US President Donald Trump has announced a new “Gold Card” program, allowing wealthy foreigners to obtain residency and a pathway to US citizenship in exchange for a $5 million payment.
Donald Trump introduces the $5 million gold card
Trump introduced the initiative during a speech from the Oval Office on Tuesday, stating that the program would attract “wealthy, successful people who will spend a lot of money” in the US.
“We’re going to be selling a gold card,” Trump said.
“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, and that’s going to give you green card privileges, plus it’s going to be a route to citizenship.”
The Gold Card program, according to reports, is expected to replace the existing EB-5 Immigrant Investor Visa, which has been in place since 1990.
The EB-5 program allows foreign nationals to invest in US businesses that create jobs in exchange for a green card.
Under the current rules, foreign investors must contribute at least $800,000 (est. R14.7 million) to $1.05 million (est. R19.5 million) and create 10 full-time jobs for US workers to qualify.
Trump’s new proposal eliminates the job creation requirement in favour of a direct purchase option.
Commerce Secretary Howard Lutnick, who stood alongside Trump during the announcement, confirmed that applicants would still undergo vetting before receiving their Gold Card.
“They’ll have to go through vetting, of course, to make sure they’re wonderful world-class global citizens,” Lutnick stated.
Concerns ver foreign buyers
Trump suggested that the program could generate millions of dollars in revenue for the US government, as he believes there is strong demand for US residency among wealthy investors worldwide.
When asked whether Russian oligarchs would be eligible to buy the card, Trump responded:
“Yeah, possibly. I know some Russian oligarchs that are very nice people.”
The announcement has sparked debate, with critics arguing that it effectively puts US citizenship up for sale and could provide a legal loophole for wealthy individuals facing legal troubles in their home countries.
Others have raised concerns that replacing the EB-5 program with a cash-based system removes economic incentives such as job creation.
Supporters, however, see the Gold Card as an opportunity to boost government revenue and attract foreign investment without the bureaucratic delays associated with the EB-5 visa process.
Trump has stated that the Gold Card program will officially launch in two weeks, though full details on the application process, vetting criteria, and policy framework have yet to be released.
