US President Donald Trump has proposed a new “gold card” residency permit, priced at $5 million, as an alternative to the existing green card system. The initiative, set to launch in two weeks, is expected to replace the existing EB-5 immigrant investor visa programme.
How It Differs From Green Card
Currently, the EB-5 Immigrant Investor Programme grants green cards to foreigners who invest in US businesses and create or preserve jobs. Trump plans to replace this programme with the new “gold card” system, which, he says, will offer similar residency rights but with a direct purchase option for wealthy individuals.
“It’s going to give you green card privileges plus a route to American citizenship,” Trump said.
Green Card vs Gold Card
- Green Card: Grants permanent residency in the US, typically through employment, family sponsorship, or investment (via EB-5).
- Gold Card: Offers the same residency benefits but for a $5 million purchase price, fast-tracking the process for wealthy applicants.
Trump’s Plan
Trump claimed the programme could generate significant revenue and help pay down the national debt. He suggested selling one million gold cards, predicting strong interest from wealthy individuals.
Why Replace Green Card
The EB-5 programme, created by Congress in 1992, allows foreigners to invest at least $1.05 million (or $800,000 in economically distressed areas) in US projects to gain a green card. While the programme has helped finance developments – including ones linked to Trump’s family – it has also faced criticism for being misused.
During his first term, Trump attempted to increase the minimum investment to $1.8 million, but a judge overturned the move in 2021. The Biden administration later set the current investment levels at $1.05 million/$800,000 when it renewed the program in 2022.
Who Will Qualify For The Gold Card?
Asked about Russian eligibility, Trump responded, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
Details of the gold card programme are expected to be released in two weeks.
