How Trump’s $5M ‘gold card’ for rich migrants would work — here are the other nations that have tried it

President Donald Trump has unveiled a "gold card" visa program, allowing wealthy foreigners to purchase U.S. residency for a flat $5 million fee. The plan, which streamlines the existing EB-5 visa program, is intended to generate revenue to address the nation’s growing debt, but critics warn it could open the door to corruption and money laundering.

The initiative, announced Tuesday, would increase the financial threshold for obtaining U.S. residency while simplifying the complex and slow-moving EB-5 visa system. The program, first established in 1990, currently requires investors to commit around $1 million—or $800,000 in economically disadvantaged areas—while proving their investments create American jobs.

At Trump’s first cabinet meeting, Commerce Secretary Howard Lutnick defended the plan, emphasizing its economic potential:

"There’s a line of 250,000 applicants for EB-5 right now. If 200,000 people invest $5 million each, that’s $1 trillion to help pay down our national debt," Lutnick stated, referencing the $36.5 trillion federal deficit.

The proposal is being developed by the Commerce Department in collaboration with the Department of Homeland Security (DHS), led by Secretary Kristi Noem. Trump has expressed his desire to launch the initiative within two weeks.

A Fast Track for the Wealthy

Under the current EB-5 program, foreign investors receive a two-year conditional residency if they meet the required investment benchmarks and demonstrate that their ventures create at least 10 U.S. jobs.

However, over the past 25 years, only 135,518 EB-5 visas have been issued, with more than 90% directed toward “Targeted Employment Areas” (TEAs)—a requirement that would be eliminated under the new gold card plan.

As of fiscal year 2025, the majority of EB-5 visas have been granted to:

By offering residency-for-investment with a fixed price, Trump’s proposal aims to expedite approvals while minimizing fraud, such as fake investment schemes. However, concerns remain about the potential misuse of illicit funds, particularly from politically connected foreign elites.

Trump suggested that the program could attract Russian oligarchs and Chinese industrialists, but added that some individuals would be barred due to security vetting concerns.

Unlike citizenship-by-investment programs in other countries, this initiative would not immediately grant U.S. citizenship. Instead, applicants would receive a green card, with the opportunity to apply for citizenship after five years—following the standard naturalization process.