U.S. President Donald Trump has unveiled a new immigration initiative, proposing a “gold card” that would grant wealthy foreigners a fast-track path to U.S. citizenship for a $5 million fee.
This initiative is set to replace the existing EB-5 investor visa program.
Speaking from the Oval Office, Trump described the plan as a means to attract high-net-worth individuals who would contribute significantly to the U.S. economy.
“It’s going to provide green card privileges and a route to citizenship. Wealthy people will be coming into our country by purchasing this card,” Trump stated.
He added that these individuals would bring prosperity by paying substantial taxes, creating jobs, and investing in the economy. The administration expects the scheme to be a major success, with full details to be released in two weeks.
Unlike the EB-5 program, which has an annual cap, Trump suggested that the government could issue up to 10 million “gold cards” as a revenue-generating measure to help reduce the federal deficit.
“It’s similar to a green card but more sophisticated,” Trump explained. “It offers a pathway to citizenship for people of wealth or exceptional talent, with companies also able to sponsor skilled individuals.”
Commerce Secretary Howard Lutnick confirmed that the “Trump Gold Card” would replace the EB-5 program in two weeks.
The EB-5 visa, established in 1990, currently requires investors to inject at least $1 million into a business that creates a minimum of 10 jobs.
Lutnick argued that raising the investment threshold would curb fraud and abuse associated with the EB-5 program while maintaining a clear pathway to permanent residency and eventual citizenship.
According to the Homeland Security Department, approximately 8,000 investor visas were issued in the 12-month period ending September 30, 2022.
