President Trump proudly showed off the design of his administration’s new $5 million “gold card” to reporters aboard Air Force One on Thursday. Back in February, Trump revealed plans to begin selling gold cards that would feature “green-card privileges-plus” to deep-pocketed foreigners by effectively revamping the backlogged and cumbersome EB-5 visa program.
The “Trump Gold Card” is a proposed visa program announced by President Trump on February 25, 2025, aimed at wealthy foreign investors. It would replace the existing EB-5 Immigrant Investor Visa Program, which allows foreigners to obtain a U.S. green card by investing a minimum of $800,000 to $1.05 million in a U.S. business that creates or preserves at least 10 full-time jobs. Trump and Commerce Secretary Howard Lutnick have described the EB-5 program as flawed, citing issues like fraud and inefficiency, and positioned the Gold Card as a more streamlined, premium alternative.
The Gold Card would cost $5 million per applicant, granting them permanent residency (similar to a green card) and a pathway to U.S. citizenship. Unlike the EB-5, there’s no explicit mention of a job creation requirement; instead, the focus is on attracting “wealthy and successful” individuals who would pay taxes and invest in the U.S. economy. Trump has suggested that companies could purchase these cards to retain top talent, such as foreign graduates from elite U.S. universities, though this idea remains vague. The program is slated to launch within “two weeks” from the announcement date, meaning it could theoretically be active by mid-March 2025, though no official confirmation has emerged by April 3.
Trump has claimed the program could generate significant revenue—potentially $5 trillion from selling 1 million cards or $50 trillion from 10 million—to reduce the U.S. national debt, currently over $36 trillion. However, only about 8,000 EB-5 visas were issued in the year ending September 30, 2022, suggesting that reaching even 1 million Gold Card sales would be a massive leap.
Commerce Secretary Lutnick later stated on March 19, 2025, that selling 100,000 cards annually could bring in $500 billion, enough to “pay off the deficit,” though this likely refers to the annual budget deficit (around $1.8 trillion in 2024) rather than the total debt.
Eligibility appears broad, with Trump even suggesting Russian oligarchs could qualify, saying, “I know some Russian oligarchs that are very nice people,” though Lutnick emphasized vetting for “world-class global citizens.” The vetting process would focus on national security and criminal history, not political views, according to a White House official.
There’s significant skepticism about the plan’s feasibility. Immigration experts argue that Trump lacks unilateral authority to end the EB-5 program or create a new visa category, as these powers reside with Congress.
The EB-5 was established by statute in 1990, and altering it would likely require legislative approval. Some suggest Trump could use executive “parole” authority for temporary residency, but this wouldn’t provide the promised green card privileges or citizenship path. Critics also question the demand, noting that a $5 million fee—without the tax avoidance benefits of other “golden visa” programs globally—might deter wealthy investors, especially given U.S. global taxation rules.
By March 27, 2025, reports claimed 1,000 Gold Cards had been sold, raising $5 billion in one day, though this lacks official confirmation and seems speculative given the timeline and legal hurdles. The program’s details remain unclear, with no formal White House or USCIS announcement by April 3, 2025, leaving its status uncertain.
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