Trump announces $5 million ‘gold card’ visa for US citizenship

US President Donald Trump, in the first Cabinet meeting of his second term on Wednesday, unveiled plans for a new “gold card” visa, priced at $5 million, which could pave the way to US citizenship. This initiative is set to replace the long-standing 35-year-old investor visa program. Confident in its success, Trump stated, “I happen to think it’ll sell like crazy. It’s a market,” emphasizing that the revenue generated could help reduce national debt.

“If we sell a million, that’s $5 trillion,” he noted, highlighting strong interest from the business sector. “I think we will sell a lot because there’s really a thirst for it,” he added.

Commerce Secretary Howard Lutnick explained that this new initiative would replace the EB-5 program, which currently grants US visas to investors who invest at least $1 million in businesses that create 10 or more jobs. Lutnick criticized the EB-5 program for its “poor oversight and execution” despite its long history in funding investment projects.

The proposed scheme marks a significant shift in US immigration policy, though similar “golden visas” exist in Europe and other countries, allowing individuals to gain residency or citizenship through investment. While Congress sets the requirements for US citizenship, Trump claimed the “gold cards” would not require congressional approval.

Regarding the potential beneficiaries, Trump stated, “They’ll be wealthy, successful, spend a lot of money, pay significant taxes, and employ many people. We believe it will be extremely successful.” However, he provided limited details on the program’s operational aspects and did not address whether it would maintain the EB-5 program’s job creation requirements.

While the EB-5 program has an annual cap on visa issuance, Trump suggested that the federal government could sell up to 10 million “gold cards” to address the national deficit. Calling the initiative “great” and potentially “fantastic,” he described the visa as “somewhat like a green card, but at a higher level of sophistication.”