President Donald Trump told reporters Tuesday his administration plans to sell a “gold card” for $5 million that will provide wealthy non-citizens U.S. residency and a route to citizenship, announcing the visas as he spearheads a mass deportation initiative.
Trump announced the card Tuesday. (Photo by JIM WATSON/AFP via Getty Images)
Trump said the card will cost “about $5 million” and give buyers the same privileges as green card holders, who have permanent residency and work authorizations in the U.S.
The president said the “wealthy people” who buy the card would be investing in the U.S. by “spending a lot of money, paying a lot of taxes and employing a lot of people.”
The card will launch some time over the next two weeks, according to Trump, who claimed his administration would not need congressional approval to establish the card “because we’re not doing citizenship, we’re doing the card.”
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.
Commerce Secretary Howard Lutnick said the card will replace the EB-5 program, which allows immigrants to secure green cards if they create a business and at least 10 permanent full-time jobs for U.S. workers. It is unclear if EB-5 visa holders will lose their privileges if the program ends. EB-5 visa usage reached its highest point ever in fiscal year 2024, with at least 12,839 EB-5 visa numbers used through last July, according to State Department data cited by trade organization Invest In The USA. Lutnick also blasted the EB-5 program, calling it “full of nonsense” and “a way to get a green card that was low priced.”
Trump said funds created by the gold card would primarily be used to pay down the national debt, estimating his administration will be able to sell 1 million cards and generate trillions in revenue.
Not outright, no. If the gold card has the same privileges as the green card, that means wealthy buyers will still lack citizenship rights including the right to vote, the right to run for public office and the right to obtain a U.S. passport. However, being a lawful permanent resident, which one can do with a green card, for at least five years is the most common path to U.S. citizenship, according to Citizenship and Immigration Services.
Trump said Russian oligarchs would “possibly” be eligible for a gold card, adding “I know some Russian oligarchs that are very nice people.” Lutnick noted those applying for the card “will have to go through vetting, of course,” adding “we’re going to make sure they’re wonderful world-class global citizens.”
The Trump administration has attempted to ramp up the rate of deportations and arrests as the president looks to fulfill his campaign promise of mass deportations. A little over 37,000 people were deported in January, falling below the average deportations carried out by the Biden administration last year. Trump has signed executive orders calling for the detention of deported migrants at the Guantánamo Bay naval base, sending the military to the southern border and aiming to stop undocumented migrants from “taxpayer-funded benefits.” Illegal border crossings have decreased 94% year-over-year, Border Patrol Chief Mike Banks told CBS recently, with agents apprehending around 285 migrants at the southern border in a seven-day period compared to the 4,800 arrested during the same period last year.