Trump Proposes Sale of $5 Million ‘Gold Card’ for Wealthy Foreigners: What You Need to Know

President Donald Trump announced a new initiative involving the sale of a “gold card” for wealthy foreigners. This card, priced at $5 million, would allow individuals to live and work in the United States and pave a path to citizenship.

Trump spoke about the gold card from the Oval Office. He likened it to the green card but emphasized its exclusivity. He mentioned that this card would not only grant green card privileges but also offer a smoother route to becoming a citizen. “We’re going to be putting a price on that card of about $5 million,” he stated, adding that he anticipated high demand for it.

The rollout of the gold card is expected to begin in about two weeks, with projections of millions being sold. When asked if Russian oligarchs could also buy them, Trump said he believed some of them are “very nice people.”

Commerce Secretary Howard Lutnick, beside Trump during the announcement, explained that this card would replace the existing EB-5 immigrant investor visa program. The EB-5 allows foreigners to invest in U.S. projects that create jobs and then apply for visas to immigrate.

“Of course, they’ll have to go through vetting,” Lutnick added, ensuring that applicants are “wonderful world-class global citizens.”

The EB-5 program, created by Congress in 1992, currently permits green cards for immigrants who invest at least $1,050,000, or $800,000 in economically distressed areas, in job-creating projects. Previous criticisms of the program highlighted that it had strayed from its original purpose and needed reform.

It’s worth noting that businesses related to Trump and his family have utilized the EB-5 program to help finance significant property developments. Over the years, the program faced bipartisan criticism during Trump’s presidency, leading to discussions about necessary reforms.

In 2019, the Trump administration attempted to raise the minimum investment amounts for the program but faced legal challenges. A federal judge ruled against this change, stating that the acting Homeland Security secretary had not been properly appointed. The EB-5 program was renewed in 2022 under the Biden administration, with investment requirements adjusted to current levels.