The United States is set to overhaul a long-standing visa program, introducing a controversial pathway to citizenship aimed at attracting high-net-worth individuals.
The initiative seeks to replace the existing investment-based system with a more direct approach, sparking debate over its potential benefits and risks.
This piece was featured on Reuters, reporting on former US President Donald Trump’s proposal to replace the EB-5 immigrant investor visa with a high-cost ‘gold card’ scheme.
A Premium Pathway to US Citizenship
Trump’s proposal would replace the existing EB-5 immigrant investor visa with a direct purchase option.
“It’s going to give you green card privileges plus its going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card,” explained Donald Trump.
The key difference? Instead of requiring investors to put money into American businesses, this new option would come at a fixed price.
“We are going to be selling a gold card,” the president stated. “We are going to be putting a price on that card of about $5 million,” he stated.
The End of the Eb-5 Visa Program
Since 1990, the EB-5 program has served as a gateway for foreign investors willing to contribute to the US economy. By investing in American businesses and creating jobs, participants could obtain green cards, leading to eventual citizenship. The program, however, has been plagued by allegations of fraud, mismanagement, and limited economic benefits.
Commerce Secretary Howard Lutnick criticised the existing system.
“The EB-5 program … it was full of nonsense, make believe and fraud, and it was a way to get a green card that was low price. So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card.”
Who Qualifies? A Controversial Detail
Trump’s comments on potential applicants have sparked concerns over the program’s accessibility and national security implications. When asked whether Russian oligarchs would be eligible, Trump acknowledged the possibility.
“Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.”
This remark has intensified scrutiny over the proposal, with critics arguing that a direct purchase of citizenship could open the door for foreign elites to bypass traditional immigration requirements. Others worry that prioritising wealth over economic contribution could undermine the principles of the US immigration system.
Trump has stated that further details on the ‘gold card’ scheme will be announced in two weeks. He has proposed it as a replacement for the EB-5 program, which grants green cards to foreign investors. While the EB-5 program remains in place for now, Commerce Secretary Howard Lutnick has confirmed plans to end it.
