U.S. President Donald Trump has introduced a new residency permit, the "Gold Card," priced at $5 million, as an alternative to the existing green card system.
The initiative, set to launch in two weeks, is expected to replace the EB-5 immigrant investor visa program.
How Is the Gold Card Different from a Green Card?
Currently, the EB-5 Immigrant Investor Program grants green cards to foreigners who invest in U.S. businesses and create or preserve jobs. Trump plans to replace this system with the Gold Card, which offers similar residency rights but with a direct purchase option for wealthy individuals.
"It's going to give you green card privileges plus a route to American citizenship," Trump stated.
Green Card vs. Gold Card
Green Card: Grants permanent U.S. residency through employment, family sponsorship, or investment (via EB-5 program).
Gold Card: Offers the same residency benefits but for a $5 million purchase price, fast-tracking the process for wealthy applicants.
Why Replace the Green Card System?
The EB-5 program, created by Congress in 1992, allows foreigners to invest at least $1.05 million (or $800,000 in economically distressed areas) in U.S. projects to qualify for a green card.
While the program has helped finance major developments, including some linked to Trump’s family, it has also faced allegations of misuse.
During his first term, Trump attempted to raise the minimum investment to $1.8 million, but a judge overturned the move in 2021. The Biden administration later reset the investment levels to $1.05 million/$800,000 when it renewed the program in 2022.
Who Will Qualify for the Gold Card?
When asked whether Russians would be eligible, Trump responded: "Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people."
More details on the Gold Card program are expected to be released in two weeks.
