United States: In a surprising announcement from the Oval Office on Tuesday, former President Donald Trump introduced a new immigration program called the “gold card.” This special visa, costing USD 5 million, would allow wealthy foreign nationals to live and work in the US while offering them a faster path to citizenship.
“We’re launching the gold card,” Trump said. “You’ve heard of the green card—well, this is the gold card. For about USD 5 million, people will get the same benefits as a green card and a direct route to becoming a US citizen. We expect many successful individuals to invest in our country through this program,” according to reports by CNN.
Trump said the program would begin in just a couple of weeks and could potentially issue millions of gold cards.
When asked if Russian oligarchs would be eligible, Trump responded, “Yeah, possibly. I know some Russian oligarchs who are good people.”
Replacing the EB-5 Investor Visa
Standing beside Trump, Commerce Secretary Howard Lutnick explained that the gold card would replace the existing EB-5 investor visa program. The EB-5 program allows foreign investors to earn green cards by investing in US businesses that create jobs.
“They’ll go through a thorough vetting process,” Lutnick assured, “to make sure they’re top-tier global citizens.”
The EB-5 program has existed since 1992, allowing immigrants to apply for green cards if they invest at least USD 1.05 million—or USD 800,000 in areas needing economic growth—into job-creating projects, according to US immigration rules, as mentioned by CNN.
Interestingly, Trump and his family have previously used the EB-5 program to secure funding for their real estate developments.
Past Controversy and Changes
The EB-5 program has faced criticism from both political parties, with lawmakers arguing that it needs reform. During his presidency, Trump tried to raise the minimum investment amounts, but a court later overturned the changes.
Under President Joe Biden, the program was renewed in 2022 with updated investment requirements. Now, with Trump’s proposed gold card, the future of EB-5 is uncertain.
