US President Donald Trump has announced the launch of a new immigration visa, the Gold Card, which will be available for purchase within the next two weeks. The Republican leader stated that this new visa initiative is designed to replace the EB-5 visa program, which was initially introduced in 1990.
On Tuesday, speaking to reporters in Washington, Trump revealed that the United States will introduce a premium visa option, specifically aimed at wealthy individuals seeking residency in the country. The Gold Card, priced at $5 million, will grant holders the right to live and work in the US, along with a pathway to full citizenship.
As part of the rollout, Trump emphasized that revenue from these visa sales could attract entrepreneurs and contribute to lowering the US national deficit.
However, the finer details of the plan remain unclear. Trump noted that additional information regarding the implementation process would be shared in two weeks, while sales would begin shortly after.
“We're going to be selling a gold card. You have a green card, this is a gold card. We're going to be putting a price on that card of about $5 million,” Trump stated during a press briefing at the Oval Office.
The President also underscored that this new visa offers a direct pathway to US citizenship, making it an attractive proposition for high-net-worth individuals.
“A lot of people are going to want to be in this country, and they'll be able to work and provide jobs and build companies,” Trump said, further adding, “It will be people with money.”
Will the Gold Card Replace the Traditional Green Card?
The Gold Card is being positioned as a luxury alternative to the existing Green Card, which has traditionally been issued under the EB-5 Immigrant Investor Visa Program.
The EB-5 program, established in 1990 through the Immigration Act of 1990, was originally designed to boost the US economy through capital investment and job creation, as outlined by the US Citizenship and Immigration Services (USCIS).
“It's going to give you green card privileges plus it's going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card,” Trump explained while discussing the new initiative.
Criticism of the EB-5 Visa Program
Commerce Secretary Howard Lutnick strongly criticized the existing EB-5 visa program, labeling it as flawed and ineffective.
“The EB-5 program ... it was full of nonsense, make believe and fraud, and it was a way to get a green card that was low price. So the president said, rather than having this sort of ridiculous EB-5 program, we're going to end the EB-5 program. We're going to replace it with the Trump gold card,” Lutnick told reporters.
The Department of Homeland Security’s latest Yearbook of Immigration Statistics reveals that approximately 8,000 investor visas were issued in the 12-month period ending September 30, 2022. Unlike the EB-5 visa, which is subject to an issuance cap, Trump hinted that the federal government could potentially sell up to 10 million “gold cards” to help reduce the national deficit.
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