Donald Trump has announced a plan to introduce a “gold card” that would allow wealthy foreigners to live and work in the U.S. while offering a pathway to citizenship.
Unlike the traditional green card, this new residency option would require a $5 million purchase, which Trump says will attract high-net-worth individuals to the country.
The proposal is expected to take effect within weeks, with millions of cards potentially being sold. Trump stated that Russian oligarchs could also be eligible, emphasizing that all applicants would be vetted. Commerce Secretary Howard Lutnick, standing alongside Trump, confirmed that the card would replace the EB-5 immigrant investor visa program, which currently allows foreign investors to gain U.S. residency by investing in projects that create jobs.
The EB-5 program has existed since 1992 but has faced criticism over the years, including concerns that it had strayed from its original purpose. It was reformed multiple times, including under Trump’s previous administration, but legal challenges blocked some of the proposed changes. The Biden administration later renewed the program in 2022, setting new investment thresholds.
Trump’s latest proposal marks a shift in U.S. immigration policy, prioritizing financial contributions over job creation requirements. The plan is likely to face debate in Congress, where past attempts to overhaul investor visas have drawn bipartisan scrutiny.