President Donald Trump has unveiled a new $5 million “Gold Card” visa aimed at attracting wealthy foreign nationals seeking U.S. residency. Announced aboard Air Force One, Trump described the card as a “VIP ticket to America” and touted it as a replacement for the existing EB-5 visa program, which allows applicants to obtain a green card by investing in U.S. businesses and creating at least 10 jobs.

The newly introduced “Gold Card,” emblazoned with Trump’s image and signature, promises permanent residency and a streamlined pathway to citizenship without traditional employment restrictions. This initiative simplifies previous requirements and removes preferences for investments in underserved areas.

Commerce Secretary Howard Lutnick stated that over 1,000 cards have already been sold, with approximately 37 million individuals worldwide eligible to purchase them. He emphasized the program’s potential to generate $1 trillion from 200,000 sales, aiming to address the U.S.’s $36.5 trillion national debt.

Program details and implementation timeline

Prospective applicants can expect the “Gold Card” to be available within two weeks. While the card offers “green-card privileges-plus,” granting lawful residency and the opportunity to apply for citizenship later, it does not confer immediate citizenship. Detailed eligibility criteria and processing timelines remain unclear.

Trump emphasized that applicants would undergo thorough vetting to ensure they are outstanding global citizens and job creators. He highlighted that the program aims to attract “very high-level people” who will contribute to the U.S. economy by generating jobs.

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Replacing the EB-5 visa program

The “Gold Card” is set to replace the existing EB-5 immigrant investor visa, established in 1990, which permits immigrants to apply for permanent U.S. residence if they invest a minimum of $1 million in a commercial enterprise and commit to creating or preserving 10 full-time jobs. In 2024, over 4,500 EB-5 visas were granted.

Potential concerns and criticisms

Despite its financial promise, the initiative has drawn criticism from good government watchdogs who warn it could foster corruption. Critics argue that selling residency could undermine the integrity of the U.S. immigration system and favor the wealthy over other qualified immigrants.

As the program’s launch approaches, further details are anticipated to address these concerns and provide clarity on implementation.

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