President Donald Trump has proposed a $5 million “gold card” residency permit to replace the current EB-5 immigrant investor visa program. Set to launch in two weeks, the gold card aims to offer similar residency benefits as the green card, but allows wealthy individuals to directly purchase residency. Trump claims this initiative could generate significant revenue to help address the national debt, with the potential to sell one million cards. The existing EB-5 program, criticized for misuse, requires foreign investments of $1.05 million, and Trump had previously attempted to increase these investment thresholds. Detailed plans for the gold card are forthcoming.
US President Donald Trump has introduced a new “gold card” residency permit, available for $5 million, as a substitute for the current green card system. This initiative, which is set to commence in two weeks, aims to replace the existing EB-5 immigrant investor visa program.
How It Differs From Green Card
At present, the EB-5 Immigrant Investor Programme provides green cards to foreign nationals who invest in US businesses and either create or preserve jobs. Trump intends to replace this program with the new “gold card” system, which he claims will deliver comparable residency rights but include an option for direct purchase aimed at affluent individuals.
“It’s going to provide you with green card benefits along with a pathway to American citizenship,” Trump noted.
Green Card vs Gold Card
- Green Card: Grants permanent residency in the US, usually through employment, family sponsorship, or investment (via EB-5).
- Gold Card: Offers the same residency advantages, but requires a $5 million purchase price, expediting the process for wealthy applicants.
Trump’s Plan
Trump asserted that the program could yield considerable revenue and assist in reducing the national debt. He proposed the sale of one million gold cards, anticipating substantial interest from affluent individuals.
Why Replace Green Card
The EB-5 program, established by Congress in 1992, permits foreigners to invest a minimum of $1.05 million (or $800,000 in economically distressed areas) in US projects to obtain a green card. While the program has facilitated funding for developments – including those associated with Trump’s family – it has also faced criticism for potential misuse.
During his first term, Trump sought to raise the minimum investment requirement to $1.8 million, but a judge annulled this decision in 2021. The Biden administration subsequently set the current investment thresholds at $1.05 million/$800,000 when it renewed the program in 2022.
Who Will Qualify For The Gold Card?
When questioned about the eligibility of Russians, Trump replied, “Yeah, possibly. Hey, I know some Russian oligarchs who are very nice people.”
Further details of the gold card program are anticipated to be unveiled in two weeks.