Toba Owojaiye reporting
Abuja, Nigeria
President Donald Trump has unveiled a new “gold card” visa initiative, offering wealthy foreign investors a direct path to U.S. citizenship for a $5 million investment. This program is set to replace the existing EB-5 Immigrant Investor Program, which requires a lower investment and mandates job creation.
The EB-5 program, established in 1990, allowed foreign nationals to obtain green cards by investing $1.05 million, or $800,000 in targeted employment areas, in a U.S. business that creates or preserves at least 10 full-time jobs for qualified U.S. workers. While it has been a significant source of capital, the program has faced criticism for susceptibility to fraud and misuse.
Truth Live News gathered that the newly proposed gold card visa aims to address these concerns by increasing the investment threshold and simplifying the process. President Trump emphasized that this initiative would attract affluent and successful individuals who would contribute substantially to the U.S. economy through spending, tax payments, and job creation. He also suggested that the funds generated could be utilized to reduce the federal deficit.
Commerce Secretary Howard Lutnick highlighted the potential financial impact, stating that if 250,000 individuals are willing to pay the $5 million fee, it could generate over $1.25 trillion. He noted that these investors would be “deeply vetted” and are expected to bring entrepreneurial spirit, capacity, and growth to America.
However, analysts express skepticism regarding the projected demand for the gold card visa. Historical data from similar programs in countries like the United Kingdom and Australia indicate that interest might only peak at a few hundred applications per year. Additionally, gold card holders would be required to pay U.S. taxes on global income, potentially reducing the program’s attractiveness.
The gold card visa is expected to be introduced in two weeks. President Trump emphasized that this program would not require congressional approval, positioning it as a swift and strategic move to bolster the U.S. economy by attracting high-net-worth individuals.