U.S. President Donald Trump has unveiled plans for a new “gold card” residency program, offering foreign investors a pathway to citizenship for $5 million.

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This high-value visa is set to replace the existing EB-5 immigrant investor program, which grants green cards to foreigners who create jobs in the U.S. Trump’s Commerce Secretary has criticized the EB-5 system, calling it flawed and rife with fraud.

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“You have a green card, this is a gold card,” Trump told reporters in the Oval Office Tuesday. Permanent residents who are not citizens in the US are known as “green card” holders.

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“It’s going to give you green card privileges plus it’s going to be a route to (American) citizenship,” the president added.What is the EB-5 visa program and why is Trump ending it?

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Introduced in 1990, the EB-5 visa program allows foreign investors to obtain immediate green cards by investing approximately $1 million in a U.S. business that creates at least 10 jobs. This visa provides a direct path to citizenship, unlike other green card applicants who often face waiting periods ranging from several months to years.

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The program is limited to 10,000 visas annually, with 3,000 specifically allocated for investments in high-unemployment areas, according to the U.S. State Department.

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The U.S. Citizenship and Immigration Services (USCIS) describes the EB-5 visa as a tool designed to boost the American economy through job creation and foreign capital investment.

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However, Trump’s Commerce Secretary, Howard Lutnick, has criticized the program, arguing that it is being misused and that the investment threshold is too low.

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“The EB-5 program … it was full of nonsense, make-believe and fraud, and it was a way to get a green card that was low-price. So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program,” said Lutnick.

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In 2021, the US Government Accountability Office found that EB-5 visas carry significant fraud risks, particularly due to challenges in tracing the origins of applicants’ funds and potential perceptions of favouritism.

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“It’ll be people with money,” Trump said, without noting any job-creation requirements.

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However, all applicants will undergo thorough vetting to ensure they are “wonderful, world-class global citizens”, according to Lutnick.

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When asked if wealthy Russians could qualify, Trump replied, “Possibly. I know some Russian oligarchs who are very nice people.”

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TTrump’s proposed “gold card” visa program appears to have no set cap, with the former president suggesting that up to 10 million visas could be sold to help reduce the national deficit.

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This initiative comes as his administration continues its aggressive crackdown on undocumented immigrants, with Trump vowing to carry out mass deportations.

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Under the proposed plan, each visa would cost around $5 million. Trump announced that further details would be provided in two weeks when the program officially launches.

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Currently, green card holders—including those under the EB-5 program—must live as lawful permanent residents for five years before applying for U.S. citizenship. It remains unclear whether recipients of the new gold card visa will have a shorter waiting period.

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Golden visa programs are not unique to the U.S.; they exist in several countries, including the UK, Spain, and Greece. Some nations, such as Malta, Egypt, and Jordan, even grant citizenship directly in exchange for investment. The Caribbean is particularly competitive in this space, with Dominica, Grenada, and St. Kitts and Nevis offering passports for as little as $200,000 to $300,000.

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These schemes, however, are often criticized for attracting individuals involved in money laundering or fraud. They can also inflate real estate prices in major cities, leading to public backlash. Due to such concerns, countries like the UK, the Netherlands, and Greece have recently scaled back their golden visa programs.

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Trump’s proposal could face even greater scrutiny, especially if he bypasses Congress, which is responsible for setting citizenship requirements. While Congress previously approved the EB-5 visa, which Trump now plans to replace, he insists that his new program does not require legislative approval.

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