President Trump announced a new path to residency on Tuesday: “Gold Cards” aimed at wealthy foreigners willing to pay millions of people for their right to live in the United States
The term is a play on green cards, more officially known as a permanent residence card. This allows non-citizens to live and permanently work in US green cards most frequently to foreigners or employers who marry US citizens, with the latter process taking an average of three years.
The new program comes as the Trump administration moves to change the country’s rules that allow them to live, work and gain citizenship in the United States. Ending citizenship from birthconstitutionally protected the right to citizenship to those born in the US soil.
The United States has already opened the door to wealthy non-US citizens who want to be residency through what is known as the EB-5 visa. However, the program, launched in 1990, has long been cited for potential abuse, including one notable case almost a decade ago when Vermont Ski Resort owners were involved in embezzling millions of people from foreign investors who wanted to acquire visas through the program.
However, both the new Gold Card and the EB-5 program have a common goal. It is about attracting foreign capital by ensuring rich non-citizens are positive in exchange for US residency visas.
“It would be a route to citizenship and wealthy people will come to our country by purchasing this card, they are wealthy, they will be successful, they will spend a lot of money, they will pay a lot of taxes and employ a lot of people,” Trump said Tuesday.
Here’s what you need to know about the Gold Card Plan:
What is a Gold Card for Playing Cards?
The Gold Card provides a new route for wealthy non-US citizens to obtain a valid visa for living and working in the United States.
Each new visa cost $5 million, Trump said.
“We’re going to put a price of about $5 million on that card, which gives you the privilege of a green card,” the president added.
Green cards allow recipients to live in the United States forever and work for those of their choice. In comparison, some immigrants such as immigrants H-1B visais trapped in working for an employer who sponsors a visa.
Green card holders can also enter and leave the United States without restrictions and begin the process of becoming a US citizen.
When will the Gold Card be available?
Lutnick said the gold card will be available in about two weeks.
Will the Gold Card replace the EB-5 visa?
Yes, Lutnick described the EB-5 program on Tuesday as “full of nonsense, believe it and commit fraud.”
“So the president is going to end the EB-5 program rather than have this kind of ridiculous EB-5 program,” Lutnick said he joined Trump and outlined the Gold Card program from his oval office. “We’re going to replace it with the Trump Gold card, which is really the gold on the green card.”
One big difference between a Gold Card and an EB-5 visa – the cost, the latter usually requires you to invest around $1 million in the US. However, EB-5 visas also have many other requirements, such as documenting that investments will create or maintain 10 full-time jobs for US workers.
How much money can a Gold Card raise for the US?
Trump suggested that the US could “probably sell one million of these cards.”
For $5 million each, he said selling one million gold cards could raise $5 trillion.
“And if you’re selling 10 million cards, that’s a total of $50 trillion,” Trump added. “We have $35 trillion in debt. That’s fine, so we’ll see.”
Typically, the number of annual EB-5 visa applicants is much lower than what Trump projects on his gold card. According to the latest age of immigration statistics from the Homeland Security Agency, approximately 8,000 people have obtained investor visas in the 12 months ended September 30, 2022.
If around 8,000 people receive mold cards each year, the US would raise about $40 billion a year through the program.
According to Henley & Partners, a company that provides immigration advisory services, the United States is the biggest immigration destination for rich investors. The group estimated that the United Arab Emirates had won the second largest billionaires in 2024 last year, following around 3,800 foreign billionaires moving into the state.
Who can qualify for a gold card?
In addition to paying $5 million to the US government, Gold Card applicants must also meet other criteria, Lutnick said.
“They will have to go through the jury. Of course we will make sure they are great world-class global citizens,” he said without providing details.
When asked by a reporter whether Russian oligarchs qualify for a visa, Trump replied, “probably.”
He said, “Hey, I know Russian oligarchs who are very nice people. That’s possible. They’re not as wealthy as they used to be. I think they can afford – I think they can afford $5 million.”
Do other countries offer gold cards?
Yes, investor visas are common all over the world. According to Henley & Partners, more than 100 countries offer “golden visas” to wealthy individuals, including the US, the UK, Spain, Greece, Malta, Australia, Canada and Italy.
Does Gold Card require Congress approval?
Congress will determine citizenship eligibility, but Trump said the gold card does not require Congressional approval.
“We’ve settled it all from a legal standpoint. It’s completely legal to do it,” Trump said. “It’s a bit like a green card, but it’s a higher level of refinement. It’s a citizenship for people, and essentially a path to people for people of wealth and great talent.
I contributed to this report.
