The new Gold Card program, launched by President Trump, offers U.S. residency for $1 million, replacing the EB-5 visa with no job-creation requirements or annual caps on applicants.
President Donald Trump has officially launched the much-anticipated Gold Card program, which aims to provide U.S. permanent residency and a pathway to citizenship for foreign investors. The initiative was unveiled on Wednesday and is designed to attract global talent by allowing individuals to secure residency through a $1 million investment. Corporations can obtain residency for foreign-born employees at a cost of $2 million per employee.
The Gold Card program replaces the EB-5 visa, a long-established investor visa introduced by Congress in 1990. Under the EB-5 program, individuals could qualify for U.S. residency by investing approximately $1 million in a business that created at least 10 American jobs. However, the new Gold Card initiative eliminates the job-creation requirement and appears to lack an annual cap on the number of applicants, distinguishing it from its predecessor.
In his announcement, Trump described the Gold Card as “basically, it’s a green card but much better. Much more powerful, a much stronger path.” He emphasized that the program is designed not only to attract foreign investment but also to retain top global talent, which he believes is essential for the growth of American companies.
The launch of the Gold Card program comes after months of promotion by the president, who initially proposed a $5 million price tag for the residency card before settling on the current structure. Trump expressed enthusiasm for the program on social media, stating, “A direct path to Citizenship for all qualified and vetted people. SO EXCITING! Our Great American Companies can finally keep their invaluable Talent.”
Commerce Secretary Howard Lutnick provided additional details about the program, noting that there will be a $15,000 vetting fee for each applicant. He assured the public that rigorous background checks would be conducted to ensure that applicants meet the necessary qualifications to reside in the United States. Companies will have the option to apply for multiple Gold Cards; however, each card will be limited to one individual.
The introduction of the Gold Card program marks a significant shift in U.S. immigration policy, aiming to streamline the process for wealthy investors while potentially increasing federal revenue. As the application website goes live, it remains to be seen how this initiative will impact the landscape of U.S. immigration and foreign investment.
For further information on the Gold Card program and its implications, please refer to The American Bazaar.