In a striking move that blends economic strategy with immigration reform, the United States has introduced the “Trump Gold Card,” a new visa program aimed at attracting wealthy foreign investors. Announced by President Donald Trump on February 25, 2025, from the Oval Office, this initiative replaces the long-standing EB-5 Immigrant Investor Program with a simpler, pricier pathway to U.S. residency and citizenship. Priced at $5 million per card, the Gold Card has already made waves, reportedly raising $5 billion in a single day by selling 1,000 pre-orders, according to Commerce Secretary Howard Lutnick. As of March 22, 2025, the program is poised to reshape how America courts global capital—and who gets to call it home.
What Is the Gold Card?
The Gold Card is a permanent residency permit—essentially a green card with a golden twist—offered to affluent foreigners willing to pay a flat $5 million fee. Unlike its predecessor, the EB-5 visa, which required investments of at least $800,000 to $1.05 million in job-creating businesses, the Gold Card eliminates the job creation mandate. In return, buyers gain the right to live and work in the U.S. indefinitely, along with a potential route to citizenship, typically accessible after five years of residency, though specific requirements remain unclear.
Trump has pitched the program as a magnet for “wealthy and successful” individuals who will “spend a lot of money, pay a lot of taxes, and employ a lot of people.” Commerce Secretary Lutnick, a key proponent, has dubbed it the “Trump Gold Card,” emphasizing its appeal to “world-class global citizens” while distancing it from the EB-5, which he criticized as “full of nonsense, make-believe, and fraud.”
A Day of Unprecedented Sales
On March 21, 2025, reports emerged that the U.S. had sold 1,000 Gold Cards in a single day, generating $5 billion. While the program’s official launch awaits software completion—expected within two weeks of the announcement—these initial sales were pre-orders, signaling robust demand among the global elite. Posts on X and various news outlets, including Euronews and Skift, corroborate the scale of this financial haul, though official government confirmation is still pending as of today, March 22, 2025.
The revenue, Trump and Lutnick argue, could help tackle the U.S. national debt, with Lutnick suggesting that selling 200,000 cards could yield $1 trillion. Such ambitions underscore the administration’s view of the Gold Card as both an economic booster and a fiscal lifeline.
How It Differs from EB-5
The EB-5 program, established in 1990, aimed to stimulate the economy by tying residency to investments that created at least 10 full-time jobs. However, it faced bipartisan criticism for inefficiencies, fraud risks, and lengthy processing times—sometimes stretching into decades. The Gold Card, by contrast, simplifies the process: pay $5 million, pass a vetting process, and gain residency without the burden of proving job creation. This shift has sparked debate over whether it prioritizes wealth over economic impact.
At $5 million, the Gold Card is also one of the world’s most expensive “golden visa” programs, dwarfing offerings like Portugal’s €500,000 residency option or Nauru’s $105,000 citizenship deal. Critics argue this creates a two-tiered immigration system favoring the ultra-rich, while supporters see it as a pragmatic way to attract substantial capital.
Who’s Buying?
The administration has been coy about specifics, but Trump hinted at broad eligibility, even suggesting Russian oligarchs could qualify. “I know some Russian oligarchs that are very nice people,” he quipped when pressed by reporters. Lutnick has promised rigorous vetting to ensure applicants are “wonderful, world-class global citizens,” though the criteria remain undisclosed. The lack of clarity has fueled speculation—and concern—about who might secure these coveted cards.
Interest appears high. Henley & Partners, an advisory firm specializing in investment migration, reported a surge in inquiries following Trump’s announcement, particularly from clients rushing to lock in EB-5 applications before its rumored discontinuation. However, some experts, like Kristin Surak of the London School of Economics, caution that demand might not match Trump’s lofty expectations, given the U.S.’s unique worldwide taxation system, which could deter billionaires uninterested in American citizenship.
Controversy and Challenges
The Gold Card has ignited fierce debate. Proponents hail it as a bold economic strategy, leveraging America’s global allure to draw in capital without straining public resources. Trump has framed it as a win-win: “Companies can buy gold cards and get those visas to hire new employees. No other country can do this because people don’t want to go to other countries. They want to come here.”
Critics, however, see it as a commodification of citizenship. Rep. Ro Khanna (D-Calif.) has called for merit-based immigration reform instead, while others warn of security risks, such as money laundering or the entry of questionable figures from adversarial nations. Unlike EB-5, which scrutinized the source of funds, the Gold Card’s looser restrictions raise red flags for some observers.
Legally, the program’s rollout faces hurdles. Immigration experts like Charles Kuck argue that creating a new visa category requires Congressional approval, a step Trump claims is unnecessary. “We have it all worked out from the legal standpoint,” he asserted, though details are scarce. If pushed through without legislation, the Gold Card could face court challenges, adding uncertainty to its future.
Economic Impact: Promise or Pipe Dream?
The administration’s trillion-dollar debt-reduction goal hinges on massive sales—200,000 cards or more. Yet, studies of similar “golden visa” programs worldwide suggest limited economic benefits, often contributing just 0.3% of GDP. A Forbes poll of 18 billionaires found 13 uninterested in a U.S. Gold Card, citing sufficient existing options or disinterest in U.S. tax obligations. If demand falters, the program’s fiscal promises may fall short.
Still, the $5 billion raised in a day offers a tantalizing glimpse of potential. Whether it translates into sustained economic growth—or merely pads the pockets of a select few—remains to be seen.
A New American Dream?
As the Gold Card nears its official debut, it symbolizes a radical reimagining of the American Dream: less a refuge for the “tired, poor, huddled masses” and more a premium destination for the world’s wealthiest. For Trump, it’s a “bargain” that will “sell like crazy.” For skeptics, it’s a gilded gamble that risks undermining the nation’s immigration values.
With software completion imminent and pre-orders already flowing, the Gold Card is set to test America’s appetite for blending capitalism with citizenship. Whether it heralds a new era of prosperity or a flashpoint of division, its impact will ripple far beyond March 22, 2025.
