Trump’s ‘Gold Visa’ Plan: Who Qualifies & Why It’s Controversial
United States President Donald Trump has introduced a new residency program allowing foreigners to obtain a “gold visa” for $5 million, offering them a pathway to U.S. citizenship. The initiative, announced on February 25, 2025, in the Oval Office, is set to replace the existing EB-5 immigrant investor visa.
Trump and his administration claim that the new program will attract high-net-worth individuals while eliminating fraud concerns associated with the EB-5 visa. However, the plan has sparked debate due to its exclusivity and potential political implications.
Trump will sell a “Gold Card” visa for ~$5M in two weeks
> replaces EB-5 program which grants visas for people who invest $800k in us businesses
> historically only ~10k visas/year are approved
> 80%+ from Chinese citizensNow what people won’t say 👇 pic.twitter.com/7kfMRmeJ2y
— Devon Bernard (@DevonWBernard) February 26, 2025
What is the Gold Visa?
Under Trump’s new immigration proposal, wealthy foreign individuals can obtain U.S. residency through a $5 million investment. Trump referred to it as an upgrade from the green card, stating, “You have a green card, this is a gold card.” Unlike the EB-5 visa, which required a minimum investment of $1 million in a U.S.-based business employing at least ten workers, the new gold visa appears to have no job-creation requirement.
The administration has framed the gold visa as an effort to attract “world-class global citizens” while addressing concerns of fraud and abuse within the EB-5 system. U.S. Commerce Secretary Howard Lutnick criticized the EB-5 visa as being “full of nonsense” and “a low-price way to get a green card.” The government is also promoting the gold visa as a revenue-generating measure, with Trump hinting at selling up to 10 million visas to help reduce the national deficit.
Who is Eligible?
The gold visa program will be available to individuals with significant financial resources, but specific criteria beyond the monetary requirement remain unclear. While Trump assured that all applicants would be “thoroughly vetted,” he did not outline the process for selection or any additional qualifications.
When asked whether wealthy Russians could qualify, Trump responded, “Possibly. I know some Russian oligarchs who are very nice people.” His statement has fueled concerns about potential favoritism or security risks associated with the program.
Cost and Benefits
At $5 million per application, the U.S. gold visa will be one of the most expensive residency programs worldwide. Many countries, including Spain, Portugal, and Greece, offer golden visas for significantly lower investments, typically ranging from $250,000 to $500,000. Some nations, like Malta and St. Kitts and Nevis, even provide direct citizenship for investments below $300,000.
Despite the high cost, experts believe demand for the gold visa will remain strong if the pathway to U.S. citizenship is clear and efficient. Current green card holders, including those under the EB-5 program, must reside in the U.S. for at least five years before applying for citizenship.
It is unclear whether gold visa holders will have a shorter waiting period. Trump has promised further details within two weeks when the program officially launches.
Why is it Controversial?
The gold visa initiative has drawn criticism on multiple fronts. Immigration advocates argue that it prioritizes the wealthy while Trump’s administration continues its aggressive stance against undocumented immigrants. The proposal starkly contrasts with Trump’s mass deportation pledges and stricter immigration enforcement policies.
Additionally, concerns about fairness and national security persist. Some critics warn that selling U.S. residency to the highest bidder could open the door to corruption or money laundering.
The U.S. Government Accountability Office previously found that the EB-5 visa carried “significant fraud risks” due to difficulties in verifying the source of applicants’ funds. Critics fear that similar risks could arise with the gold visa.
Another potential downside is taxation. The U.S. is one of the few countries that taxes its residents on worldwide income. While many high-net-worth individuals may be eager to obtain U.S. residency, they could be deterred by exposure to U.S. taxes on global assets.
How Does It Compare to Other Golden Visa Programs?
Golden visas are not a new concept, with many countries offering residency or citizenship in exchange for investments.
- Spain, Portugal, and Greece: These European nations provide residency permits for investments between $250,000 and $500,000, often in real estate.
- Malta, Egypt, and Jordan: These countries allow foreigners to obtain citizenship directly through investment.
- Caribbean Nations (Dominica, St. Kitts and Nevis, Grenada): These offer passports for investments as low as $200,000 to $300,000.
Compared to these programs, the U.S. gold visa stands out for its high price tag. Kristin Surak, a political sociology professor at the London School of Economics, noted that “Trump is massively underselling what the U.S. has to offer,” given its economic power and global influence.
Trump’s gold visa program aims to attract wealthy investors while replacing the controversial EB-5 visa. However, it has ignited debate over its high cost, lack of job creation requirements, and potential risks.
As Trump’s administration continues its broader immigration crackdown, the program’s introduction highlights the stark contrast between its treatment of undocumented immigrants and ultra-rich applicants. Whether the gold visa will succeed or face significant opposition remains to be seen.
Golden visa programs have long been controversial due to concerns over money laundering, fraud, and their potential impact on housing markets. Wealthy individuals often use these programs to secure residency while structuring their wealth to minimize tax burdens. However, the influx of foreign investment can drive up housing costs, making real estate less affordable for local residents.
These concerns have led several European nations, including the UK, the Netherlands, and Greece, to scale back or eliminate their golden visa schemes in recent years. Bloomberg reports that growing scrutiny over financial transparency and economic inequality has played a role in these rollbacks.
Trump’s proposed $5 million golden visa plan is expected to face similar controversy, especially if he attempts to implement it without Congressional approval. While he claims that Congress is not needed to launch the program, immigration policy traditionally falls under legislative authority.
Congress previously authorized the EB-5 visa, which Trump now seeks to replace. Legal experts suggest that bypassing lawmakers could lead to significant political and legal challenges.
If enacted, Trump’s golden visa would be among the most expensive in the world, raising further debate over whether U.S. residency should be a privilege based purely on financial status.
