Donald Trump has once again captured headlines with a dramatic shift in U.S. immigration policy, unveiling a new visa program that’s as bold as it is controversial: the U.S. Gold Card. Announced from the Oval Office on February 25, 2025, this $5 million visa scheme is being pitched as a replacement for the long-standing EB-5 investor visa. Trump has framed the initiative as a "golden opportunity" to attract the world’s wealthiest individuals, promising that it will generate massive revenue, reduce the national deficit, and reshape the demographics of those who call America home. The plan has already sparked a mix of excitement, skepticism, and intense debate. But what exactly does the Gold Card offer, and why is it making waves? Let’s break it down.
The Basics: What’s the U.S. Gold Card?
At its core, Trump’s U.S. Gold Card is a pay-to-play green card, offering a straightforward deal: invest $5 million directly into the U.S. government, secure a green card, and step onto a path toward U.S. citizenship. The program is specifically aimed at high-net-worth individuals—the kind of people who see $5 million as a relatively small price for U.S. residency. Unlike the EB-5 visa, which required applicants to invest in job-creating projects, the Gold Card has no such stipulations. Instead, it is purely a direct payment to the government, with no obligation to create jobs or fund specific businesses.
Standing alongside Commerce Secretary Howard Lutnick, Trump laid out his vision, emphasizing that the program would attract “successful, world-class global citizens” who would not only spend lavishly but also contribute significantly in taxes and investments. Lutnick even rebranded the initiative as the “Trump Gold Card”, distancing it from the bureaucratic baggage of EB-5 and positioning it as a sleek, streamlined alternative. Trump floated an ambitious hypothetical: if a million applicants signed up, the program could generate trillions of dollars, theoretically helping to reduce the $34 trillion national debt. While the idea of a million people applying may be far-fetched, even a fraction of that number would still mean a staggering influx of capital.
The rollout is set to happen fast, with Trump stating that the program will be live within two weeks, by mid-March 2025. While details remain scarce, one thing is clear—the administration sees this as an opportunity to redefine the way America selects its immigrants, prioritizing extreme wealth over other traditional immigration pathways.
How Does It Compare to EB-5?
To understand the significance of the Gold Card, it’s crucial to examine what it replaces: the EB-5 investor visa.
Introduced in 1990, the EB-5 program allowed foreign nationals to obtain green cards by investing $1.05 million (or $800,000 in designated rural or high-unemployment areas), provided their investment resulted in the creation of at least 10 U.S. jobs. Over the decades, it played a key role in funding major projects, from skyscrapers to hotels to infrastructure developments. However, it wasn’t without flaws. The program was frequently criticized for fraud scandals, murky regional centers, and abuse by developers who pocketed investment funds with little oversight. Processing times were also painfully slow, often taking years.
Trump’s Gold Card program flips the script entirely. At five times the cost of EB-5’s highest tier, it is significantly more expensive but also far simpler. There is no requirement to create jobs, no need to invest in U.S. businesses, and no complicated project approvals. Instead, applicants simply pay the government directly, undergo a background check, and—if approved—receive a green card. By removing EB-5’s complex investment structures, Trump and Lutnick argue that the Gold Card will be cleaner, faster, and free from the corruption that plagued its predecessor.
Another major shift is processing speed. While EB-5 applications often languished for a year or more, Trump is hinting at a faster turnaround time for Gold Card applicants, though he has yet to specify exactly how fast. The path to citizenship is also somewhat vague at this point. Under EB-5, investors could apply for U.S. citizenship after maintaining permanent residency for five years. The Gold Card is expected to offer a similar pathway, but whether it will be accelerated remains unknown. More details are expected in March when the program formally launches.
Why Get Rid of EB-5?
Trump and Lutnick did not hold back in their criticism of EB-5, calling it outdated and inefficient.
For years, EB-5 played a significant role in bringing foreign capital into the U.S., issuing over 12,000 visas in 2024 alone, marking a record high. However, the headlines surrounding the program were not always positive. Numerous scandals involving mismanaged funds, fraudulent investments, and failed projects led many to question its integrity. In Trump’s view, $1 million for a U.S. green card was too cheap, and the system itself had become a mess of red tape.
The Gold Card, with its $5 million price tag, aligns more closely with other high-tier "golden visa" programs around the world. While countries like Portugal ($500,000) or Malta ($1 million) offer citizenship through investment, the U.S. is setting the bar significantly higher. Trump’s administration believes that this premium pricing strategy will attract only the world’s wealthiest individuals while ensuring that the U.S. gets the maximum economic benefit.
Beyond immigration policy, this move is also about fiscal strategy. Trump has floated massive revenue projections, suggesting that if even 100,000 wealthy applicants signed up, the government could rake in $500 billion—a staggering sum compared to EB-5’s annual revenue. However, these projections remain highly speculative, as demand at this price point is still uncertain.
Who Is the Gold Card For?
This program is designed exclusively for the ultra-wealthy elite. It’s not for the average immigrant, but for those who can write a $5 million check without blinking.
Potential buyers might include tech moguls from emerging markets, oil barons from the Middle East, Indian billionaires frustrated with U.S. visa backlogs, or high-net-worth individuals from China looking for long-term residency options. Trump even name-dropped Russian oligarchs, raising immediate concerns about whether sanctions or geopolitical tensions could complicate approvals.
Social media reactions have been divided. Some applaud the move, arguing that an influx of wealthy immigrants could boost the U.S. economy by increasing investment, home purchases, and spending. Others, however, see this as a blatant "citizenship for sale" scheme, especially coming from an administration that has previously taken a hardline stance on immigration.
What’s Next?
With the program set to launch by mid-March, the coming weeks will bring more clarity on key details. Among the biggest unanswered questions:
- How will vetting work? The term “world-class global citizens” remains ambiguous. What financial and legal checks will be required?
- Will it include family members? EB-5 allowed spouses and children to obtain green cards as well—will the Gold Card follow suit?
- Will demand meet expectations? While the U.S. is a highly desirable destination, a $5 million price tag might drive some investors toward cheaper alternatives.
If implemented successfully, the Gold Card could redefine high-net-worth immigration and create a massive new revenue stream for the U.S. government. Whether it turns out to be a financial masterstroke or an overpriced experiment will depend on execution, demand, and legal feasibility. One thing is certain—Trump has once again thrown a massive curveball into the immigration debate, and all eyes are on what happens next.
