President Donald Trump recently proposed a bold new immigration initiative that he calls the "gold card." This plan aims to sell a new type of visa for $5 million, which would grant wealthy individuals the same privileges as a green card and provide a path to U.S. citizenship. Trump believes this could attract wealthy foreigners to the United States, which he estimates could result in the sale of up to 10 million gold cards.
The gold card idea is a shift from the existing EB-5 visa program, which allows foreign investors to gain residency by investing in U.S. businesses that create jobs. Currently, the EB-5 program requires a minimum investment of $1,050,000, or $800,000 in certain areas. However, the program has faced criticism for being plagued by fraud and inefficiency. Many investors have been misled by projects that never materialized, and the long wait times for visa approvals have deterred potential applicants.
Trump’s proposal comes amid concerns about the EB-5 program’s effectiveness. Commerce Secretary Howard Lutnik highlighted issues of fraud and lack of transparency, which have tarnished the program’s reputation. Under the EB-5 model, investors can pool their resources and even borrow funds from abroad, complicating the investment process and increasing the risk of loss.
Despite these challenges, there is a significant demand for second citizenships globally. Wealthy individuals often seek alternative passports for various reasons, including safety and investment opportunities. Countries like Turkey and Portugal offer citizenship through investment at lower costs than Trump’s proposed gold card. For example, Turkey’s program starts at around $400,000, while Portugal’s requires approximately $541,000.
Interestingly, many wealthy Americans are also pursuing second citizenships. Law firms specializing in this area report an increase in American clients seeking alternative residences or citizenships due to concerns about political instability. High-profile examples include billionaire Peter Thiel, who obtained citizenship in New Zealand, and former Google CEO Eric Schmidt, who acquired a passport from Cyprus.
While Trump’s gold card could streamline the immigration process by eliminating the need for risky investments, its high price tag may limit its appeal. The success of the gold card will depend on whether potential buyers see value in the offer compared to other options available in the market.
In summary, Trump’s gold card proposal seeks to replace the flawed EB-5 visa program with a straightforward, high-cost alternative. As the demand for second citizenships continues to grow, it remains to be seen if this new initiative can attract the wealthy investors that the U.S. hopes to welcome.