The debate over U.S. immigration policies has taken a new turn with President Donald Trump’s latest proposal— a $5 million ‘Gold Card’ that grants wealthy foreign investors a fast-track route to U.S. citizenship. This initiative, announced in the Oval Office, is set to replace the controversial EB-5 Immigrant Investor Program, which has long been criticized for loopholes, inefficiencies, and allegations of fraud. Under Trump’s new plan, affluent individuals willing to make a significant financial contribution to the U.S. economy could secure permanent residency and an eventual pathway to American citizenship. While the policy aims to attract high-net-worth individuals who can stimulate economic growth, it also raises ethical and legal questions about the commercialization of U.S. citizenship.
Trump’s Plan: What is the $5 Million ‘Gold Card’?
According to Trump, the ‘Gold Card’ would be priced at $5 million and would offer foreign investors the same privileges as a Green Card—including permanent residency, work authorization, and a clear path to naturalization. Unlike the EB-5 program, which required a minimum investment of $800,000 to $1.8 million in job-creating businesses, the Gold Card will have a fixed price that applicants must pay upfront.
Trump described the initiative as a premium alternative to the existing investment visa program, stating:
“Wealthy people will be coming into our country by buying this card. They’ll be successful, they’ll be spending a lot of money, paying a lot of taxes, and creating jobs.”
The Commerce Secretary, Howard Lutnick, further elaborated that the program would ensure that only high-caliber investors enter the U.S. by eliminating the “nonsense, make-believe, and fraud” associated with EB-5 visas.
How is This Different from the EB-5 Visa?
The EB-5 Immigrant Investor Program, first introduced in 1990, was intended to stimulate job creation by granting Green Cards to foreigners who invested at least $800,000 in targeted employment areas (TEAs) or $1.8 million in other businesses. However, critics argue that the program has been plagued by abuse, including cases where investors funneled money into projects that created few actual jobs or were used for real estate developments benefiting elite interests.
The new Gold Card program aims to:
- Eliminate the need for job creation requirements, instead opting for direct payments to the U.S. Treasury.
- Set a fixed price of $5 million, removing ambiguities surrounding investment qualifications.
- Ensure immediate economic benefits by using funds to reduce the U.S. deficit and support government programs.
- Replace the EB-5 system entirely, avoiding past fraud allegations and regulatory concerns.
Who Can Apply for the Gold Card?
While details are yet to be finalized, Trump hinted that Russian oligarchs and other high-net-worth individuals from across the world could be eligible. When questioned about whether Russian billionaires would qualify, Trump responded:
“Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
This statement has already sparked controversy, with critics questioning whether the program could be exploited by politically influential figures seeking U.S. residency for personal or financial gains.
Additionally, the vetting process remains unclear. Under the EB-5 program, applicants had to prove that their investments came from legal sources and that they would create at least 10 full-time jobs in the U.S. The Gold Card does not currently include such job creation requirements, raising concerns about transparency and national security risks.
Potential Economic Benefits of the Gold Card
Despite the ethical concerns, Trump’s administration strongly believes that the Gold Card will be an economic game changer. The potential revenue from selling Gold Cards is massive—if even 1 million foreign investors participate, the U.S. could raise $5 trillion, significantly reducing the national deficit and funding key infrastructure projects.
Key projected benefits include:
- Massive tax revenue growth: Wealthy investors contribute substantially to local economies through property taxes, business activities, and personal expenditures.
- Job creation through indirect spending: Although the program does not mandate job creation, the arrival of wealthy residents could stimulate the real estate, finance, and luxury sectors.
- Reduced reliance on deficit spending: The additional funds could offset federal deficits and reduce borrowing needs.
Criticism and Concerns Surrounding the Policy
While the economic benefits appear promising, the Gold Card initiative has sparked fierce criticism from multiple groups, including immigration advocates, legal experts, and political opponents.
- “Selling Citizenship” Perception
Critics argue that the U.S. should not allow citizenship to be bought and sold like a luxury product. Democratic lawmakers and immigration reform groups claim that the program prioritizes wealth over merit, potentially allowing corrupt individuals to launder money into the U.S. - Ethical & National Security Risks
Some policymakers fear that foreign elites with questionable backgrounds could exploit the program. The lack of rigorous background checks compared to the EB-5 visa raises concerns about potential security threats. - Could This Further Divide Social Classes?
With wealthy investors securing a fast-tracked route to citizenship, lower-income immigrants—who wait years to obtain Green Cards through employment or family sponsorship—may feel increasingly marginalized. - Trump’s History with Investment Visas
The Kushner family’s past involvement in EB-5 investments has already drawn scrutiny. In 2017, Jared Kushner’s sister was accused of soliciting Chinese investors by promoting EB-5 Green Cards tied to Kushner real estate projects. Critics fear the Gold Card could be similarly exploited by politically connected families.
Will This Policy Become Law?
Trump stated that full details of the Gold Card program will be unveiled in the coming weeks, but it remains uncertain whether Congress will approve it. The plan could face legal challenges and resistance from both Democrats and Republicans who question the fairness and long-term impact on U.S. immigration policy.
The U.S. immigration system has long struggled with balancing economic needs, national security, and fairness. While investment immigration programs exist in other countries, Trump’s proposal is far more aggressive in its direct monetization of residency rights.
A Bold But Controversial Move
Trump’s $5 million Gold Card proposal is a radical shift in U.S. immigration policy, prioritizing affluence over traditional visa qualifications. While it has the potential to raise significant government revenue and attract wealthy investors, it also faces major ethical, legal, and security concerns.
With uncertainty over how this policy will be implemented, questions about fairness, security risks, and its impact on the broader immigration system remain unanswered. As details unfold in the coming weeks, the Gold Card program is sure to be one of the most debated immigration reforms of Trump’s presidency—a move that could reshape the future of U.S. immigration for decades to come.
Reference : Asma Khalid