Feb 26, 2025: In a significant shift in U.S. immigration policy, President Donald Trump announced on Tuesday the introduction of a “Gold Card” visa program. This initiative offers wealthy foreign nationals a pathway to U.S. residency and eventual citizenship for a fee of $5 million, effectively replacing the existing EB-5 Immigrant Investor Program.
Introduction of the Gold Card Visa
Speaking from the Oval Office, President Trump detailed the new program, emphasizing its potential economic benefits. “We’re going to be selling a Gold Card,” he stated. “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.” The administration anticipates that this initiative will attract affluent individuals who will invest in the U.S. economy, pay substantial taxes, and create numerous jobs.
Replacement of the EB-5 Program
The current EB-5 Immigrant Investor Program, established in 1990, grants green cards to foreign investors who invest $1.05 million—or $800,000 in targeted employment areas—in U.S. businesses that create at least ten full-time jobs for American workers.
However, the program has faced criticism for being susceptible to fraud and for its relatively low investment threshold. Commerce Secretary Howard Lutnick described the EB-5 program as “full of nonsense, make-believe, and fraud,” and announced its termination in favor of the new Gold Card initiative. “Rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump Gold Card,” Lutnick stated.
Economic Implications
The administration projects that the Gold Card program could generate substantial revenue, with President Trump suggesting the sale of up to one million cards, potentially raising $5 trillion. This influx of funds could significantly reduce the national debt, which stands at approximately $35 trillion. “If you sell 10 million of the cards, that’s a total of $50 trillion,” Trump noted. “We have $35 trillion in debt. That’d be nice, so we’ll see.”
Impact on Indian Nationals
The introduction of the Gold Card visa is poised to have significant implications for Indian nationals, particularly those stuck in lengthy green card backlogs. Over one million Indians are currently awaiting employment-based green cards, with some facing wait times extending over 50 years. The steep $5 million investment requirement of the Gold Card may render it inaccessible to many high-net-worth individuals from India who previously considered the EB-5 program a viable route to U.S. residency.
Ajay Bhutoria, a Silicon Valley-based immigration reform advocate, expressed concerns, stating, “The idea that you can buy your way into a green card and citizenship for $5 million, while millions of skilled workers…languish in a backlog…is a slap in the face.” This shift towards a wealth-based immigration model may further disadvantage skilled Indian professionals who cannot afford the new program’s hefty price tag.
Global Eligibility and Vetting
The Gold Card program is designed to attract a diverse pool of wealthy individuals from around the world. When questioned about the eligibility of Russian oligarchs, President Trump responded affirmatively, stating, “Yeah, possibly. I know some Russian oligarchs that are very nice people.” However, all applicants will be subject to a vetting process to ensure they are “wonderful world-class global citizens,” as noted by Secretary Lutnick.
Legal and Ethical Considerations
While the administration asserts that the Gold Card program does not require congressional approval, legal experts suggest that granting citizenship through financial investment may face legislative and judicial challenges. Critics argue that monetizing residency and citizenship privileges raises ethical concerns and could exacerbate socioeconomic disparities.
Ajay Bhutoria criticized the initiative as a “pay-to-play scheme” that sidelines skilled workers already waiting for U.S. residency. “We need solutions that clear the backlog, support families, and strengthen our economy inclusively, not auction off citizenship to the highest bidder,” he stated.
While the administration touts the economic benefits, the initiative has ignited a debate over the ethical and legal ramifications of such a wealth-based immigration system. As the program is set to launch in the coming weeks, its reception among potential applicants and policymakers remains to be seen.
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