How Trump’s ‘Gold Card’ Plan Echoes the Golden Visas Programs in Europe

President Trump has proposed a new visa program that could lead to permanent residency for those willing to pay a fee of about $5 million.

Howard Lutnick, the commerce secretary, said on Tuesday that a “gold card” visa would replace the EB-5 visa, which was designed to encourage foreigners to invest in economically deprived areas. But some lawmakers say the EB-5 visa, which also offers a pathway to citizenship, has become a risk to national security and an avenue for fraud.

Officials did not reveal details on who would be eligible for a gold card, though Mr. Trump said that Russian oligarchs might be.

The program could mirror the “golden visas” that have existed for years elsewhere. European visas have been especially desirable, said Dominic Volek, global head of sales for Henley and Partners, an advisory firm that helps clients use investments to obtain residency or citizenship, because often you don’t have to reside in the country to get one.

Recently, however, some European countries have begun to reverse course on these types of visas amid backlash from local populations and worries that they were being used for criminal purposes.

Here’s what to know.

What do golden visas in Europe look like?

A number of countries, including Spain, Portugal, Greece, Malta and Ireland, have offered wealthy individuals residency if they invest a certain amount of money, typically 250,000 to 500,000 euros. Sometimes that investment comes in the form of buying property, but it can also be through venture capital funds or made as a donation to a government-approved philanthropic project or charity.