US President Donald Trump has announced the introduction of a new immigration initiative—the ‘Gold Card’—which will offer wealthy foreign investors a direct pathway to American citizenship for a payment of $5 million.

The announcement, made from the Oval Office on Tuesday, was pitched as a “premium version” of the existing Green Card, with the aim of attracting high-net-worth individuals to the United States.

“We are going to be selling a Gold Card,” Trump declared during his address. “We are going to be putting a price on that card of about $5 million.” He stated that the new initiative would replace the EB-5 Immigrant Investor Visa Program, which currently grants Green Cards to foreign investors who commit at least $800,000 in targeted employment areas or $1.8 million elsewhere while creating at least ten US jobs.

Trump criticized the EB-5 program as outdated and inefficient, advocating instead for a system where investors would pay the US government directly.

Commerce Secretary Howard Lutnick, who was present at the announcement, echoed the President’s sentiments. “Rather than having this sort of ridiculous EB-5 program, we’re going to end it. We’re going to replace it with the Trump Gold Card,” he said.

Revenue-generating move?

The Gold Card, unlike the EB-5 visa, does not appear to have a job-creation requirement. Instead, the initiative primarily focuses on generating direct revenue for the US government. Trump suggested that as many as ten million Gold Cards could be sold, potentially raising trillions of dollars to help reduce the national deficit.

“It could be great, maybe it would be fantastic,” he remarked. However, he provided little detail on how many Gold Cards would be issued annually or how the funds would be utilized.

When asked whether Russian oligarchs would be eligible to purchase the card, Trump responded, “Yeah, possibly. Hey, I know some Russian oligarchs who are very nice people.” His remarks have fueled concerns about the potential misuse of the program by foreign elites seeking an expedited route to US citizenship.

Application process for US Gold Card

While Trump has promised further details within two weeks, the initial outline suggests a streamlined application process. Prospective applicants will likely be required to provide:

• Proof of $5 million in available funds.

• A formal application to the US Citizenship and Immigration Services (USCIS).

• Standard background checks, including security and financial vetting.

Upon approval, Gold Card holders would receive long-term residency benefits similar to those of a Green Card, with an expedited path to citizenship. The timeline for naturalization under this program remains unclear.

Despite Trump’s confidence that the Gold Card can be implemented swiftly, legal experts argue that new visa programs typically require Congressional approval. It remains to be seen whether Trump can bypass legislative hurdles, especially given the legal challenges that have hampered previous immigration initiatives.

Criticism and potential impact

The Gold Card proposal has drawn sharp criticism from immigration policy experts and lawmakers. Critics argue that the initiative caters exclusively to the ultra-rich, creating a system where wealth—not merit—determines access to US citizenship.

“This program is a blatant attempt to monetize American residency,” said Senator Elizabeth Warren. “It undermines the fundamental principle that US immigration should be based on contribution to society, not just the ability to pay.”

Immigration advocates have also expressed concerns that the Gold Card could further exacerbate inequality in the US immigration system.

On the other hand, supporters of the initiative contend that it could boost economic growth by attracting wealthy investors who contribute through taxation and business investments. Some have suggested that companies may sponsor employees under this program, opening pathways for skilled professionals in addition to ultra-wealthy individuals.

What’s next?

With further details expected by March 11, 2025, all eyes will be on the White House’s next steps. Whether the Trump administration can implement the Gold Card without Congressional approval remains a major question, as does the extent to which this initiative will reshape US immigration policy.

For now, the announcement signals yet another bold move in Trump’s approach to immigration—prioritizing economic benefit while sidelining traditional pathways to US residency. As the debate intensifies, the success or failure of the Gold Card initiative will likely have lasting implications for the future of American immigration policy.