A New Investor Visa in the U.S.: Can Trump’s Gold Card Plan Replace the EB-5 Program?

On February 25, Trump announced that he would launch a new visa program for foreign investors called the “Gold Card.” This visa will offer wealthy investors permanent residency (Green Card) and citizenship in exchange for a $5 million investment. U.S. Secretary of Commerce Howard Lutnick stated that the Gold Card should replace the current EB-5 program, which grants similar benefits for an investment of around $1 million. In this article, we will provide an overview of the EB-5 program and the Gold Card, highlight the differences between them, and discuss whether the Gold Card can replace the EB-5 visa.

What is Gold Card?

Described by Trump as the “premium version of the Green Card,” the Gold Card will grant permanent residency and citizenship to foreign investors who invest $5 million, with no additional requirements. Through this visa, investors are expected to contribute to the U.S. economy through high levels of spending, tax payments, and job creation. Moreover, funds generated from the Gold Card program are intended to help pay down the national debt. Trump aims to sell one million cards and generate trillions of dollars in revenue through the program.

U.S. Secretary of Commerce Howard Lutnick announced that the Gold Card program will replace the EB-5 investor visa within two weeks.

What is the EB-5 Investor Visa?

The EB-5 investor visa is a program created by Congress in 1990 that offers foreign investors the opportunity to obtain a Green Card and, eventually, U.S. citizenship. Under this program, not only investors but also their spouses and unmarried children under 21 can benefit.

The primary goal of the program is to stimulate economic development in areas with high unemployment rates or in rural regions, while attracting wealthy investors to the United States.

To obtain a Green Card through the EB-5 program, investors have two options:

Direct Investment:

In this method, the investor must establish a for-profit and active commercial enterprise or expand an existing one with at least $1,050,000 in capital. The investment must also create at least 10 full-time jobs. The investor must play a direct role in managing the business, thereby contributing to the U.S. economy.

Indirect Investment:

In this method, the investor makes a capital contribution through USCIS-approved regional centers. These investments are directed toward rural or high-unemployment areas. Unlike direct investment, the required capital is lower—$800,000 is sufficient—and the investor is not required to be directly involved in the business, as the regional centers manage the investment and job creation. As a result, approximately 90% of EB-5 applications are made through the indirect investment route.

One of the most critical aspects of applying for the EB-5 visa is proving the lawful source of the investment funds. Due to the complexity of the process, working with an experienced immigration attorney is highly recommended to ensure a smooth application.

What Are the Differences Between the Gold Card and the EB-5 Program?

• Gold Card holders are not required to create jobs.

• The Gold Card investment is made to the government rather than a commercial enterprise, making it more akin to a “donation” than an actual investment.

• While the EB-5 program aims to promote regional economic development and job creation, the Gold Card is designed to generate federal revenue.

• The Gold Card will be priced at $5 million. In contrast, a minimum investment of $800,000 under the EB-5 program is sufficient to obtain similar rights.

• It remains unclear how long it will take for Gold Card holders to become eligible for U.S. citizenship.

Can the Gold Card Replace the EB-5 Visa?

Although Trump claims he can launch the Gold Card program without Congressional approval, the legal validity of this claim is highly debatable. According to Article I, Section 8 of the U.S. Constitution, only Congress has the authority to enact laws related to citizenship. In fact, the EB-5 program itself was established through legislation passed by Congress and is authorized to continue through September 30, 2026. Therefore, Trump does not have the authority to implement the Gold Card program unilaterally, and Congressional approval would be required.

However, given the current political climate, obtaining such approval seems unlikely. The EB-5 program contributes to local economies, creates jobs, and supports large-scale development projects. In contrast, the Gold Card program is designed to generate direct revenue for the federal government. Members of Congress are likely to favor the EB-5 program due to the economic benefits it brings to their constituencies.

Moreover, the actual financial contribution of the Gold Card program to the federal government remains questionable. While Trump claims that one million people will apply, there are only around 400,000 individuals worldwide with a net worth exceeding $30 million. Even if 10% of them were to apply, the number would only reach 40,000. Additionally, wealthy investors typically prefer investments that offer financial returns, rather than making non-recoverable contributions to the government.

Furthermore, global criticism of golden visa programs has been on the rise. According to the OECD’s 2023 report, such programs pose risks of attracting criminals and facilitating money laundering. As a result, countries like the United Kingdom, Spain, and Greece have recently started limiting their golden visa offerings. Similar concerns are being raised in the United States, suggesting that the implementation of the Gold Card program could lead to significant controversy.

Conclusion

The EB-5 program remains in effect and is legally guaranteed to continue through September 30, 2026. For those seeking to obtain U.S. residency through investment, the EB-5 program remains the most reliable option.

The Gold Card program, on the other hand, has not yet been formalized and is subject to serious legal and political scrutiny. Investors are advised to consider the EB-5 program, which is backed by current legislation, rather than relying on an uncertain alternative.

If you wish to benefit from this program, it is in your best interest to act as early as possible, taking the complexity of the process into account. Meeting the requirements, documenting the lawful source of the investment funds, and preparing a strong application are all critical steps in a successful EB-5 application. For this reason, it is essential to work with an experienced immigration attorney throughout the process.

At Gozel Law Firm, our expert team can guide you through every step of the EB-5 visa application process.