Trump unveils $5 million gold card to replace investor EB-5 visa scheme

The gold card, priced at $5 million, is set to replace the EB-5 visa scheme, a 35-year-old investor visa programme offering US green card benefits to foreign nationals

US President Donald Trump on Friday unveiled his $5 million “gold card,” stating that it would be made available in less than two weeks.

 

According to a New York Post report, Trump made the announcement aboard Air Force One. When asked who would be the first buyer, Trump said he was purchasing the first card himself. “For $5 million, this could be yours,” Trump told reporters. “That was the first of the cards. You know what that card is? It’s the gold card — the Trump card.” 

 

What is the ‘gold card’ programme

 

Trump had announced his plans to introduce the gold card on 25 February. The card, priced at $5 million, will offer “green-card privileges-plus” to foreign nationals. It is intended to replace the 35-year-old EB-5 visa programme, which was established in 1990 to attract foreign investment to the United States.

 

Commerce Secretary Howard Lutnick earlier claimed that up to 1,000 gold cards were sold in a single day, and added that over 37 million individuals globally are eligible to purchase one.

 

The gold card revamps the more cumbersome EB-5 visa scheme, which allows foreign nationals who invest $1 million in the US to apply for a green card. Unlike a visa, a green card grants permanent residency and creates a pathway to citizenship. Holders of the gold card will receive benefits similar to green card holders, including the right to live and work in the US. 

Why did Trump propose the gold card?

 

According to a CLA report, the gold card was introduced to attract wealthy investors to the US. Trump envisioned that the gold card would benefit both the investors and the country. With the $5 million fee in place, the card is expected to draw affluent individuals who would create jobs, pay taxes, and contribute to the US economy.

 

It also aimed to generate revenue. According to a Forbes report, the Trump administration projected that selling 200,000 gold cards could generate $1 trillion in revenue, which would help reduce the national debt.

 

EB-5 visa

 

The EB-5 programme, a favourite among investors, was created by Congress in 1990. It allowed immigrants to obtain US green cards by investing a minimum of $1 million in a business or $800,000 in a designated low-income area, provided the investment created at least ten jobs.

 

According to a Times of India report, 4,500 EB-5 visas were granted in 2024 alone. However, the programme has faced frequent criticism over inefficiency and vulnerability to fraud. 

Criticising the EB-5 visa programme as being "full of nonsense", Lutnick claimed that the new gold card will attract "wonderful, world-class citizens."