President Donald Trump stated on Tuesday evening that he intends to offer a “gold card,” which would provide a pathway to citizenship for foreign-born individuals for $5 million.
“You currently have a green card. This is a gold card,” the President said. “We plan to set the price of this card at approximately $5 million, which will grant you green card privileges and a path to citizenship. Wealthy individuals will be able to enter our country by purchasing this card.”
The President indicated that the sale of these cards would commence in approximately two weeks.
The Trump Administration has been exploring methods to decrease the U.S. deficit through new entities like the Department of Government Efficiency (DOGE). The “gold card” could be one such method the President hopes to use to generate more revenue.
An analysis of the Trump Administration’s fiscal strategy, conducted on Oct. 28, 2024, suggested that it would likely increase the national debt by $7.75 trillion over the next decade. Last year, the federal deficit reached $1.83 trillion.
While there are likely more unanswered questions than certainties regarding the potential gold cards, here’s what we currently understand.
What is Trump’s “gold card” route to citizenship?
Trump’s “gold card” would essentially enable affluent foreign nationals to buy their way into American citizenship. Trump stated that the complete details of the program are scheduled to be unveiled in two weeks.
The “gold card” is intended to replace the existing EB-5 immigrant investor visa program. This program allows foreign investors to seek lawful permanent residence if they invest in commercial enterprises and commit to creating or maintaining 10 permanent full-time jobs for U.S. workers.
How might Trump’s “gold card” work?
The mechanics of Trump’s “gold card” remain unclear. Commerce Secretary Howard Lutnick mentioned at the Oval Office that prospective applicants for the “gold card” visa would be subject to a vetting process to ensure they are “wonderful world-class global citizens.” However, specific details about the program’s implementation were not disclosed.
When questioned by the press regarding the eligibility of Russian oligarchs for the program, Trump responded: “Possibly. I am acquainted with some Russian oligarchs who are very pleasant individuals.”
The legality of the “gold card” visa is also uncertain. The EB-5 program, which the Administration seeks to replace, was established by Congress. This program enables potential immigrants who invest $1,050,000, or $800,000 in targeted employment areas (rural areas or areas with high unemployment), to apply for a green card, although applicants must satisfy certain requirements, and the process can be lengthy.
The EB-5 visa program has an annual limit of approximately 10,000 visas, which represents about 7.1% of the 140,000 employment-based visas available each fiscal year.
Lutnick has been a strong critic of the EB-5 program. On Tuesday, he described it as “full of nonsense, make-believe, and fraud” and referred to it as a “low-price way to obtain a green card.”