President Donald Trump unveiled plans to replace the 35-year-old EB-5 investor visa program with a $5 million Gold Card visa, sparking debates about wealth-based immigration reforms. The proposed system promises permanent residency and a streamlined citizenship pathway for high-net-worth individuals, while eliminating what officials call 'fraudulent nonsense' plaguing current investment visas.
'We’re bringing in elite investors who’ll create jobs and boost our economy dramatically,'Trump declared during the announcement. Commerce Secretary Howard Lutnick confirmed the EB-5 program - which requires $1 million investments creating 10+ jobs - will sunset within two weeks.
Key differences between the programs include:
- $5M minimum investment vs EB-5's $1M
- Automatic green card vs project-based approvals
- No annual visa caps vs 8,000 EB-5 issuances in 2022
Government reports reveal EB-5 visas face persistent fraud risks, including fund sourcing verification gaps. Lutnick argues the Gold Card’s higher threshold naturally filters serious investors: 'This stops sham projects exploiting the system.'
Over 100 countries offer similar golden visas, but Trump’s plan uniquely bypasses Congressional approval. Critics question the legality, as Article I grants legislators authority over naturalization rules. The proposal also floats selling 10 million Gold Cards to reduce national debt - a scale immigration experts call 'economically implausible.'
While supporters praise the focus on high-value immigration, opponents warn it prioritizes wealth over merit.
'Citizenship shouldn’t be auctioned to the highest bidder,'argued Senate Judiciary Committee members in a bipartisan rebuke.
The Gold Card debate coincides with record global demand for investor visas, with Henley & Partners reporting 125% growth in applications since 2020. Analysts suggest the U.S. plan could pressure rivals like Portugal and Greece to revise their own programs.