A US citizenship for $5 million: What is Trump’s ‘gold card’ for the rich?

US President Donald Trump has announced a plan to introduce a “gold card” visa that would offer a pathway to citizenship.

He described it as “somewhat like a green card but at a higher level of sophistication.”

Trump stated that the sale of these cards would begin in around two weeks and suggested that millions could be issued.

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This initiative would replace the existing
“EB-5” immigrant investor visa programme, which granted “green cards” to foreign nationals who promised to invest in US businesses and sought permanent residency.

“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,” Trump said in the Oval Office.

But how will this new programme work? What was the previous system? How are they different?

Let’s find out:

What we know about the ‘gold card’ visa: Explained in 10 points

1. The ‘gold card’ visa would require a higher investment from applicants and aims to eliminate fraud and other issues that, according to
Trump, have affected the EB-5 programme. Like other green cards, it would provide a pathway to citizenship.

2. The visa could be purchased for $5 million (Rs 43.54 crore) as a means to acquire American citizenship.

#FPLIVE: President Donald Trump on Tuesday announced a new “Gold Card” that will be sold to immigrants for $5 million. POTUS said the card, which is a premium version of a Green Card, will provide immigrants with “a pathway to citizenship.” https://t.co/jIWQG32NLw

— Firstpost (@firstpost) February 26, 2025

3. Trump said that the “gold card” would offer the benefits of a green card and serve as a route to American citizenship, adding that wealthy individuals would move to the US by acquiring it.

4. According to him, those who obtain the visa would likely achieve success, spend huge amounts of money, pay high taxes, and create numerous jobs.

5. When asked whether Russian oligarchs would be eligible, Trump acknowledged the possibility, saying, “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.”

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6. US Commerce Secretary Howard Lutnick, who was present in the Oval Office when Trump signed the executive orders, said the initiative could replace the current EB-5 programme.

7. Trump also suggested that the federal government could sell 10 million ‘gold cards’ to reduce the deficit. He described the proposal as something that “could be great, maybe it will be fantastic.”

8. Trump did not specify any category of individuals who would be excluded from the programme, only indicating that it was designed for wealthy applicants.

9. While Congress establishes the requirements for citizenship, Trump said he did not believe his administration needed congressional approval to introduce the programme. However, he did not provide details on how it would be implemented.

10. He predicted that the programme would generate massive revenue for the government, suggesting that many companies would pay the $5 million fee to bring in skilled workers. “We’ll be able to sell maybe a million of these cards, maybe more than that,” Trump said. “If you add up the numbers, they’re pretty good.”

What is the EB-5 visa programme, which would be replaced?

The EB-5 visa was introduced by the US Congress in 1990 to attract foreign investment and is available to individuals who invest around $1 million in a business that employs at least 10 people.

In the US, the equivalent of a “golden visa” is the EB-5 Immigrant Investor Programme, which is administered by the US Citizenship and Immigration Services (USCIS). It was created to drive economic growth by encouraging foreign investment and job creation.

Under the EB-5 programme, foreign investors can obtain permanent residency, commonly known as a Green Card. This benefit extends to the investor’s spouse and unmarried children under the age of 21.

Funds invested through the programme must support businesses in the US and contribute to job creation by directly or indirectly employing at least 10 American workers in economically disadvantaged areas.

Investors can qualify for green cards by either investing $1 million in a new business or contributing $500,000 through one of nearly 800 regional development centres nationwide. These centres pool EB-5 funds and are certified by the federal government.

The processing time for a US golden visa varies, with the average wait time being around 12 months.

However, US intelligence and law enforcement agencies have raised concerns that foreign government operatives may attempt to exploit the programme for economic espionage or to gain access to restricted technology, according to a report by The New York Times.

Most applicants, approximately 95 per cent, invest through these regional centres, which operate with minimal regulation. In some cases, investors can also secure US citizenship.

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EB-5 vs ‘Gold Card’: How are they different?

The proposed ‘gold card’ visa is set to replace the EB-5 programme, which has been in effect for 35 years since its introduction in 1990.

Under the current EB-5 system, foreign investors must invest around $1 million in a business that generates at least 10 jobs. The new scheme would raise the financial requirement while aiming to reduce fraud and bureaucratic inefficiencies linked to the EB-5.

“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. So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card,” Howard Lutnick said.

Unlike the EB-5 visa, Trump’s ‘gold card’ proposal does not specify a job creation requirement. This has led to concerns over how the new visa would create employment, which was a key aspect of the EB-5 programme.

Notably, investor visas are widely available across the world. According to advisory firm Henley & Partners, over 100 countries, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy, offer ‘golden visas’ to attract wealthy individuals.

During the 12-month period ending September 30, 2022, around 8,000 people obtained investor visas, according to the US Homeland Security Department’s Yearbook of Immigration Statistics. A 2021 report by the Congressional Research Service pointed out risks of fraud associated with the EB-5 programme, particularly regarding the verification of legally sourced investment funds.

With inputs from agencies