In a bold move that merges immigration policy with high-stakes capital investment, former President Donald Trump has introduced the “Gold Card” program—a pathway to permanent U.S. residency for foreign nationals willing to pay $5 million. Spearheaded by U.S. Commerce Secretary Howard Lutnick, the program promises to replace the traditional EB-5 immigrant investor visa system, which required a minimum investment of $800,000 to $1 million tied to job creation.
Unveiled in February 2025, the initiative has already drawn widespread attention. Lutnick announced the sale of 1,000 Gold Cards in just one day, generating $5 billion in revenue. He claims the potential market includes up to 37 million global elites who could afford to participate. “The president thinks we can sell a million,” Lutnick said on the All-In Podcast, noting that the concept originated from a conversation between Trump and financier John Paulson. Elon Musk is reportedly developing the technology platform to support the program.
Unlike green cards, which are often earned through employment, family ties, or asylum, the Gold Card essentially commodifies residency. Holders receive the right to live in the U.S. indefinitely, although most are expected to avoid pursuing full citizenship to escape global taxation requirements.
Replacing the EB-5 and Raising Billions
The Gold Card program is intended to supersede the EB-5 visa, which since 1990 has allowed immigrants to apply for green cards by investing in U.S. businesses that create jobs. Over 12,000 EB-5 visas were issued in 2024 alone. By comparison, the Gold Card requires no job creation, no business plan, and no time commitment beyond a financial contribution.
Trump has placed no cap on the number of Gold Cards to be issued, opening the door to a flood of ultra-wealthy applicants. The financial math is striking: if 200,000 cards are sold, the program could raise $1 trillion—enough to make a serious dent in the U.S. national debt, which currently exceeds $36 trillion. At 10 million sales, it could theoretically erase the debt altogether.
A New Vision or a Two-Tiered System?
While the program’s financial potential is clear, critics argue that it creates a “pay-to-play” immigration system, undermining the merit-based principles that have long defined U.S. immigration policy. The Gold Card, they say, monetizes U.S. residency in a way that could exacerbate inequality and damage public trust in the fairness of the process.
Lutnick defended the idea by saying that, if he weren’t already American, he’d buy six cards—for himself, his wife, and his family—as a safety net in case of war or crisis. He added that many cardholders will likely not pursue citizenship to avoid the financial burden of U.S. global taxation. This raises concerns about civic disengagement—residents enjoying U.S. benefits without the responsibilities that come with citizenship.
Global Precedent Meets U.S. Ideals
While novel for the U.S., similar “Golden Visa” programs exist in countries like the UAE, Portugal, Spain, and Italy, offering residency or long-term visas in exchange for significant real estate or capital investments. However, critics argue that such programs turn citizenship and residency into exclusive commodities accessible only to the wealthy.
The U.S. has traditionally positioned itself as a land of opportunity, valuing diversity, merit, and contribution. The Gold Card, while financially innovative, may signal a shift away from those foundational ideals.
Risks of Gentrification, Security, and Transparency
There are also concerns about the domestic impact of the program. An influx of high-net-worth individuals could further inflate property values in already expensive cities, pricing out middle- and working-class Americans and deepening existing economic divides.
Security and ethical concerns also loom. While background checks are reportedly in place, some fear the program could be exploited by bad actors or used for money laundering without sufficient regulatory oversight. The anonymity of current Gold Card recipients raises further questions about transparency and accountability.
Balancing Innovation with Integrity
As the Gold Card program moves forward, its long-term legacy remains uncertain. Will it be hailed as an innovative solution to U.S. fiscal woes or criticized as a short-sighted selloff of national values? Much will depend on how the program is implemented—who is approved, how it’s managed, and whether it remains a controlled supplement to immigration policy or evolves into the new norm.
For now, it represents a striking shift in how the U.S. defines access to the American dream—no longer just a pursuit of freedom and opportunity, but for some, a $5 million transaction.
