On February 25, 2025, President Donald Trump unveiled a new immigration initiative dubbed the “gold card,” offering wealthy foreign nationals a pathway to U.S. residency and eventual citizenship in exchange for a $5 million investment. This proposal aims to replace the existing EB-5 visa program, which requires a minimum investment of $1 million in U.S. businesses that create at least ten jobs.
Key Features of the Gold Card Program:
Investment Requirement: Applicants must contribute $5 million directly to the U.S. government. This substantial fee is intended to attract high-net-worth individuals and generate significant revenue to help reduce the national debt.
Residency and Citizenship: The gold card grants holders the same rights as a green card, including the ability to live and work in the U.S., with a pathway to citizenship. Unlike the EB-5 program, which requires job creation and investment in specific areas, the gold card focuses solely on the financial contribution of the applicant.
Tax Implications: Holders of the gold card would not be subject to taxes on their overseas income, a provision that could make the U.S. residency more attractive to the global elite. Currently, U.S. citizens and permanent residents are taxed on worldwide income, so this exemption represents a significant departure from existing tax policies.
Similar “golden visa” programs exist in other countries, such as Malta and certain Caribbean nations, where residency or citizenship is offered in exchange for substantial investments. However, the U.S. gold card’s $5 million requirement is notably higher than those in many other countries.
Critiques and Challenges:
Experts argue that the gold card program would require Congressional approval, as it involves changes to immigration and tax laws. The assertion that the program can proceed without such approval has been met with skepticism.
The program has raised ethical questions, particularly regarding potential conflicts of interest. The EB-5 program had previously funded businesses connected to Trump’s family and associates, leading to concerns about the transparency and integrity of the new initiative.
Critics question whether the gold card program will effectively attract the intended investors and whether it will significantly contribute to reducing the national debt. The feasibility of companies paying $5 million to sponsor foreign workers is also under scrutiny.
Sources: AP and Marketwatch