U.S. President Donald Trump unveiled on Tuesday a new immigration program: the sale of a “gold card” to wealthy foreigners for $5 million. This new program is designed to grant green card privileges and a pathway to citizenship, to wealthy foreigners in the United States. Trump described the initiative as an upgrade to the existing green card system, dubbing it the “gold card” for its premium price tag and exclusive benefits. “We’re going to be selling a gold card,” Trump declared. “You have a green card. This is a gold card. It’s going to give you green card privileges, plus it’s going to be a route to citizenship.”
The President stated that the sale of these cards would commence in approximately two weeks. He hinted at the potential scale of the program, suggesting that “millions” of such cards could be sold, opening the door to a significant influx of high-net-worth individuals. The announcement marks a dramatic shift in U.S. immigration policy, targeting the global elite with a promise of residency and eventual citizenship in exchange for a hefty financial commitment.
A Replacement for the EB-5 Program
Standing beside Trump during the announcement, Commerce Secretary Howard Lutnick provided additional details, clarifying that the gold card initiative will replace the government’s existing EB-5 immigrant investor visa program. Established by Congress in 1992, the EB-5 program allows foreign investors to secure green cards by injecting a minimum of $1,050,000 or $800,000 in economically distressed “targeted employment areas” into U.S. projects that generate jobs for American workers. According to the United States Citizenship and Immigration Services (USCIS), the program has long been an avenue for wealthy immigrants seeking residency through economic contributions.
Lutnick emphasized that the gold card would maintain a vetting process to ensure recipients are “wonderful world-class global citizens,” though specifics about the criteria remain unclear. The shift from EB-5 to the gold card program signals a rebranding and escalation of the investor visa concept, with a steeper entry fee and a more direct promise of citizenship. Businesses tied to Trump and his family have notably leveraged the EB-5 program in the past to fund major property developments, a detail that underscores the President’s familiarity with this immigration pathway.
The $5 million price point nearly five times the current EB-5 maximum, positions the gold card as an elite offering, likely appealing to billionaire investors, multinational entrepreneurs, and perhaps even figures from nations with strained U.S. relations. Trump’s optimism about the program’s scale suggests a belief that global demand for American residency remains robust, even at a premium.
Economic Ripple Effects of a $5 Trillion Windfall
Selling 1 million gold cards would not only bolster federal reserves but also trigger broader economic effects. The arrival of 1 million wealthy individuals each capable of paying $5 million upfront could spur significant spending in real estate, luxury goods, and business ventures.
The EB-5 program has not been without opposers. During Trump’s first term, it faced bipartisan criticism from lawmakers who argued it had strayed from its original intent of spurring job creation in struggling areas. Critics pointed to instances where funds were funneled into luxury projects in affluent regions, prompting calls for reform. In 2019, the Trump administration attempted to overhaul the program by raising the minimum investment thresholds to $1.8 million for standard areas and $900,000 for targeted zones. However, a federal judge struck down these changes in 2021, ruling that the acting Homeland Security secretary who authorized the adjustments lacked proper appointment authority.
The gold card’s $5 trillion potential has sparked optimism among supporters, who view it as a shrewd revenue generator that could ease fiscal pressures without raising domestic taxes. Trump himself mused that selling 10 million cards could yield $50 trillion, erasing the national debt entirely. Yet, this scale seems ambitious given the global pool of individuals able to pay $5 million upfront, estimated at fewer than 500,000 billionaires and multimillionaires worldwide. 1 million sales still pose a large cash injection, potentially offsetting years of federal borrowing.
Critics, however, warn of unintended consequences. By prioritizing wealth over skills or societal contributions, the initiative could exacerbate income inequality, favoring the ultra-rich while sidelining middle-class immigrants who drive much of the U.S. workforce. The EB-5’s focus on job creation, though flawed, aimed to benefit struggling regions; the gold card’s agnostic approach might concentrate wealth in already prosperous urban centers. Moreover, the vetting process’s rigor will be crucial—lax oversight could invite controversial figures, as Trump’s openness to Russian oligarchs suggests, risking diplomatic and security concerns.
