5 Facts About Trump’s New $5 Million ‘Gold Card’ Citizenship Path

President Donald Trump has unveiled a new immigration strategy: a $5 million “gold card” residency permit for foreign investors, aimed at replacing the existing EB-5 visa and offering a straightforward path to American citizenship.

Here’s what you need to know:

Understanding the ‘Gold Card’ Visa

Trump’s new “gold card” is designed for wealthy foreigners who desire U.S. permanent residency and a pathway to citizenship. It differs from traditional green cards by providing additional privileges and a more streamlined process toward citizenship. Trump highlighted its superior benefits, saying, “You have a green card; this is a gold card.”

Reasons for Replacing the EB-5 Visa 

The EB-5 visa program, introduced in 1990, allowed foreign investors to obtain green cards by investing at least $1 million in a business that creates at least 10 jobs. Trump’s Commerce Secretary, Howard Lutnick, criticized the old program as being full of “nonsense” and “fraud,” citing these as reasons for its replacement.

Eligibility for the ‘Gold Card’ Visa: 

The new program targets applicants with substantial financial resources. Trump noted that all applicants would undergo strict vetting to ensure they are “wonderful, world-class global citizens.” He also mentioned that Russian oligarchs might qualify, stating, “Possibly. I know some Russian oligarchs who are very nice people.”

Cost and Benefits of the ‘Gold Card’ Visa: 

Each ‘Gold Card’ visa costs $5 million. The program is designed to offer a quicker and easier route to citizenship than the traditional green cards, which require applicants to maintain permanent residency for five years before they are eligible for naturalisation.

Comparison to Other Countries’ Programs: 

Similar to the U.S.’s proposed gold card, several countries offer investment-based residency or citizenship, often referred to as “golden visas.” For example, Spain, Greece, and the UK in the European Union have such programs. Some nations like Malta, Egypt, and Jordan offer direct citizenship through investment. Unlike these, Trump’s plan could see an unlimited number of visas issued and aims to use the proceeds to reduce the national deficit.