In a bold move, President Donald Trump has announced a new “gold card” visa program, offering wealthy buyers permanent residency in the US and a path to citizenship for a hefty price of $5 million (£3.9m). The announcement was made during the first cabinet meeting of his current term.
Trump explained that the gold visas would function similarly to green cards, which allow immigrants of varying incomes to live and work permanently in the US, but would be reserved for “high-level people.” He emphasized the economic benefits, stating, “The people that can pay $5m, they’re going to create jobs. It’s going to sell like crazy. It’s a bargain.”
Commerce Secretary Howard Lutnick, also present at the meeting, revealed that the gold visas would replace the current visa program for foreign investors, though specific details were not provided. Lutnick criticized the existing EB-5 visa program, which grants permanent residency to foreigners who invest around $1 million and create at least 10 full-time jobs in the US, calling it “poorly overseen and poorly executed.”
The new gold card visa program aims to attract wealthy individuals who can contribute significantly to the US economy. Trump suggested that revenue from the high-priced visas could be used to pay off US debt. He also mentioned that companies would use the program to hire non-citizens to work for them in the US, stating, “We have to be able to get people in the country, and we want people that are productive people.”
While the specifics of the selection process and potential exclusions remain unclear, the initiative is expected to generate substantial interest. During the fiscal year of 2024, the State Department issued over 12,000 EB-5 visas, a record high for the program.
The gold card visa program is set to replace the EB-5 visa, with Lutnick promising that future applicants would be “wonderful world-class global citizens.” The program is expected to launch soon, with further details to be released in the coming weeks.