President Donald Trump announced plans to introduce a "gold card" visa program, offering a path to citizenship for investors willing to invest $5 million. This program would replace the existing 35-year-old investor visa program.

Trump believes this new program will attract wealthy and successful individuals who will contribute significantly to the US economy by investing heavily, paying taxes, and creating jobs. He expects the program to be a major success.

The "Trump Gold Card" is set to replace the EB-5 visa program within two weeks. The EB-5 program, established by Congress in 1990, aimed to attract foreign investment by offering visas to individuals investing around $1 million in businesses that create at least 10 jobs.

Commerce Secretary Howard Lutnick explained that the gold card, essentially a green card or permanent legal residency, would increase the investment requirement and eliminate the fraud and "nonsense" associated with the EB-5 program. Similar to other green cards, it would provide a pathway to citizenship.

According to the Homeland Security Department's Yearbook of Immigration Statistics, approximately 8,000 individuals obtained investor visas in the 12-month period ending September 30, 2022. A 2021 report by the Congressional Research Service highlighted the risk of fraud associated with EB-5 visas, including verifying the legal origin of invested funds.

Investor visa programs are prevalent worldwide. Henley & Partners, an advisory firm, reports that over 100 countries, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy, offer "golden visas" to wealthy individuals.

While Trump did not mention job creation requirements for the gold card program, he mused about the possibility of selling 10 million "gold cards" to reduce the federal deficit. He expressed optimism about the potential success of this initiative.

Trump described the gold card as a "higher level of sophistication" compared to a green card, offering a path to citizenship for wealthy individuals or those with exceptional talent. He envisions companies sponsoring talented individuals to obtain gold cards and gain long-term residency in the United States.

Although Congress determines the qualifications for citizenship, Trump asserted that the "gold cards" would not require congressional approval.