U.S. President Donald Trump has announced an ambitious new investor visa program, the “Trump Gold Card,” which may grant permanent residency and a path to citizenship in exchange for a US$5 million investment. The Trump Gold Card is set to replace the EB-5 Immigrant Investor Program and has sparked significant discussion in the global investment migration industry.
As Europe clamps down on citizenship by investment, the U.S. is taking a surprising turn—welcoming wealthy investors from around the world.
What will this mean for residence and citizenship by investment professionals and advisers?
Understanding the proposed 'Trump Gold Card’
Here is what we know so far from international media sources about Trump’s Gold Card:
Anticipated Investment Requirement: US$5 million, a significant increase from the current EB-5 threshold.
Residency Status: Will provide a structured path to U.S. citizenship.
Policy Goals: The end-game will be to attract high-net-worth individuals who will contribute to America’s economic growth, create jobs, and pay taxes.
Implementation Timeline: Commerce Secretary Howard Lutnick stated that the program could replace the EB-5 visa within weeks.
America's vs. Europe’s Diverging Investment Migration strategies
As Europe clamps down on citizenship by investment, the U.S. is seemingly embracing it—ushering in a new era of global investment migration competition. In Europe, investment migration programs have been under increasing pressure in the European Union, with the European Court of Justice (ECJ) filing against Malta’s citizenship-by-investment program. The EU’s stance has been to limit access to citizenship through investment, citing concerns over security, due diligence, and ethical implications.
In contrast, the U.S. President Trump’s announcement of this Gold Card could be signalling a move towards greater accessibility for wealthy individuals, including those from politically sensitive jurisdictions.
This stark policy contrast between the U.S. and Europe highlights the shifting attitudes toward investment migration. The U.S. appears to be taking a more commercial approach, prioritizing capital inflow over regulatory concerns.
The death knell for the EB-5 Visa?
The EB-5 visa, established in 1990, has historically been a key instrument for attracting foreign investment to the U.S. economy.
The program requires a minimum investment of US$800,000 in a job-creating enterprise and has a cap on the number of visas issued annually.
However, it has also faced criticism over fraud risks, backlogs, and the challenge of ensuring job creation.
"The EB-5 program ... it was full of nonsense, make believe and fraud, and it was a way to get a green card that was low price. So the president said, rather than having this sort of ridiculous EB-5 program, we're going to end the EB-5 program. We're going to replace it with the Trump Gold Card,"
Currently, thousands of investors—many from China, India, and Vietnam—have been waiting years for their EB-5 visas due to quota limits and notorious administrative delays.
The announcement of the Trump Gold Card will certainly ring alarm bells over how all these pending applications will be handled – in practice.
What regulatory framework will apply to EB-5 investors?
Will they be forced to transition to the new program?
Will this happen at a higher investment level?
Will their applications remain valid under the existing EB-5 regulations for a set period of time?
The uncertainty surrounding this proposed new Gold Card program could disrupt ongoing projects and investment flows in regional centers that have relied on EB-5 funding for real estate and infrastructure development.
It is vital to note though that under the EB-5 Reform and Integrity Act, the EB-5 was extended until September 30, 2027 so it will be an area for practitioners to watch as more regulatory updates and guidelines are given.
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Who is welcome to apply?
When asked whether Russian high-net-worth individuals (HNWIs) could apply for the Trump Gold Card, President Trump reportedly told Reuters,
“Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.”
His remark has sparked debate over the geopolitical and security ramifications of the Trump Gold Card. Given the U.S.’s history of sanctions and scrutiny toward Russian oligarchs, the possibility of their participation in an expedited investment migration program raises pressing concerns.
Could this program inadvertently provide a backdoor for politically exposed individuals (PEPs) seeking U.S. residency?
How will due diligence standards be upheld to prevent potential abuses of the system?
What can we expect from the Trump Gold Card?
If implemented as proposed, the Trump Gold Card would represent a major shift in U.S. investment migration policy. By potentially removing key EB-5 requirements—such as job creation mandates and annual visa caps—the program could make the U.S. a far more accessible destination for high-net-worth individuals seeking residency. This streamlined, capital-driven approach signals a departure from the security-focused immigration policies of the past, emphasizing economic inflows over geopolitical caution.
How this foreign investment program fares will depend on many factors.
Will lawmakers pushback?
Will this even pass through Congress?
Is Trump just stirring markets?
Will investors actually line up for this program?
What options will there be to invest?
Will they be donations or will investors have the potential to earn ROI?
The real test though will be whether the Trump Gold Card, if it comes to fruition -is able to maintain credibility, integrity, avoid regulatory loopholes, and balance economic incentives with national security safeguards- an issue central to the the concerns of the electorate that voted Trump in.
