Trump’s Gold Card: The $5 Million Visa and the Future of EB-5

On February 25, 2025, President Donald Trump announced at the White House the creation of the Gold Card, a permanent residency visa priced at $5 million that would offer a pathway to American citizenship. The proposal was presented as a replacement for the EB-5 Investor Visa program, with the promise of attracting wealthy investors and generating significant federal revenue. The announcement immediately raised questions about legal viability, the impact on the investment immigration market, and the fate of EB-5 — a program created by an Act of Congress in 1990.

How the Gold Card Was Announced

At a press conference, Trump stated that the new visa would carry “the same privileges as a green card” and could be sold in up to one million units. Commerce Secretary Howard Lutnick added that the program would require vetting of applicants and would serve as a tool to reduce the fiscal deficit. The initial rollout was projected for the following weeks, but implementation ran into significant legal obstacles.

The name “Gold Card” was personally associated by the president with the phrase “Trump gold card,” signaling personal branding intent. The language used suggested the immediate replacement of EB-5, although that is not achievable through an executive decision alone.

Why the Gold Card Is Legally Complex

The EB-5 program is codified in the Immigration and Nationality Act (INA), Section 203(b)(5), and was reauthorized by the EB-5 Reform and Integrity Act of 2022, which established a new framework through 2027. Replacing a statutory program with a $5 million executive product would require legislative action by Congress. Without new legislation, the president cannot unilaterally eliminate EB-5 or create a parallel permanent immigration category.

Immigration law experts have pointed out since the announcement that any “citizenship for sale” program faces tension with Article I, Section 8 of the Constitution, which reserves for Congress the power to establish uniform rules of naturalization. Therefore, even if the Gold Card advanced through executive rulemaking, its promise of “automatic citizenship” would likely be challenged in court.

The Current EB-5 Program and Its Numbers

The EB-5 program, as reformed in 2022, establishes two investment thresholds. For standard projects, investors must commit $1.05 million. In Targeted Employment Areas (TEAs) — rural or high-unemployment regions — the amount drops to $800,000. In all cases, the investment must create at least 10 full-time jobs for American workers or lawfully authorized immigrants.

The program grants conditional permanent residence for two years, with conditions removed after demonstrating compliance with program requirements. Annual visa set-asides exist for rural projects (20%), high-unemployment TEAs (10%), and infrastructure (2%), established by the 2022 reform to diversify program usage.

Trump’s Previous Attempts to Modify EB-5

During his first term, in 2019, the Trump administration published a rule raising the minimum investment to $1.8 million (standard) and $900,000 in TEAs. That rule was later struck down by a federal court due to irregularities in the appointment process of the then-Acting DHS Secretary who oversaw the rulemaking. EB-5 reverted to prior thresholds until the statutory reform of 2022 finally updated the investment levels.

This history is relevant: it demonstrates that even more modest regulatory changes to EB-5 face procedural barriers. A proposal as radical as the Gold Card — a price five times higher, no job-creation requirement, and a promise of citizenship — requires a solid legal foundation that only Congress can provide.

Comparison with International Programs

Several countries have operated “Golden Visa” programs offering residency in exchange for investment. In 2022, the European Commission recommended shutting down these programs due to concerns about money laundering, tax evasion, and security. The wave of closures was significant.

• United Kingdom closed the Tier 1 Investor Visa in February 2022.
• Ireland closed the Immigrant Investor Programme in February 2023.
• Portugal removed the real estate investment route from its Golden Visa in October 2023, retaining only options such as investment funds and cultural donations.
• Spain fully closed its Golden Visa program in April 2025.
• Netherlands closed its program in January 2024.

The global trend is toward restriction, not expansion. A U.S. program priced at $5 million would run counter to this international regulatory direction.

Who Would Be the Gold Card’s Target Audience

The $5 million threshold places the program well above the EB-5 in terms of wealth requirements. For reference, the current EB-5 investment floor ($800,000 in a TEA) is already considered high for most upper-middle-class individuals worldwide. Multiplying that by more than six restricts the eligible pool to ultra-high-net-worth individuals — a profile that typically already has multiple residency options through other countries and tax structures.

Early market estimates suggest that if implemented, the Gold Card would attract modest volume compared to the projected one million sales. Comparable programs in other countries never came close to that volume even at peak demand.

What Changes for Those Currently in EB-5

Investors who have already filed Form I-526E or Form I-829 under the current EB-5 framework are not affected by the Gold Card announcement. The program remains in force by statute, with normal processing by the USCIS Investor Program Office (IPO). The Visa Bulletin continues to allocate EB-5 numbers according to each case’s classification, and set-asides for rural, high-unemployment, and infrastructure projects remain active.

Those considering entering the program need to evaluate two scenarios: the continuation of EB-5 under its current framework through 2027, and the still-speculative possibility of legislative changes that could coexist with or replace the program. Waiting for the Gold Card without any guarantee of Congressional approval could mean missing a window of opportunity in the current EB-5, especially given foreseeable retrogression in priority dates for high-demand nationalities.

The Regulatory Landscape Ahead

Effective implementation of the Gold Card would require, in decreasing order of likelihood: (1) an Act of Congress creating the category, (2) executive rulemaking under some existing authority — likely subject to litigation, or (3) abandonment of the proposal. Without Senate approval, where Republicans hold a narrow majority, any bill along these lines would face a filibuster and require 60 votes.

For those following the sector, three signals are worth monitoring: formal rulemaking texts published in the Federal Register, House and Senate bills incorporating the proposed framework, and any litigation that might challenge the program. Until one of these materializes, the Gold Card remains a political announcement with no immediate legal effect on the current investment immigration system.

Victoria Harper

Editor-in-Chief

Meet the author

Leading journalism and editorial content at Visto n’ Visa, Victoria helps make immigration topics clear, trustworthy, and easy to understand. Her focus is on delivering useful, human, and relevant content for people exploring new paths abroad.