U.S. introduces $5 million 'Gold Card' to replace EB-5 investor visa program

By Alimat Aliyeva

President Donald Trump announced plans to replace the existing EB-5 immigrant investor visa program with a new "Gold Card" initiative, offering wealthy foreign investors a pathway to U.S. residency and citizenship for a $5 million investment.

The EB-5 program, established in 1990, required a minimum investment of $800,000 in U.S. businesses that create or preserve at least 10 full-time jobs for American workers. It has faced criticism over fraud and inefficiencies. The proposed Gold Card aims to streamline the process by allowing affluent individuals to obtain green card privileges and a route to citizenship through a direct financial contribution to the U.S. government.

Commerce Secretary Howard Lutnick stated that the Gold Card would replace the "ridiculous" EB-5 program, emphasizing that applicants would still undergo thorough vetting to ensure they are "world-class, global citizens." The administration plans to release detailed information about the program within two weeks.

While the initiative aims to attract substantial foreign investment, some immigration and wealth advisers express skepticism about its potential success. Concerns include the high cost and U.S. taxation on global income, which may deter prospective investors.

The proposal has also sparked debate over the ethics of selling citizenship and its implications for wealth inequality. As the administration prepares to implement the Gold Card program, discussions continue regarding its potential economic impact and the balance between attracting investment and maintaining rigorous immigration standards.