In a recent announcement in New York, President Donald Trump revealed plans for a new “gold card” visa program that could potentially offer a pathway to U.S. citizenship for a price tag of $5 million. This initiative would replace the current program where investors need to spend around $1 million on a company that employs at least 10 individuals. This move aligns with existing “golden visa” programs in countries like Canada, New Zealand, Malta, and others, which allow participants to secure residency through a fee or investment.
Each “golden visa” program varies in its criteria and process for obtaining permanent residency, with differing levels of success in driving economic growth for countries. The specifics of who would qualify for the proposed ‘gold card’ and the application procedure are expected to be released by Commerce Secretary Howard Lutnick within the next two weeks. President Trump has indicated that the cost of these visas will be $5 million, targeting wealthy and successful individuals who contribute significantly to the economy.
The current U.S. program, known as the EB-5 Immigrant Investor Program, was established in 1990 to create jobs and attract foreign investment. Approximately 8,000 investor visas were issued in the previous 12-month period. Beyond the U.S., over 100 countries worldwide, including the United Kingdom, Spain, Greece, and more, have offered similar “golden visa” opportunities, although some have tightened regulations or ended their programs due to various concerns.
While the proposed ‘gold visa’ program may see interest despite its high cost, the effectiveness of spurring U.S. investment remains to be seen. According to Basil Mohr-Elzeki from Henley & Partners, these programs can assist countries in reaching investment targets based on their goals. However, the success of such initiatives is dependent on the specific program parameters, which are yet to be fully disclosed.
What they’re going to be outlining is crucial to determining the success of the new program. The $5 million investment threshold may not be the deciding factor; rather, the process itself will play a significant role. Lower residency requirements tend to make a program more appealing to wealthy individuals globally, as they appreciate having multiple options available to them. They may choose to invest in the United States while also considering investments in other countries to gain access to living in the States, Europe, or the UAE. All these factors come into play when evaluating the attractiveness of a program.
Looking ahead, if the new program replaces the current EB-5 program in two weeks, uncertainties arise regarding the fate of individuals already enrolled in the existing program. Typically, these participants are grandfathered into the new program, but there’s a chance they might not be, according to Mohr-Elzeki. The EB-5 program was extended by Congress until 2027 in 2022, so any modifications would require Congressional action. However, Trump has stated that gold cards may not need Congressional approval.
