On February 25, 2025, President Trump announced plans to introduce a new visa program called the “gold card” aimed at attracting wealthy foreigners to the united states. The initiative will allow individuals to apply for lawful permanent residency by investing $5 million, with the rollout expected in two weeks.
- Trump introduces "gold card" visa program
- $5 million fee for lawful permanent residency
- Program aims to attract wealthy foreigners
- Replaces current EB-5 immigrant investor visa
- Secretary Lutnick criticizes EB-5 for fraud
- Russian oligarchs may apply, says Trump
During a press event in the Oval Office, Trump stated that this program would not only bring in affluent individuals but also help reduce the national deficit through their financial contributions. Commerce Secretary Howard Lutnick confirmed that this program would replace the existing EB-5 immigrant investor visa.
The proposed “gold card” visa is designed to attract affluent foreign nationals who are willing to invest significantly in the U.S. economy. By charging $5 million for residency status, Trump emphasized that these new residents would be successful individuals contributing economically through taxes and spending.
The current EB-5 program requires investments of at least $1.05 million or $800,000 in designated areas but has faced criticism for alleged fraud and inefficiencies. Lutnick described it as “full of nonsense,” assuring that gold card applicants will undergo thorough vetting processes.
- Investment Amount: $5 million
- Replacement Program: Current EB-5 immigrant investor visa
- Expected Rollout: In two weeks from announcement
Trump’s remarks included a light-hearted comment about Russian oligarchs potentially applying for these visas, indicating an awareness of public scrutiny regarding foreign investments. This new immigration pathway reflects ongoing discussions about how best to balance economic growth with regulatory oversight.
The introduction of the gold card visa represents a significant shift in U.S. immigration policy aimed at attracting wealthier immigrants while addressing concerns over existing programs’ effectiveness and integrity.
