On Friday, President Donald Trump introduced the "Gold Card," a new fast-track process allowing wealthy foreigners to obtain U.S. residency and work permits by investing $1 million. This announcement left uncertain whether the card is a replacement for the existing EB-5 investment program, traditionally priced at $800,000, or if it establishes a new category.
After months of promotion, the administration had already opened a waiting list for interested individuals back in June. Commerce Secretary Howard Lutnick, who is responsible for the implementation, joined Trump in the Oval Office to endorse the program as a means of generating income and attracting capital, aiming to raise $100 billion. The president suggested using these funds for tax cuts and debt reduction.
"We will only accept extraordinary individuals from top-tier positions," Lutnick stated, contrasting the Gold Card with the existing system, which he criticized for admitting those from the "lower quartile." He argued that the initiative does not intend to take jobs from Americans but rather to raise the bar for talent and investment.
Simultaneously, the government's official site hints at another potential route, the "Trump Platinum Card," priced at $5 million and allowing a stay of up to 270 days without taxes on non-U.S. income. However, Trump did not mention this option in his announcement.
This launch comes amid a backdrop of stricter immigration policies. Besides intensifying actions against illegal immigration, the administration has also limited legal pathways like TPS and humanitarian parole. On the same day, Trump announced a $100,000 fee for H-1B visas to curb their use.
Back in February, Trump detailed that the "Gold Card" would offer benefits similar to those of a "Green Card," including a pathway to U.S. citizenship. Nonetheless, he clarified that while this permit eases the path to permanent residency, it does not equate to purchasing citizenship outright.
This new scheme is set to replace the current EB-5 program, which granted "Green Cards" to foreigners who invested between $800,000 and $1.8 million in projects generating at least ten jobs in the U.S. The initiative stands in stark contrast to Trump's administration's stringent immigration policies.