In a bold move that has sent ripples through the immigration landscape, US President Donald Trump has announced plans to introduce a new “gold card” visa programme. This initiative, set to replace the existing EB-5 immigrant investor visa scheme, offers wealthy foreigners a direct path to American citizenship for a hefty price tag of $5 million.
The proposed “gold card” system, slated to launch in two weeks, promises to grant holders green card privileges and an expedited route to US citizenship. President Trump, speaking from the Oval Office, emphasised the potential economic benefits of the programme, suggesting it could attract successful individuals who would contribute significantly to the US economy through spending, tax payments, and job creation.
How the “Gold Card” Differs from the Current System
The existing EB-5 programme, established in 1990, allows foreign investors to obtain permanent residency by investing at least $1.05 million (or $800,000 in economically distressed areas) in US businesses that create or preserve jobs.However, the programme has faced criticism for alleged fraud and misuse.
In contrast, the new “gold card” system simplifies the process by offering a direct purchase option for wealthy individuals. Commerce Secretary Howard Lutnick described it as a replacement for the EB-5 programme, aimed at reducing fraud and bureaucratic inefficiencies. Unlike its predecessor, the “gold card” scheme does not explicitly mention job creation requirements, raising questions about its potential impact on US employment.
Implications and Controversies
The announcement has sparked debate among immigration experts and policymakers. While some view it as a potential boost to the US economy, others express concerns about the ethical implications of essentially selling citizenship.
Ajay Bhutoria, a Silicon Valley-based Democrat and advocate for immigration reform, criticised the proposal as a “pay-to-play” scheme that overlooks the contributions of skilled workers caught in the existing green card backlog. He argued that prioritising wealth over merit could exacerbate inequalities in the immigration system.
The programme’s potential impact on current visa applicants, particularly those from countries like India with significant backlogs, remains unclear. The substantial increase in investment requirements—from $1.05 million under the EB-5 programme to $5 million for the “gold card”—may price out many middle-tier investors who previously saw the EB-5 as a more cost-effective option.
President Trump has suggested that the programme could generate substantial revenue, potentially helping to reduce the national deficit. He speculated about selling up to a million “gold cards”, although the feasibility of such numbers remains to be seen.
The proposal has also raised eyebrows due to Trump’s comments about potential Russian oligarch applicants. When questioned about their eligibility, he remarked, “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people”. This statement has fuelled discussions about the programme’s vetting processes and potential national security implications.
It’s worth noting that investor visas are not unique to the United States. Over 100 countries worldwide, including the United Kingdom, Canada, Australia, and several European nations, offer similar “golden visa” programmes to attract wealthy individuals.
As the launch date approaches, many questions remain unanswered. The specifics of the application process, vetting procedures, and how the programme will be implemented without congressional approval are yet to be clarified. Moreover, its potential impact on the broader US immigration system and economy will likely be subjects of intense scrutiny in the coming weeks.
The “gold card” proposal represents a significant shift in US immigration policy, potentially reshaping the landscape for wealthy migrants seeking American citizenship. As details continue to emerge, stakeholders across the political spectrum will be watching closely to see how this controversial initiative unfolds.
