Trump Proposes $5 Million ‘Gold Card’ for Wealthy Foreigners
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| $5 million “gold card” |
A Controversial Immigration Proposal
Former President Donald Trump has unveiled a new immigration initiative, proposing a $5 million “gold card” for wealthy foreigners, allowing them to live, work, and eventually become U.S. citizens. Trump announced this plan from the Oval Office, explaining that the card would serve as an elite alternative to the existing green card system.
"We’re going to be selling a gold card," Trump stated. "You have a green card. This is a gold card. We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card."
A Replacement for the EB-5 Visa Program
The gold card initiative is designed to replace the EB-5 immigrant investor visa program, a system that grants green cards to foreign investors who inject capital into the U.S. economy and create jobs. The Commerce Secretary, Howard Lutnick, stood alongside Trump during the announcement, elaborating on the criteria for obtaining the new card:
"They’ll have to go through vetting, of course, to make sure they’re wonderful world-class global citizens."
Created in 1992, the EB-5 program has allowed immigrants to secure green cards by investing at least $1,050,000 in the U.S., or $800,000 in targeted employment areas (TEAs). Under the Trump administration, the minimum investment in TEAs was briefly raised to $900,000, while investments in other areas increased to $1.8 million. However, these changes were struck down in 2021 by a federal judge. The program was last renewed in 2022 under the Biden administration, with investment requirements adjusted to current levels.
Potential Impact and Concerns
The gold card program could generate billions of dollars in revenue if implemented. Trump suggested that millions of cards could be sold, significantly boosting the U.S. economy. However, the program has already sparked controversy due to its potential to grant wealthy foreigners expedited access to citizenship.
When asked whether the cards would be available to Russian oligarchs, Trump responded:
"Yeah, possibly. I know some Russian oligarchs that are very nice people."
This remark has raised concerns about national security risks and the influence of foreign wealth in U.S. politics. Critics argue that such a program could be exploited by individuals seeking citizenship for personal or financial gain, rather than contributing to the country's workforce or economy in a meaningful way.
Bipartisan Concerns Over Immigration for the Wealthy
The EB-5 program, which the gold card is set to replace, has historically faced bipartisan criticism. Lawmakers have raised concerns that the program deviated from its original intent, often benefiting wealthy investors and real estate developers rather than supporting struggling American communities.
During Trump’s first term, businesses connected to him and his family used the EB-5 program to fund major property developments, sparking ethical concerns. Critics argue that the gold card program could lead to similar issues, with wealthy foreigners gaining fast-track access to the U.S. in exchange for financial contributions rather than merit-based qualifications.
Arguments in Favor of the Gold Card Program
Proponents of the plan argue that attracting wealthy investors is beneficial for the economy. They believe the gold card program could:
Generate significant revenue for the U.S. government
Boost job creation through increased foreign investments
Encourage innovation and entrepreneurship by bringing in high-net-worth individuals
Strengthen the real estate market, particularly in urban centers
Additionally, supporters claim that wealth-based immigration policies exist in several other countries, including Canada, Australia, and the U.K., making this plan competitive on a global scale.
Ethical and Social Ramifications
Opponents of the gold card initiative argue that it reinforces an elitist immigration system, where wealth determines access to U.S. residency and citizenship. The concerns include:
Increased inequality in the immigration process
Potential national security risks if vetting processes are insufficient
Preference for financial investment over skills and innovation
The exclusion of middle-class immigrants who contribute through talent and hard work
Immigration advocates have long pushed for a fairer, merit-based system, arguing that the U.S. should prioritize skilled workers, refugees, and family-based immigration rather than favoring the ultra-rich.
Global Reactions and Economic Implications
The international community has reacted cautiously to Trump’s proposal. Some countries have expressed concern over potential diplomatic tensions, especially if the program is perceived as favoring individuals from certain nations.
Financial analysts have speculated that the real estate market in cities like New York, Los Angeles, and Miami could benefit significantly from an influx of wealthy foreign investors. However, if too many investors buy property without residing in the U.S., it could inflate housing prices and exacerbate affordability issues for American citizens.
What Happens Next?
Trump stated that the sale of gold cards would begin in about two weeks, pending legal and administrative approvals. The proposal will likely face significant scrutiny in Congress and among immigration policymakers.
As debates continue, it remains to be seen whether the gold card program will replace EB-5 visas, or if opposition from lawmakers and the public will prevent its implementation.
One thing is certain: if enacted, this initiative could reshape the landscape of U.S. immigration policy for years to come.