President Donald Trump has announced plans to introduce a new “gold card” visa program offering a path to citizenship for wealthy individuals willing to invest $5 million. This program, dubbed the “Trump Gold Card,” aims to replace the existing EB-5 investor visa, which requires a $1 million investment in a company employing at least 10 people. Commerce Secretary Howard Lutnick stated that the gold card, actually a green card granting permanent residency, would increase the investment threshold to deter fraud and streamline the process.

The initiative comes in response to concerns about the EB-5 program, including the risk of fraud and legal fund verification. The proposed gold card would not only provide a path to citizenship but also eliminate the cap on the number of visas issued. While investor visas are common globally, this new program seeks to attract wealthy individuals to boost the economy and create jobs. Despite Trump’s optimism about the potential economic benefits, specific details on job creation requirements remain unclear.

The “Trump Gold Card” program is set to launch in two weeks and is positioned as a more sophisticated alternative to traditional green cards, catering to individuals of wealth or exceptional talent. Trump emphasized that this initiative would not require congressional approval, although Congress typically determines citizenship qualifications. Overall, the proposal aims to attract affluent individuals to invest in the U.S. economy and potentially reduce the federal deficit through the sale of these exclusive visas.