In a controversial move to reshape U.S. immigration policy, former President Donald Trump announced plans on Tuesday to introduce a “gold card” visa, offering a fast-track to citizenship for wealthy investors willing to pay $5 million (€4.76 million). The new program would replace the existing EB-5 investor visa, which has been in place for 35 years but has faced scrutiny over fraud risks.
A Visa for the Wealthy
Speaking at an Oval Office press conference, Trump described the initiative as a way to attract high-net-worth individuals who would contribute to the U.S. economy.
“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, and we think it’s going to be extremely successful,” he said.
The gold card, according to U.S. Commerce Secretary Howard Lutnick, will be introduced within two weeks. Unlike the EB-5 visa, which requires applicants to invest around $1 million in a company that creates at least 10 jobs, the new visa comes with no job creation requirements—only a direct payment to the government.
Lutnick emphasized that the program would include a path to U.S. citizenship, similar to a green card but granted purely in exchange for money. However, details on how applicants would be vetted remained vague. “We want to make sure they’re wonderful world-class global citizens,” he stated, without elaborating on specific criteria.
Concerns Over Fraud and Eligibility
While investor visas are common globally—offered by over 100 countries including the U.K., Canada, Spain, and Australia—the EB-5 program has faced persistent criticism. A 2021 report by the Congressional Research Service warned of fraud risks, particularly in verifying the legitimacy of investors’ funds.
The proposed gold card visa does not include enhanced screening measures, raising concerns that it could become a loophole for questionable financial dealings. When asked if Russian oligarchs could apply, Trump responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
An Unlimited Program?
Unlike the EB-5 program, which has an annual cap on the number of visas issued, Trump suggested the gold card could be offered without restrictions, even musing that selling 10 million of them could help reduce the national deficit.
“It’s somewhat like a green card, but at a higher level of sophistication,” he said. “It’s a road to citizenship for people, and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in.”
Legal and Political Challenges Ahead
Trump asserted that the program would not require congressional approval, despite the fact that legal qualifications for citizenship are set by Congress. This claim is likely to face legal challenges and resistance from lawmakers who have long debated the role of investor visas in U.S. immigration policy.
With concerns about fairness, national security, and economic impact, the fate of the proposed gold card visa remains uncertain. For now, it stands as one of the most controversial immigration proposals in recent years.
