On February 25, 2025, the Trump Administration introduced a new investment-based pathway to U.S. permanent resident (green card) status, known as the “Gold Card.” This proposal aims to replace the existing EB-5 Immigrant Investor Program, which has faced criticism for inefficiency, complexity, and vulnerability to fraud. While details remain limited, the Gold Card program is intended to attract high-net-worth individuals by offering them green card status in exchange for a $5 million investment. The announcement has generated significant discussion and speculation.
Proposal of The Gold Card
The Gold Card program is designed to grant foreign investors “green card privileges,” allowing them to live and work in the United States indefinitely, with a pathway to U.S. citizenship. The $5 million investment threshold is aimed at drawing affluent individuals capable of making substantial contributions to the U.S. economy. President Trump stated that the program would attract “wealthy and successful” investors who would “spend a lot of money, pay a lot of taxes, and employ a lot of people.”
Secretary of Commerce Howard Lutnick has expressed support for the proposal but provided little detail on its potential advantages over the current EB-5 program. He criticized the EB-5 system as being rife with fraud and an easy route to obtaining a green card. By contrast, the Gold Card program aims to ensure that only thoroughly vetted, high-caliber investors are granted residency.
Gold Card Comparing to EB-5
The EB-5 Immigrant Investor Program, established in 1990, allows foreign nationals to obtain permanent U.S. residency by investing $1.05 million (or $800,000 in targeted employment areas) in a U.S. business that creates or preserves at least ten full-time jobs per investor. Despite allegations of fraud and inefficiency, EB-5 generates approximately $5 billion annually for infrastructure projects and businesses, creating thousands of jobs for American workers.
In contrast, the Gold Card initiative significantly raises the investment requirement to $5 million and appears to eliminate the job creation requirement, focusing instead on direct financial contributions. The administration has not yet clarified how this shift will benefit the U.S. economy or reduce fraud. If the program attracts 10,000 investors annually, it could theoretically generate $50 billion per year. However, compared to wealth tax proposals like the Ultra-Millionaire Tax Act of 2021, which was projected to generate over $200 billion annually, the Gold Card program’s economic impact remains uncertain.
Additionally, the allocation of the $5 million investment is not clearly defined. Unlike the EB-5 program, which requires investments in new U.S. businesses, the Gold Card proposal suggests a direct payment to the U.S. government. Secretary Lutnick stated, “We’re going to replace it with the Trump Gold Card, which is really a green card gold [sic], so they’ll be able to pay $5 million to the U.S. government,” though specifics remain unclear.
Challenges and Potential Impacts
The administration claims the Gold Card program will be implemented within two weeks, but several challenges must be addressed. First, modifying or replacing an existing visa program like EB-5 requires Congressional approval, as immigration laws are established by Congress. The administration may attempt to roll the Gold Card initiative into an upcoming appropriations bill to expedite its passage.
The high investment threshold could also limit the number of eligible investors, making the program less competitive than similar “golden visa” programs offered by countries like Portugal and Greece, which require far lower investment amounts. This raises concerns about who would qualify for the Gold Card and how applicants would be vetted, particularly from countries with strained relations with the United States. President Trump’s comment that he knows “some Russian oligarchs that are very nice people” has sparked debates on national security and the ethical implications of granting residency to individuals who might otherwise be inadmissible under U.S. immigration laws.
The EB-5 program, despite its flaws, has strict vetting procedures for both investors and their sources of funds. It remains unclear whether the Gold Card program will implement similar safeguards to prevent money laundering, illicit investments, or the potential for individuals with questionable backgrounds to gain U.S. residency and even citizenship. If such measures are not explicitly outlined, the program risks becoming a loophole for wealthy individuals with dubious financial histories.
Conclusion
While details of the Gold Card program are still emerging, it represents a notable shift in U.S. immigration policy, aiming to attract high-net-worth investors by offering an expedited path to permanent residency and citizenship. Whether this initiative will be more effective than the EB-5 program remains uncertain, particularly in terms of economic impact, legislative approval, and security concerns.
For those interested in understanding how this potential new program may affect immigration options, we are here to help. Our team specializes in U.S. immigration policy and can provide guidance on investment-based residency pathways. Contact us today to discuss how the Gold Card or EB-5 programs might work for you.
