Former President Donald Trump has unveiled a controversial new immigration proposal aimed at attracting the world’s wealthiest individuals to the United States. Dubbed the “Gold Card,” the initiative would offer a streamlined path to U.S. residency and potentially citizenshipfor a $5 million investment. The proposal, which Trump describes as a way to boost the American economy, is already sparking debate among policy experts and immigration advocates as per Business Insider
A ‘Green Card Privileges-Plus’ Program
Trump, who is leading the Republican race for the 2024 presidential election, has framed the Gold Card as an upgrade to the existing EB-5 visa program, which currently requires a minimum investment of $800,000 in job-creating enterprises. Under his proposal, the $5 million investment would grant applicants what he calls “green card privileges-plus,” suggesting additional benefits beyond traditional permanent residency.
The Trump campaign has not provided full details on what these extra privileges would entail, but early reports suggest the program would include an expedited path to a green card and potential fast-tracking for U.S. citizenship. Commerce Secretary Howard Lutnick, a key advocate of the plan, stated that the program would prioritize “world-class global citizens” while maintaining rigorous vetting standards.
A Windfall for the U.S. Economy or an Unfair Advantage?
Trump’s team argues that the Gold Card could generate billions of dollars in new revenue, with some estimates suggesting that selling one million Gold Cards could contribute $5 trillion to the U.S. economy. The administration has pitched this as a way to reduce the national debt while attracting high-net-worth individuals who would invest in American businesses, real estate, and job creation.
However, critics question whether the program will truly benefit the broader economy or primarily serve as a fast track for the ultra-rich to bypass traditional immigration channels. “This is just another pay-to-play immigration scheme that benefits the wealthy while millions of qualified immigrants wait in line,” said a spokesperson from the American Immigration Council.
Will the Ultra-Wealthy Buy In?
Despite Trump’s confidence in the Gold Card’s appeal, some immigration advisers are skeptical about whether it will attract its intended audience. The U.S.’s global taxation system, which requires residents to pay taxes on worldwide income, could deter wealthy investors who might prefer residency programs in countries with more favorable tax policies, such as Portugal, the UAE, or Singapore.
Moreover, while similar investor visa programs exist in countries like Canada and Australia, they often come with lower investment thresholds. “A $5 million price tag is significantly higher than what other countries require, and unless there are unique benefits attached, investors might look elsewhere,” said immigration attorney David Leopold.
The Future of Wealth-Based Immigration Under Trump
If implemented, the Gold Card would mark a significant shift in U.S. immigration policy, reinforcing a trend toward wealth-based migration. While Trump has long advocated for stricter border controls and merit-based immigration, this proposal suggests an openness to those who can afford to pay for residency.
With the 2024 election looming, the fate of the Gold Card will likely depend on Trump’s ability to secure a second term and navigate the political and legal challenges such a program would face. Whether it becomes a game-changing policy or another unrealized campaign promise remains to be seen.
