WASHINGTON — In a move to bolster the U.S. economy, President Donald Trump has introduced a new "gold card" program, offering a fast-tracked pathway to American citizenship for a price tag of $5 million. The program, announced on February 25, allows individuals to pay the U.S. government directly in exchange for permanent residency or a visa, marking a significant departure from the existing EB-5 investment visa program.
The EB-5 program, which required investments of $900,000 to $1 million in infrastructure projects that created jobs, has been replaced by the gold card initiative, which has no job creation or investment requirements. Instead, the program relies solely on a direct cash payment to the government, raising concerns about the potential for abuse and the lack of benefits for local communities.
According to experts, the program is likely to attract interest from wealthy individuals, particularly those from countries with limited travel options, such as China and India. The global investment visa industry is estimated to be worth $20 billion annually, with many ultra-wealthy individuals seeking backup plans and alternative passports in case of geopolitical instability.
However, critics argue that the program poses significant risks, including the potential for money laundering and the impact on local communities. Additionally, the program's lack of congressional approval has raised questions about its legitimacy, as creating new visa programs or green cards typically requires congressional authority.
As the program is set to launch in March, concerns about vetting and eligibility criteria remain, with some experts warning that individuals with questionable backgrounds, such as Russian oligarchs, may be eligible for the gold card. The program's success and potential consequences will be closely watched in the coming months, as the U.S. government seeks to balance its economic needs with the need to ensure national security and protect local communities.
