President Donald Trump has unveiled a controversial Gold Cardimmigration proposal requiring $5 million investments for citizenship eligibility. This plan would replace the existing EB-5 visa program, which critics argue has been plagued by fraud since its 1990 inception.
We’ll attract elite investors who create jobs and boost our economy,Trump declared in an Oval Office statement.
These individuals will pay substantial taxes and invest in America’s future – it’s a win-win.
Commerce Secretary Howard Lutnick confirmed the EB-5 replacement would launch within two weeks, claiming it would:
- Increase investment thresholds from $1M to $5M
- Streamline permanent residency processes
- Implement stricter anti-fraud measures
The original EB-5 program granted 8,000 visas in 2022, but Trump suggested dramatically scaling up: Why stop at thousands? We could sell 10 million Gold Cards to reduce national debt.
This proposal emerges as global competition for wealthy immigrants intensifies. Key golden visa destinations include:
- United Kingdom
- Spain
- Canada
- Australia
Unlike many international programs, Trump’s plan notably omits specific job creation requirements. Legal experts highlight potential constitutional conflicts, as Congress typically sets citizenship criteria. Homeland Security data shows EB-5 applicants often face challenges proving fund origins – a flaw Lutnick claims the Gold Card system would remedy.
While supporters praise the potential economic boost, critics warn exclusive wealth-based immigration could:
- Skew demographic representation
- Create citizenship inequities
- Encourage financial speculation
The administration hasn’t clarified how talent-based applicants would qualify under the people of great talent provision. With 100+ countries offering investment visas, analysts question whether America’s higher price tag will deter applicants favoring European alternatives.
