President Trump recently promoted the idea of a Gold Card Visa as a gateway to U. S. citizenship, by allowing U. S. residency and the ability to work and do business in the U. S. The President has put a hefty price tag of $5M on the highly coveted U. S. Green Card. Although not a new idea, it has sparked questions in the EB-5 Investor space whether this new Visa will run parallel to, or in place of the EB-5 Investor Visa Program.

The EB-5 Investor Visa Program
Congress created the EB-5 Program in 1990 to stimulate the U. S. economy through job creation and capital investment by foreign investors.  It was and remains an attractive program, bringing employment to rural areas and areas with high unemployment, called TEAs (Target Employment Areas). In 1992, Congress created the Immigrant Investor Program, also known as the Regional Center Program, setting aside coveted EB-5 Visas for participants who would invest in commercial enterprises, or Regional Centers. These Regional Centers were approved by USCIS based on proposals that promoted economic growth in the TEAs. On March 15, 2022, President Biden signed the EB-5 Reform and Integrity Act as part of the Consolidated Appropriations Act, 2022 (Public Law 117-103), which created new requirements for the EB-5 Immigrant Visa category and the Regional Center Program.

Currently, to qualify as an Immigrant Investor, for petitions filed on or after November 21, 2019, a foreign national is required to invest, without borrowing, the following minimum qualifying capital dollar amounts in a qualifying commercial enterprise:

• $1,050,000 (U.S.) minimum investment in areas NOT designated as TEAs; or 
• $800,000 (U.S.) in a high-unemployment or rural area, which are considered TEAs.  
  
  These Immigrant Visas are authorized under the Regional Center Program through Sept. 30, 2027. 

The Gold Card Program
On February 25, 2025, President Donald Trump announced a proposal to introduce a “Gold Card” visa program aimed at attracting high-net-worth individuals to the United States. Under this new Visa program, the following features are key:

• Investment Requirement: Applicants would be required to make a direct payment of $5M to the
  U. S. government.
• Privileges: The Gold Visa would confer all benefits associated with a traditional green card, including the right to live and work in the U. S., and provide a pathway to U. S. citizenship.
• Tax Implications: Gold Visa Holders would be exempt from U. S. taxes on income generated outside the United States but would be subject to full taxation on income earned within the country.

President Trump’s rationale is that the Gold Card program would serve as a significant revenue source, potentially aiding in reducing the national debt.

Comparing the EB-5 Investor Visa Program to the Gold Visa Card Program
The existing EB-5 Immigrant Investor Program requires a minimum investment of $1.05 million (or $800,000 in TEAs) in a U. S. business that generates at least ten full-time jobs for U.S. workers. In contrast, the Gold Card proposal necessitates a higher investment without explicit job creation requirements. Experts have raised questions regarding the feasibility of unilaterally replacing the EB-5 program without Congressional approval.

Summary
In short, a higher investment from foreign high-worth individuals will allow greater ease of entry into American industries and markets, with less than explicit requirements. This is an attractive selling point, as it should be noted that currently there is also a backlog of EB-5 Visa Program application processing and approval. Conversely, between $800,000 and $1,050,000 is required for a program that has been in existence since the early 90s with a relatively proven track record.

There are precedents for programs such as the Gold Visa worldwide, as it is common practice and knowledge that one can pay for citizenship in other countries, some of which have more stringent requirements, some of which embody less financial stringency. Additionally, there are concerns about the attractiveness of the Gold Card to potential investors, given its substantial cost and the absence of direct investment returns. However, this can be outweighed by lack of taxation on foreign sourced income, which is in contrast to U. S. citizens, whose worldwide income is subject to taxation. And of course, obtaining U. S. citizenship, which is the Golden Egg for foreign nationals.

Whether the Gold Visa becomes a Golden Egg for the U. S. remains to be seen, if approved.

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