US 'Gold Card' visa: Pay $5 million and get US citizenship; EB-5 to be axed

Trump's new Gold Card visa introduces a new avenue for legal immigration

Soon, the investor-favourite EB-5 visa will be replaced by a far costlier 'gold card' visa. US President Donald Trump on Wednesday announced a programme that would offer residency and a path to citizenship for investors willing to pay $5 million (approximately Rs 43.7 crore). This move introduces a new avenue for legal immigration while the administration continues its crackdown on undocumented migrants.

 

Trump said the programme, dubbed the "gold card," would launch in two weeks. However, the details of its implementation remain unclear.

 

“We’re going to be selling a gold card,” Trump said Tuesday in the Oval Office as he signed executive orders alongside Commerce Secretary Howard Lutnick. “We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges,” he added, referencing the permits issued to US permanent residents.

 

 

Lutnick indicated that this would replace the existing EB-5 programme, which allows immigrant investors to acquire green cards by investing a certain amount in a US business.

 

Asked whether applicants would need to invest a certain amount to qualify, Lutnick said, “Yeah, exactly,” but suggested that the funds might be paid directly to the government instead.

 

“The president said rather than having this sort of ridiculous EB-5 programme, we’re going to end the EB-5 programme. We’re going to replace it with the Trump gold card,” he said. “They’ll be able to pay $5 million to the US government—not to skip vetting, of course. We’re going to make sure they are wonderful, world-class global citizens.”

 

“They can come to America. The president can give them a green card, and they can invest in America. We can use that money to reduce our deficit,” he added.

 

EB-5 visa

  The employment-based EB-5 visa provides a direct pathway to a green card. Over recent years, interest in the programme had grown among Indians. “With the uncertainty surrounding H-1B policies and long waiting times for green cards, many professionals, particularly those already in the US, are looking at EB-5 as a more secure, long-term solution,” said Akshat Gupta, director of business development at US Immigration Fund (USIF), in a discussion with Business Standard.

 

What would change with EB-5 visa removal?

  Currently, EB-5 investors fall into two main categories:

High-employment area projects: These are in major cities such as New York, New Jersey, Los Angeles, and Miami. They include multi-family residential buildings, mixed-use developments, and commercial real estate projects.

Rural projects: Located in areas with populations under 20,000, these allow investors to benefit from larger visa set-asides. They often include hospitality developments, multi-family projects, ski resorts, and industrial parks.

 

Both high-unemployment area projects and rural projects fall under targeted employment areas (TEA) designated by USCIS and require a minimum capital investment of $800,000. The usual costs include:

Investment amount: $800,000 for TEA projects, $1.05 million for non-TEA projects

Regional centre administrative fees: $70,000 - $80,000

Immigration attorney fees: $20,000 - $25,000

USCIS filing fees: $25,000

 

It also requires investors to create at least 10 new jobs. By contrast, Trump's gold card visa would cost investors $5 million, almost five times more than an EB-5 visa.

 

At a US House Judiciary Committee hearing on January 22, 2025, immigration expert Jessica M Vaughan argued that some green card programmes were reasonable in concept but needed stricter rules and oversight to curb fraud and abuse.

 

“Others, such as the visa lottery, OPT, and EB-5, should be eliminated entirely because they serve no legitimate national interest in their current form and invite fraud,” she said.

 

Lutnick echoed this on Wednesday, saying EB-5 had become an avenue for fraud. He suggested the administration would be more selective in granting gold card visas, though further details were scarce.

 

Asked whether a Russian oligarch might qualify for a gold card, Trump replied, “Yeah. Possibly.”

 

He added, “Hey, I know some Russian oligarchs that are nice people. It’s possible. They’re not as wealthy as they used to be.” Laughing, he added, “I think they can afford five million dollars.”

 

Trump predicted that the programme would generate substantial revenue, saying that companies would be willing to pay the $5 million fee to secure talent.

 

“We’ll be able to sell maybe a million of these cards, maybe more than that,” he said. “If you add up the numbers, they’re pretty good.”

 

Investor visas are widely used worldwide. According to Henley & Partners, over 100 countries, including Dubai, New Zealand, and several European nations, offer similar “golden visas” to attract wealthy individuals.