Written by Matthew Peterson.
President Donald Trump dropped a bombshell during his second-term Cabinet kickoff on February 26, 2025, announcing a “gold card” visa that dangles U.S. citizenship for a cool $5 million. It’s a plan he’s betting will overhaul the creaky EB-5 investor visa program, which has limped along for 35 years. This isn’t just a tweak—it’s a full-on pivot, aimed squarely at deep-pocketed foreigners who can pay to play in America’s immigration game.
A Fresh Spin on Investor Visas
Trump’s pitch is simple: sell these gold cards to the rich and watch the cash roll in. He’s talking big numbers—$5 trillion if a million takers sign up, enough to chip away at the national debt, which sits north of $36 trillion and counting. “There’s a real hunger for this,” he said, sounding more like a salesman than a statesman. And he might not be wrong—businesses have long clamored for ways to bring in high rollers.
The EB-5, by comparison, looks like a bargain-bin deal—$800,000 to $1.05 million gets you a permanent residency shot if you bankroll a company that hires 10 Americans. But Commerce Secretary Howard Lutnick didn’t mince words: that program’s a mess, bogged down by sloppy oversight and scams. The gold card? It’s a premium ticket, no job quotas required—just a fat check and a promise of economic juice from folks who can afford it.
How It Stacks Up Against the Old Guard
Let’s break it down. The EB-5, born in 1990 courtesy of Congress, was built to pump foreign cash into U.S. jobs. You invest, you hire, you stay—simple on paper. Reality’s murkier. Take the 2016 fiasco where a couple siphoned $27 million from Chinese investors for a sham cancer center—proof the system’s ripe for grift. Homeland Security stats show about 8,000 EB-5 visas issued in the year ending September 2022, but fraud keeps dogging it.
Trump’s gold card flips the script. No need to prove you’ve created jobs—just pony up $5 million and you’re on a citizenship track, not just residency. Lutnick called the EB-5 “a disaster” and touted this as a cleaner fix. The catch? It’s a moonshot—10 million cards sold could flood the Treasury with $50 trillion, but that’s a pipe dream unless the world’s billionaires line up fast.
What’s wild is the citizenship angle. EB-5 folks wait years before even sniffing naturalization; gold card holders get a VIP lane—if the details ever get ironed out. That alone could lure the ultra-wealthy who don’t mess around with half-measures.
The Bigger Picture: Cash, Jobs, and Global Rivals
Picture this: a Russian tycoon snags a gold card, moves to Miami, buys a penthouse, and starts a tech firm. That’s Trump’s vision—wealthy newcomers splashing cash, paying taxes, and sparking jobs without red tape. Even if only a few thousand bite, the ripple could hit real estate, retail, you name it. A million? That’s a tsunami of capital—think new skyscrapers, fatter GDP, maybe even a dent in that debt monster.
It’s not like America invented this. Over 100 countries peddle “golden visas”—Spain’s got one for €500,000 in property, New Zealand’s starts at $2.9 million for investors. Malta even sells citizenship outright for a million bucks or so. Trump’s $5 million ask isn’t cheap, but U.S. passports carry clout—freedom, security, prestige. Still, some moneybags might balk at Uncle Sam taxing their global stash, a sting other nations skip.
Doubters aren’t sold. Without a job-creation hook, critics say it’s just a cash grab—EB-5 at least ties dollars to workers. And demand’s a gamble; not every millionaire wants to swap their yacht haven for IRS headaches. But Trump’s betting on America’s allure post his November 5 win—folks want in, he reckons.
The Fine Print and What’s Next
Here’s where it gets dicey. Congress usually calls the shots on citizenship rules—EB-5 proves it. Trump’s waving that off, claiming executive muscle can push this through. Experts aren’t so sure; a new visa class with citizenship attached might hit a legal wall without lawmakers’ blessing. Immigration wonks say he can tweak existing visas, sure—but this? It’s a stretch.
Vetting’s another beast. Lutnick swore they’ll screen for “world-class” players, but Trump left the door ajar—no blanket bans on China or Iran, just case-by-case checks. That’s a head-scratcher next to his border crackdowns, hinting at a soft spot for fat wallets. Companies could snatch cards too, locking in talent—a CEO pays, a genius coder stays. Details are fuzzy, though, and a two-week rollout sounds like a rush job when you’re talking billions and background digs.
Execution’s the kicker. EB-5’s fraud woes—like fake funds from shady sources—could haunt this too. If they nail the process, it’s a goldmine; if not, it’s a headline waiting to flop. Either way, Trump’s not sweating it—he’s calling it “sophisticated” and banking on a frenzy.
Our Take
This gold card gambit’s a classic Trump move—brash, money-driven, and divisive. It could rake in billions, sure, easing some fiscal pain. But ditching EB-5’s job focus feels shortsighted; cash today might not beat growth tomorrow. Legal hurdles loom, and tax-wary tycoons could ghost it. Still, it’s a slick pitch—citizenship as a luxury good, American-style.
Globally, it’s old news—nations have hawked passports for years. Trump’s just upping the ante, betting $5 million buys loyalty and lucre. Will it fly? Depends on the fine-tuning and who’s buying. For now, it’s a flashy test of how far wealth can stretch the American Dream.
