US President Donald Trump announced on Tuesday that his government will begin selling “gold cards” to wealthy foreigners, offering them the right to live and work in the United States. The “gold card” will also provide a route to US citizenship in exchange for a hefty $5 million fee.
The announcement was made from the Oval Office, where Trump said the plan would allow foreign nationals with enough financial resources to purchase a special card that would grant them the same privileges as the US green card, with the added benefit of a direct path to citizenship.
“We’re going to be selling a gold card,” Trump declared, adding, “You have a green card. This is a gold card. 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, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card.”
Trump went on to suggest that millions of such cards could be sold, with the sale expected to begin in just two weeks.
When asked if the plan might attract Russian oligarchs, Trump responded, “Yeah, possibly. I know some Russian oligarchs who are very nice people.” This comment raised concerns among critics who warn that the new program could lead to the influx of foreign elites with questionable backgrounds.
This new “gold card” initiative comes in the wake of the existing EB-5 immigrant investor visa program, which has been in place since 1992. The EB-5 programme allows foreign investors to contribute a minimum amount of money to create jobs in the US, in exchange for a green card. Under the EB-5 rules, investors must commit at least $1.05 million or $800,000 in a targeted employment area, which includes economically distressed regions, to qualify for a US visa.
The EB-5 programme was originally intended to encourage job creation and economic growth in the United States, by attracting foreign capital into American businesses. Over the years, however, the programme has attracted criticism. Lawmakers in Congress have argued that the programme deviated from its original purpose, as many of the investments failed to meet job creation targets, or did not benefit the areas they were meant to.
Trump’s new plan, described by his Commerce Secretary Howard Lutnick, will replace the EB-5 programme entirely. Lutnick emphasised that while foreigners would be able to purchase the gold card, there would still be a vetting process to ensure that they are “wonderful world-class global citizens.”
“Foreign nationals will have to go through vetting, of course, to make sure they’re wonderful world-class global citizens,” said Lutnick, who was standing next to Trump during the announcement.
The EB-5 program was created by the US Congress in 1992 as part of an effort to encourage foreign investment and job creation. Over the years, it has been used by individuals and businesses linked to the Trump family to fund major real estate developments.
However, despite its intentions, the program has faced increasing criticism for allowing wealthy individuals to essentially buy their way into the US, rather than fostering the creation of jobs for ordinary Americans. The programme was also used to finance several Trump-owned projects, which raised ethical questions about the connection between the Trump family and the programme.
During his first term, President Trump faced bipartisan opposition to the EB-5 programme, with many lawmakers warning that it needed reform. In 2019, the Trump administration attempted to raise the minimum investment required in both targeted employment areas and other locations. However, a federal judge struck down the proposed changes in 2021, ruling that the acting Homeland Security secretary who approved the new rules had not been properly appointed.
The programme was later renewed under the Biden administration in 2022, with the minimum investment levels set at $900,000 for targeted employment areas and $1.8 million for other locations.
The announcement of the new “gold card” programme has already sparked concerns among critics. Many fear that this move will further concentrate wealth and privilege in the hands of a few individuals, without creating substantial benefits for ordinary Americans. Critics argue that offering a direct path to US citizenship for the rich, in exchange for a substantial payment, could erode public trust in the country’s immigration system.
Some have also pointed out the potential for the programme to attract individuals with questionable backgrounds, particularly given Trump’s comments about Russian oligarchs. These concerns are further heightened by the fact that wealthy individuals from nations with poor human rights records or corrupt governments may use the programme to gain access to the US without facing thorough scrutiny.
The idea of offering residency in exchange for payment is not unique to the US. Many other countries, such as Canada and several European nations, also offer similar “citizenship by investment” programmes. However, critics argue that these schemes, including Trump’s gold card plan, only serve to widen the wealth divide and give the rich an unfair advantage.
While some might argue that such programmes can bring in much-needed investment for the economy, others believe that they undermine the principles of fairness and equality that should guide immigration policy. By allowing the wealthiest individuals to buy their way into citizenship, the US risks creating a two-tier system, where the rich are granted privileges that are not available to the average person.
