higher level of sophistication", calling it "a road to citizenship" that allows wealthy investors to pay for talented individuals to gain long-term residency.
What's next?
The gold card program is expected to launch within two weeks, according to Lutnick.As the US navigates ongoing immigration debates, this proposal could reshape how residency is granted, particularly for high-net-worth individuals looking for a fast-track option.
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