President Donald Trump announced a new immigration initiative on February 25, 2025, introducing a “gold card” visa program aimed at wealthy foreign investors.
$5 Million Dollar Gold Card
Posted: February 28, 2025, 1:22 PM PST
Author: Joel Friedman, Attorney at Law
This program proposes a $5 million investment in exchange for U.S. residency and a pathway to citizenship. As an immigration lawyer, I am providing an analysis of the specifics currently available, based on public statements from Trump and Commerce Secretary Howard Lutnick, as well as comparisons to the existing EB-5 Immigrant Investor Program. Details remain limited, with more expected in the coming weeks. Below is what we know so far.
Program Overview
– Name: “Gold card” visa.
– Purpose: To attract high-net-worth individuals to the United States, encouraging economic investment, job creation, and tax revenue.
– Investment Requirement: $5 million, a significant increase from the EB-5 program’s current minimums of $800,000 (in Targeted Employment Areas) or $1.05 million (standard investment).
– Benefits:
– Grants “green card privileges plus,” implying permanent residency status similar to or exceeding that of a standard green card.
– Offers a “route to citizenship,” likely after a period of lawful permanent residency (typically five years under current U.S. immigration law).
– Timeline: Trump stated the program will launch within two weeks of his announcement, approximately March 11, 2025.
Key Details from the Announcement
– Replacement of EB-5: The gold card visa is intended to replace the EB-5 Immigrant Investor Program, established by Congress in 1990. Commerce Secretary Howard Lutnick criticized the EB-5 as “full of nonsense, make-believe, and fraud,” suggesting the new program aims to address perceived inefficiencies or abuses.
– Eligibility:
– Open to wealthy individuals capable of paying $5 million.
– Trump indicated no specific country restrictions, noting even controversial figures like Russian oligarchs could potentially qualify, stating, “I know some Russian oligarchs that are very nice people.”
– Lutnick emphasized vetting to ensure applicants are “wonderful, world-class global citizens,” though specific criteria remain undisclosed.
– Economic Goals:
– Trump highlighted that recipients will be “wealthy” and “successful,” expected to spend money, pay taxes, and employ people in the U.S.
– Funds from the $5 million payments may go directly to the federal government to reduce the national deficit, unlike the EB-5, which requires investment in job-creating businesses.
– Scale: Trump speculated the program could sell between 1 million and 10 million cards, potentially raising $5 trillion to $50 trillion, though this far exceeds historical EB-5 demand (approximately 8,000 visas issued annually in recent years).
Comparison to EB-5 Program
– Investment Amount:
– EB-5: $800,000 (Targeted Employment Areas) or $1.05 million (standard).
– Gold Card: $5 million, roughly five times the EB-5 standard amount.
– Job Creation:
– EB-5: Requires creation or preservation of 10 full-time U.S. jobs per investor.
– Gold Card: No mention of a job creation requirement; focus appears to be on revenue generation for the government.
– Vetting:
– EB-5: Includes stringent checks on the legal source of funds and background screening.
– Gold Card: Promises “heavy” vetting focused on national security and criminal history, but details are unclear.
– Legal Authority:
– EB-5: Created and regulated by Congress under the Immigration and Nationality Act.
– Gold Card: Trump claims it is “totally legal” to implement without congressional approval, though immigration experts dispute this, asserting Congress controls visa categories.
Legal and Practical Considerations
– Authority Question: Trump asserts the program does not require congressional approval because it is “not doing citizenship” directly, but rather offering a residency card with a citizenship pathway. However, terminating the EB-5 or creating a new visa category likely requires legislative action, as Congress holds plenary power over immigration law. Legal challenges may arise if implemented unilaterally.
– Vetting Process: The current EB-5 program involves extensive documentation to verify funds and applicant background. A $5 million threshold could complicate this further, especially for applicants from countries with strict capital controls, such as China. No specifics on the vetting process have been provided beyond promises of rigor.
– Demand Uncertainty: The EB-5 program saw 12,839 visas issued in fiscal year 2024, its highest ever. A $5 million price tag may limit applicants, making Trump’s projection of millions of cards optimistic without evidence yet of such demand.
What Remains Unclear
– Form of Investment: Will the $5 million be a fee paid to the government, or must it be invested in specific projects, securities, or businesses? The EB-5 requires the latter; Trump’s comments suggest the former.
– Additional Requirements: Are there criteria beyond wealth, such as education, skills, or economic contributions?
– Cap on Issuance: Will there be a limit on gold cards issued annually, unlike the EB-5’s cap of approximately 10,000 visas per year?
– Transition from EB-5: What happens to current EB-5 applicants or visa holders if the program ends?
Implications for Potential Applicants
This program targets ultra-wealthy individuals seeking U.S. residency and citizenship. For those considering it, the $5 million threshold demands significant liquid capital, and the lack of clarity on implementation suggests waiting for formal policy details—expected within two weeks—before planning. The absence of a job creation requirement could simplify the process compared to EB-5, but heightened vetting may offset this. Global investors should also note that similar “golden visa” programs exist in over 100 countries, often at lower costs (e.g., Portugal’s €500,000 threshold), which may influence demand.
Conclusion
President Trump’s “gold card” visa proposal signals a shift toward prioritizing wealth in U.S. immigration policy. While it promises economic benefits, the lack of concrete details and potential legal hurdles create uncertainty. Our law office will monitor developments closely, particularly the forthcoming announcement promised by mid-March 2025. Until then, the specifics remain speculative, and any application strategy should await clarification.
For questions or personalized advice, contact my office at 619-595-0888. Stay informed as this develops.
