The United States (U.S.) is set to replace the EB-5 investor visa with a new $5 million “Trump Gold Card” visa, offering a direct path to citizenship for wealthy foreign investors.
Announced by President Donald Trump, the programme aims to attract high-net-worth individuals while eliminating fraud concerns linked to the EB-5 scheme.
Unlike traditional green cards, the Gold Card provides additional privileges and may have no cap on issuances. Trump has suggested selling up to 10 million visas to reduce the national deficit.
The new visa is designed for wealthy foreigners seeking U.S. permanent residency with a pathway to citizenship. Unlike the traditional green card, this visa offers additional privileges and a more streamlined citizenship process.
The EB-5 visa programme, introduced in 1990, allows foreign investors to obtain green cards by investing at least $1 million in a business that creates a minimum of 10 jobs. Trump’s Commerce Secretary, Howard Lutnick, has criticised the programme for being plagued by fraud and inefficiencies.
Trump stated that applicants would need significant financial resources. However, no job-creation requirements have been outlined. He assured that all applicants would undergo strict vetting to ensure they are “world-class global citizens.”
The cost of the ‘Trump Gold Card’ visa is set at $5 million per applicant. While full details are expected in the coming weeks, the programme aims to provide an easier and possibly faster route to citizenship compared to the traditional five-year green card process.
Many countries offer similar investment-based residency or citizenship programmes, commonly known as “golden visas.” In Europe, Spain, Greece, and the UK have implemented such initiatives, while Malta, Egypt, and Jordan provide direct citizenship through investment. Caribbean nations such as Dominica, Grenada, and St. Kitts and Nevis offer “golden passports” for as little as $200,000–$300,000.
Trump suggested that there may be no limit on the number of “gold cards” issued. He proposed selling up to 10 million visas to help reduce the national deficit, stating it could be “great” and “fantastic.”
While Congress determines qualifications for citizenship, Trump claimed the “gold card” would not require congressional approval. The proposal is expected to face scrutiny over its economic impact and legal feasibility.
The administration plans to replace the EB-5 visa programme within two weeks. Further details are expected to clarify the application process and benefits. The announcement has sparked debate over the economic and political implications of the initiative.
(BusinessDay)
