President Trump announced plans to introduce a new visa program aimed at attracting wealthy foreigners to the United States, dubbed the "gold card." This initiative, set to launch in two weeks, will allow individuals to apply for lawful permanent residency by investing $5 million in the U.S. economy. Trump stated that the program is designed to bring in "very high-level people" and could potentially help reduce the national deficit through its proceeds.
During a press briefing in the Oval Office on February 25, 2025, Trump emphasized the benefits of this program, asserting that it would enable wealthy individuals to gain citizenship while contributing significantly to the U.S. economy through taxes and spending. "They’ll be wealthy, and they’ll be successful," he remarked, highlighting the potential economic impact of the initiative.
Commerce Secretary Howard Lutnick, who referred to the program as the "Trump Gold Card," explained that it would serve as a replacement for the existing EB-5 immigrant investor visa. Currently, the EB-5 program requires a minimum investment of $1.05 million in a new business that creates jobs, or $800,000 if the investment is made in a rural area or a high-unemployment region. Lutnick criticized the EB-5 program, describing it as plagued by "nonsense, make-believe and fraud," and assured reporters that applicants for the new gold card would undergo thorough vetting.
Trump’s announcement comes at a time when immigration policy remains a contentious issue in the U.S. The proposed gold card program aims to attract affluent individuals, which Trump believes will enhance the country’s economic landscape. However, the plan has already raised questions regarding its implications, particularly concerning who might benefit from such a program. When asked whether Russian oligarchs could apply for the gold card, Trump humorously acknowledged the possibility, adding, "Hey, I know some Russian oligarchs that are very nice people."
As the administration gears up for the rollout of this new visa initiative, it remains to be seen how it will be received by the public and its potential impact on the immigration landscape in America.