United States President Donald Trump has unveiled a new $5 million “gold card” visa programme designed to offer foreign investors a direct path to U.S. citizenship.
The initiative, which he described as an upgraded version of the existing green card system, is set to replace the EB-5 immigrant investor visa, a programme that has long been criticized for fraud and inefficiencies.
“You have a green card, this is a gold card,” Trump told reporters at the White House on Tuesday, emphasizing the prestige and benefits attached to the new visa. “It’s going to give you green card privileges plus it’s going to be a route to (American) citizenship.”
Why Is Trump Scrapping the EB-5 Visa?
The EB-5 visa programme, established in 1990, has allowed foreign investors to secure green cards by injecting approximately $1 million into U.S. businesses that create at least 10 jobs. Designed to stimulate the economy through job creation, the programme grants 10,000 visas annually, with 3,000 specifically reserved for investments in high-unemployment areas.
However, Trump’s Commerce Secretary, Howard Lutnick, argued that the EB-5 programme had become a loophole for wealthy foreigners to obtain U.S. residency without sufficient economic contributions.
“The EB-5 program … it was full of nonsense, make-believe and fraud, and it was a way to get a green card that was low-price,” Lutnick stated. “So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program.”
A 2021 report by the U.S. Government Accountability Office also highlighted concerns about fraud risks, particularly in verifying the legitimacy of applicants’ investment funds.
Who Qualifies for the ‘Gold Visa’?
While details are still emerging, Trump confirmed that eligibility would primarily be based on financial capacity.
“It’ll be people with money,” he stated, without mentioning any requirement for job creation.
Lutnick added that all applicants would undergo rigorous background checks to ensure they are “wonderful, world-class global citizens.”
When asked whether Russian oligarchs could qualify, Trump replied, “Possibly. I know some Russian oligarchs who are very nice people.”
How Many Visas Will Be Issued?
Unlike the EB-5 programme, which had a fixed cap of 10,000 visas per year, Trump’s gold visa initiative appears to have no specific limit. The president hinted that millions could be granted, suggesting that selling up to 10 million visas could help reduce the U.S. national deficit.
Cost and Citizenship Benefits
The new visa will come at a hefty price of $5 million per applicant. While green card holders under the EB-5 programme typically wait at least five years before applying for citizenship, it remains unclear if the gold card visa will offer a shorter pathway.
Trump’s administration is expected to release full details of the initiative within two weeks when the visas officially go on sale.
How Does This Compare to Other Countries?
The concept of investor visas, often referred to as “golden visas,” is widely practiced in various countries, including Spain, Greece, and the United Kingdom. Some nations, such as Malta, Egypt, and Jordan, even offer direct citizenship through investment.
The Caribbean region has some of the most competitive programmes, with Dominica, Grenada, and St. Kitts and Nevis allowing foreign applicants to obtain citizenship for investments as low as $200,000 to $300,000.
Why Are Golden Visas Controversial?
Investor visa schemes have faced criticism worldwide for attracting individuals seeking to exploit them for money laundering and financial fraud. Additionally, they have been linked to rising real estate prices in major cities, fueling housing crises.
In recent years, countries like the UK, Netherlands, and Greece have tightened restrictions or phased out golden visa programmes altogether. Bloomberg reports that Trump’s plan could face similar scrutiny, especially if he attempts to implement it without congressional approval.
Under U.S. law, Congress determines qualifications for citizenship. While the EB-5 programme was originally approved by Congress, Trump insists that his administration has the authority to replace it with the gold visa without legislative backing.
As debates continue, the proposed visa programme is set to add another layer of controversy to Trump’s immigration policies, particularly amid his administration’s ongoing crackdown on undocumented migrant
JUST IN: President Trump announces a new immigration “Gold Card” that will be sold to immigrants for $5 million.
The Gold Card is a premium version of a Green Card, according to Trump, and will provide immigrants with a pathway to citizenship.
“We’re gonna be selling a gold… pic.twitter.com/U3Bx3Nogfd
— Collin Rugg (@CollinRugg) February 25, 2025
