In a bold shift to U.S. immigration policy, President Donald Trump announced Tuesday his plan to replace the EB-5 immigrant investor visa program with a new initiative called the “Gold Card,” which would allow wealthy individuals to purchase a path to American citizenship for $5 million.
“We are going to be selling a gold card,” Trump told reporters. “We are going to be putting a price on that card of about $5 million.” According to Trump, the Gold Card will offer similar privileges to a green card but will also provide a direct route to U.S. citizenship for those willing to pay the hefty sum.
The EB-5 visa program, first introduced in 1990, was designed to attract foreign investment by granting permanent residency to individuals who invest significant capital into U.S. businesses, particularly those that create or preserve jobs. However, Trump characterized the program as flawed and susceptible to fraud.
“The EB-5 program … it was full of nonsense, make-believe, and fraud,” Commerce Secretary Howard Lutnick said Tuesday, supporting Trump’s decision to scrap the existing program. “It was a way to get a green card that was low price. So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end it and replace it with the Trump Gold Card.”
Trump did not shy away from the possibility that Russian oligarchs might qualify for the new program when asked about their eligibility. “Yeah, possibly,” he responded. “Hey, I know some Russian oligarchs that are very nice people.”
While details of the Gold Card initiative remain scarce, Trump assured reporters that more information would be released within the next two weeks. The proposal is expected to attract scrutiny from both supporters and critics, particularly regarding concerns about wealth-based immigration and national security implications.
The announcement marks another chapter in Trump’s long-standing push for an overhaul of U.S. immigration policy. With a price tag of $5 million per applicant, the plan could significantly alter the landscape of foreign investment and immigration to the United States.
As discussions unfold, lawmakers and the public will be watching closely to see whether Trump’s Gold Card proposal gains traction or sparks a broader debate over the ethics of selling American citizenship.
