On February 25, 2025, President Donald Trump dropped a bombshell from the Oval Office: a new “Gold Card” visa program that would allow wealthy foreigners to secure U.S. residency—and eventually citizenship—for a cool $5 million. Touted as a replacement for the decades-old EB-5 investor visa program, this initiative has sparked excitement, skepticism, and plenty of questions. With details promised in two weeks, here’s a deep dive into what we know, how it stacks up against the past, and what policies might shape this ambitious plan.
The Gold Card: What We Know So Far
Trump’s pitch is straightforward: pay $5 million, get a “Gold Card” that grants permanent residency (akin to a green card) and a clear path to U.S. citizenship. Speaking alongside Commerce Secretary Howard Lutnick, Trump framed it as a way to attract “wealthy and successful” individuals who will spend big, pay taxes, and create jobs. Unlike the EB-5, which ties residency to specific investments and job creation, the Gold Card appears to be a simpler, pricier buy-in—no strings attached beyond vetting to ensure applicants are “world-class global citizens,” as Lutnick put it.
The president mused about selling millions of these cards—potentially 1 to 10 million—suggesting the proceeds could “reduce the federal deficit” and bring in “trillions.” At $5 million a pop, that’s not hyperbole: 1 million cards would generate $5 trillion, a hefty chunk of the $34 trillion national debt. Trump called it “great, maybe fantastic,” and Lutnick slammed the EB-5 as “full of nonsense, make-believe, and fraud,” signaling a clean break from the past.
But here’s the catch: specifics are scarce. Will the $5 million be a fee to the government or an investment requirement? Are there job creation mandates? Will Congress need to sign off? Trump hinted it could launch in two weeks without legislative approval, but immigration law experts argue that replacing the EB-5—a program rooted in congressional statute—won’t be that simple.
The EB-5: A Flawed Predecessor
To understand the Gold Card, we need to unpack the EB-5 Immigrant Investor Program, which Trump aims to scrap. Launched in 1990, the EB-5 was designed to stimulate the U.S. economy by offering green cards to foreigners who invest in job-creating businesses. Here’s how it works:
- Investment Thresholds: Investors must put in $1.05 million—or $800,000 in “targeted employment areas” (TEAs) like rural or high-unemployment zones. These amounts were raised in 2022 under the EB-5 Reform and Integrity Act, up from $1 million and $500,000.
- Job Creation: Each investor must create or preserve at least 10 full-time jobs for U.S. workers. This can be direct (hiring employees) or indirect (through economic ripple effects), often via “regional centers” that pool investments into big projects like real estate or infrastructure.
- Process: After investing, applicants get a two-year conditional green card. If the job creation holds up, they can apply for permanent residency and, after five years, citizenship.
- Cap: The program is limited to 10,000 visas annually, including spouses and kids under 21, though demand often exceeds supply.
The EB-5 has pumped billions into the economy—around $5 billion yearly in recent estimates—funding everything from Trump-branded properties to solar farms. In fiscal year 2024, it hit a record with over 12,800 visas issued by July. But it’s not without baggage. The Congressional Research Service flagged fraud risks, like verifying whether funds are legit, and critics say it’s been exploited by shady operators. Lutnick’s “nonsense” jab echoes bipartisan calls for reform during Trump’s first term, when even his own family’s projects leaned on EB-5 cash.
Gold Card vs. EB-5: Key Differences
Trump’s Gold Card flips the script on EB-5 in big ways:
- Price Tag: $5 million dwarfs the EB-5’s $800,000-$1.05 million, targeting ultra-wealthy applicants over middling investors.
- Job Creation: No mention of a 10-job requirement. The Gold Card seems to bank on applicants’ organic economic impact—spending, taxing, hiring—rather than mandating it.
- Simplicity: EB-5’s complex rules (TEAs, regional centers, audits) are replaced by a flat fee and vetting. It’s less a business deal, more a golden ticket.
- Scale: EB-5 caps at 10,000 visas; Trump’s uncapped vision could flood the system with millions of high rollers.
- Purpose: While EB-5 aimed to spark job growth, the Gold Card doubles as a deficit-busting cash grab.
This shift reflects Trump’s dealmaker DNA: cut red tape, raise stakes, and bet on wealth to fuel growth. But it’s also a gamble—will the ultra-rich bite without investment incentives?
Possible Gold Card Policies
With details pending, here’s a breakdown of potential policies based on Trump’s remarks and global “golden visa” trends:
- Payment Structure:
- Direct Fee: The $5 million could be a non-refundable payment to the Treasury, as Trump implied with “selling” cards. This would maximize deficit reduction but might deter applicants expecting returns.
- Investment Option: Alternatively, it could require $5 million in U.S. assets (businesses, real estate, bonds), channeling funds into the economy while offering upside for investors.
- Vetting Process:
- Lutnick stressed vetting for “world-class” applicants, likely involving background checks, financial audits, and source-of-funds verification to avoid oligarchs or criminals slipping through. Think enhanced EB-5 scrutiny, minus the fraud-prone loopholes.
- Residency and Citizenship:
- Trump promised “green card privileges plus” a citizenship path. This could mirror EB-5’s timeline—permanent residency after vetting, citizenship after five years—or accelerate it for high payers, say three years, as a perk.
- Economic Impact Rules:
- No Mandates: Trump’s silence on job creation suggests a hands-off approach, trusting wealthy residents to boost the economy naturally.
- Soft Targets: Or, he might set loose goals (e.g., “encourage hiring”) to placate critics without EB-5’s rigid quotas.
- Volume and Caps:
- An uncapped program could sell millions of cards, as Trump speculated. But Congress or security concerns might force a limit—say, 100,000 annually—to balance revenue and oversight.
- Legal Framework:
- Trump claims he can bypass Congress, perhaps via executive action tweaking visa categories. Yet, replacing EB-5 (enshrined in the Immigration and Nationality Act) or creating a new citizenship path likely needs legislative buy-in, risking delays or lawsuits.
The Bigger Picture: Risks and Rewards
The Gold Card could transform America’s immigration landscape. Imagine tech billionaires revitalizing Silicon Valley, industrialists rebuilding the Rust Belt, or—yes—Trump’s “nice Russian oligarchs” snapping up Miami penthouses. At $5 trillion from 1 million cards, it’s a fiscal lifeline amid a ballooning deficit. And it aligns with Trump’s merit-based ethos: reward contributors, not dependents.
But risks loom. Without job mandates, economic benefits might lag—millionaires could hoard wealth rather than spend it. A flood of rich newcomers could spike housing costs or strain vetting systems, inviting fraud or security threats. Congress, with its “plenary power” over immigration (per Article I of the Constitution), could block it, especially since EB-5 runs through 2027 under Biden-era reforms. Legal challenges might stall the two-week rollout Trump touted.
Why It Matters—and Why Trump Deserves Credit
Love or hate him, Trump’s Gold Card is a swing for the fences. A month into his second term, he’s already flexing executive muscle—tariffs, deportations, now this. It’s a businessman’s fix: turn a clunky, fraud-riddled program into a sleek, high-stakes win. The EB-5 had its day; the Gold Card could be its 21st-century upgrade, blending patriotism with pragmatism.
So, let’s watch closely. In two weeks, we’ll see if this is a masterstroke or a mirage. For now, it’s a testament to Trump’s knack for bold ideas that make you think: Could this actually work?
