President Donald Trump has unveiled a bold twist on immigration policy, proposing a “gold card” that grants permanent U.S. residency—and a shot at citizenship—to foreigners willing to pay $5 million directly to the federal government. Announced this week, the plan aims to inject cash into Uncle Sam’s coffers, with Commerce Secretary Howard Lutnick touting it as a deficit-slashing move set to launch in mid-March 2025. Unlike the existing EB-5 visa, which requires a minimum $800,000 investment in a job-creating U.S. business, this new option skips the middleman, betting that deep-pocketed newcomers will boost the economy through taxes and spending. It’s a steep price tag, especially when countries like Italy offer residency for $260,000 or Latvia for just $62,000, but Trump sees it luring the world’s elite.
The current EB-5 program, designed to stimulate economic growth, has long been a pathway for rich foreigners to become Americans, though it’s not without headaches. Investors must prove their $800,000 (or $500,000 in rural areas) creates 10 full-time jobs, a process that can stretch up to five years thanks to bureaucratic delays and a 9,940-visa annual cap. With a backlog of 14,000 applicants—mostly from China, the top source of millionaire migrants—it’s a slog that’s drawn criticism for lax oversight and fraud risks, like funds funneled into shady schemes. Still, it’s delivered results: in 2012 alone, it attracted $5.8 billion and supported 174,000 jobs, per government estimates, though experts say Trump would need Congressional approval to overhaul or replace it.
The gold card, by contrast, promises simplicity and speed, but its $5 million entry fee raises eyebrows. Immigration attorneys report buzz from ultrawealthy clients, and Trump muses it could rake in trillions if millions buy in—perhaps even U.S. firms snapping up cards for top foreign talent. Skeptics aren’t so sure, pointing to just 277,000 people worldwide with a $30 million-plus net worth not already in the U.S., per CNBC. The EB-5 draws a few thousand applicants yearly at a fraction of the cost, suggesting the gold card might see similar numbers. Plus, green card holders face U.S. taxes on global income, a dealbreaker for some tycoons eyeing cheaper, tax-friendlier options abroad.
A record 134,000 millionaires switched countries last year, per Henley and Partners, signaling a global appetite for mobility that Trump wants to tap. The gold card could be a flashy EB-5 remix, trading job-creation rules for a big upfront payday, but its success hinges on demand and legal hurdles—Congress might need to greenlight it. If it takes off, even at a modest 1,000 buyers annually, that’s $5 billion for the Treasury, a drop in the bucket against a $1.8 trillion deficit but a win nonetheless. Whether it’s a game-changer or a gilded gimmick, it’s a bet on America’s allure for the world’s richest, who’ll weigh the prestige against the price.
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