Trump’s Proposed "Gold Card" Visa: A New Pathway to U.S. Residency and Citizenship
Introduction to the "Gold Card" Visa Program
President Donald Trump has introduced a new immigration initiative called the "gold card" visa, which promises a pathway to U.S. residency and eventual citizenship for a hefty price tag of $5 million. This program is set to replace the existing EB-5 Immigrant Investor Program, which currently requires a $1 million investment in a U.S.-based company that employs at least 10 people. The new program aims to attract wealthy individuals and companies willing to invest significantly in the U.S. economy. While the concept of "golden visas" is not new—it is already in place in countries like Canada, New Zealand, Malta, and others—the specifics of Trump’s plan have sparked both interest and debate.
Who Qualifies for the "Gold Card"?
Details about who will qualify for the "gold card" visa are still limited, but Commerce Secretary Howard Lutnick has indicated that the program will be launched within two weeks. Trump has emphasized that recipients will be "wealthy," "successful," and significant contributors to the U.S. economy through taxes and job creation. Unlike the EB-5 program, which is limited to individuals, the "gold card" will also be available to companies. This expansion could open up new avenues for businesses looking to establish a presence in the U.S. However, the exact application process and eligibility criteria remain unclear, leaving potential applicants and experts eager for more information.
The Existing EB-5 Program and Its Impact
The EB-5 program, established by Congress in 1990, has long served as a pathway for foreign investors to secure U.S. residency. By investing $1 million (or $500,000 in a high-unemployment area) into a U.S.-based company that creates at least 10 jobs, investors and their families can qualify for a visa and eventual permanent residency. In 2022 alone, nearly 8,000 people obtained investor visas through this program. While it has been successful in attracting foreign investment, the program has faced criticism over the years, with concerns about fraud and the concentration of investments in wealthy areas rather than economically disadvantaged regions.
"Golden Visa" Programs Around the World
The concept of "golden visas" is not unique to the U.S. Over 100 countries worldwide offer similar programs, according to Henley & Partners, a firm that specializes in residency and citizenship by investment. These programs vary widely in their requirements, with some countries demanding real estate purchases, financial investments, or job creation. For example, Spain’s now-defunct "golden visa" program required an investment of over half a million euros in real estate, while the U.K. ended its program in 2022 due to security concerns. Despite their popularity, these programs often face criticism for driving up housing prices, fostering inequality, and raising ethical questions about "buying" residency.
The Potential Effectiveness of Trump’s "Gold Card" Program
Experts are divided on whether the "gold card" program will achieve its intended goal of spurring U.S. investment. Basil Moftah, managing partner of Henley & Partners North America, believes there may be significant demand for the program, given the U.S.’s global appeal. However, he notes that success will depend on the specific frameworks and requirements outlined by the program. While a $5 million investment threshold may deter some, the program’s popularity could hinge on factors like residency requirements and processing times. If the application process is streamlined and residency requirements are flexible, the program could attract wealthy individuals seeking a U.S. foothold while also maintaining investments elsewhere.
What’s Next for the "Gold Card" Program?
The rollout of the "gold card" program raises questions about its implications for the existing EB-5 program and its participants. While Moftah suggests that those currently in the EB-5 program may be "grandfathered" into the new system, there is no guarantee. The EB-5 program was extended by Congress until 2027, meaning any changes to it would likely require legislative action. However, Trump has claimed that the "gold card" program does not require Congressional approval, potentially bypassing the traditional legislative process. As the program’s details are finalized, stakeholders will be watching closely to see how it aligns with U.S. economic and immigration goals. If successful, the "gold card" could become a valuable tool for attracting foreign investment, but its long-term impact remains to be seen.
