Trump’s ‘Gold Card’ visa: What we know so far

U.S. President Donald Trump has announced the creation of a new “Gold Card” visa program, which will allow wealthy foreigners to obtain U.S. residency and a path to citizenship for a $5 million fee. The plan is expected to replace the current EB-5 immigrant investor visa program, which has been in place since 1990. Although details on its implementation remain limited, the proposal has drawn comparisons to similar “gold visa” programs in Europe and other parts of the world.

What is the Trump Gold Card?

The Gold Card, as Trump and Commerce Secretary Howard Lutnick have described it, will grant residency and possible citizenship rights to people who pay $5 million. The program is being marketed as a way to attract wealthy, “world-class” citizens who will contribute to the U.S. economy through investment, job creation and tax payments.

Although the full eligibility criteria and application process have not yet been disclosed, Trump has stated that the program will be available to both individuals and businesses looking to invest in the U.S. economy. The administration plans to launch the program within two weeks, and Trump has stated that millions of cards could be sold.

How is it different from the EB-5 visa?

The U.S. EB-5 visa program was designed to encourage foreign investment in economically distressed areas. As part of EB-5, applicants must invest at least $1.05 million (or $800,000 in targeted employment areas) and create at least 10 full-time jobs for U.S. workers. In return, successful applicants and their families receive the Green Card, which allows them to live and work in the United States.

The Gold Card, in contrast, would eliminate the job creation requirement and allow wealthy individuals to directly acquire residency and, ultimately, citizenship. While supporters argue that this could bring significant economic benefits to the United States, critics warn that it could open the door to security and corruption risks, similar to the problems that have plagued golden visa programs in Europe.

Other golden visas

The United States is not the first country to introduce an investment-based visa initiative. Several European countries have launched similar programs over the past decade, with varying degrees of success and controversy.

Gold visa programs, commonly associated with residency by investment, grant residency rights in exchange for a certain economic contribution to the host country. It is distinct from citizenship by investment, which offers full citizenship rights under similar principles. These programs offer high net worth individuals the option to physically relocate to a favorable jurisdiction, offering them full legal rights, including the ability to live, work, study and receive healthcare in that country.

Spain, Portugal, Greece, Malta and Ireland have offered golden visas in exchange for financial investments, usually in real estate or companies. These programs attracted billions of euros in foreign capital, but also led to unintended consequences, such as rising house prices and concerns about money laundering.

Because of these problems, some European countries have begun to backtrack on their programs. Spain will end its Golden Visa initiative in April 2025, arguing that affordability problems were created for local residents. Ireland and the U.K. have already shut down their versions due to security risks and accusations of financial mismanagement.

According to Trump’s vision, the Gold Card, could generate revenue for the U.S. government and attract investors, however, it is unclear how the funds will be allocated. Unlike EB-5, it has fewer restrictions on the origin and use of the money, raising concerns about potential abuses, such as money laundering. Trump maintains that he will not need congressional approval, but immigration policies often face legal and political scrutiny. In addition, the transition from EB-5 to the Gold Card could cause uncertainty for current applicants.

The Trump administration has stated that the program will launch in a matter of weeks, but many details are still unknown. While the proposal has attracted interest from high net worth individuals around the world, its long-term viability remains to be seen. The balance between economic benefits and national security concerns will play a crucial role in shaping the future of U.S. investor immigration policies.

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