President Donald Trump announced plans Tuesday to replace the existing EB-5 investor visa program with a new “Trump Gold Card”, offering a $5 million path to U.S. citizenship for wealthy individuals.
Speaking from the Oval Office, Trump said the program would attract successful, high-income individuals who would spend, invest, and pay taxes in the U.S. “We think it’s going to be extremely successful,” he said.
Commerce Secretary Howard Lutnick confirmed that the new visa program would take effect within two weeks, replacing the EB-5 visa, which has been in place since 1990. Unlike the EB-5, which required a $1 million investment in a business that creates at least 10 jobs, Trump’s plan does not specify job creation requirements.
Investor visa programs are common worldwide, with countries like Canada, the UK, Spain, Greece, and Australia offering similar residency options for the wealthy. However, the EB-5 program has faced scrutiny over fraud risks, including concerns about verifying the source of investment funds.
Trump suggested that selling up to 10 million “gold cards” could help reduce the federal deficit, though the number of visas available remains unclear. The program, he explained, would provide a “road to citizenship” for wealthy investors, as well as for highly skilled workers sponsored by companies.
While Congress traditionally sets citizenship requirements, Trump claimed the “gold card” program would not require congressional approval. He described it as a green card “at a higher level of sophistication”, aimed at attracting both wealth and talent to the U.S.
Whether the controversial proposal will face legal or political challenges remains to be seen.