President Trump Proposes "Gold Card" Visa Program

In this iPMI Global Expatriate Life article we look at a proposed "gold card" visa program from President Trump. This initiative aims to replace the existing EB-5 investor visa with a $5 million residency permit that offers a path to U.S. citizenship. The EB-5 program, which requires a $1 million investment and job creation, has been criticized for fraud and being under priced. 

The "gold card" would be available to wealthy individuals and could generate revenue to reduce the national deficit. The proposal has sparked debate, mirroring controversies surrounding similar "golden visa" programs in other countries.

Key Themes

"Gold Visa" Concept: Trump proposes a "$5m 'gold card' resident permit" that offers "green card privileges plus it’s going to be a route to (American) citizenship." This contrasts with the current "green card" system and is positioned as a premium offering.

• Replacement of EB-5 Visa: The "gold visa" is intended to replace the existing EB-5 visa program, which requires a lower investment (approximately $1 million) and job creation. Trump's Commerce Secretary, Howard Lutnick, criticized the EB-5 program as "full of nonsense, make-believe and fraud, and it was a way to get a green card that was low-price."
• Qualifying Individuals: The primary qualification appears to be wealth ("It’ll be people with money"). However, the program would supposedly include "thorough vetting to ensure they are 'wonderful, world-class global citizens', according to Lutnick." Trump even suggested that "Russian oligarchs who are very nice people" could potentially qualify.
• Potential Economic Impact: Trump suggested the government could sell up to 10 million visas, potentially significantly reducing the national deficit. However, the impact on the broader economy, particularly housing costs and job creation, remains unclear.
• Congressional Authority: The Gold Card proposal raises the question of whether Trump can implement the program without Congressional approval, as "Congress is responsible for determining citizenship qualifications."
• Global Context: We should point out that "golden visas" and "golden passport" programs are common in other countries. However, some countries, like the UK, the Netherlands, and Greece, have recently rolled back their programs.

Trump's Proposed "Gold Visa" Program FAQs

What is the "gold visa" program proposed by Donald Trump?

The "gold visa" program is a proposal by Donald Trump to sell US residency permits to foreigners for approximately $5 million. These permits would also offer a pathway to US citizenship. It's intended to replace the existing EB-5 immigrant investor visa. Trump argues that those who can afford the $5 million are more worthy of residency and citizenship.

Do other countries have similar "golden visa" programs?

Yes, many countries, including some in the European Union (e.g., the UK, Spain, Greece), have "golden visa" programs. Some even offer "golden passports," granting citizenship directly through investment. These programs are most competitive in the Caribbean.

How does the proposed "gold visa" differ from the existing EB-5 visa program?

The EB-5 visa requires a foreign investment of around $1 million in a company that creates at least 10 jobs. The "gold visa," as described by Trump, seems to prioritize wealth over job creation, requiring a $5 million investment without explicit job creation requirements. The Trump administration has also called the existing EB-5 visa program fraudulent and exploitative, making it seem like it will be completely replaced instead of simply modified.

Who would be eligible for the "gold visa"?

According to Trump, eligibility would primarily be based on wealth. While no specific requirements beyond the ability to pay $5 million have been detailed, Trump's administration states that applicants will undergo thorough vetting to ensure they are "wonderful, world-class global citizens." The only people explicitly excluded are those who can't afford to pay the $5 million.

What are the potential benefits of the "gold visa" program, according to its proponents?

Proponents suggest it could reduce the national deficit through the sale of visas. Trump even suggested the government could sell 10 million visas to reduce the national deficit. The Trump administration also views this program as better than the existing EB-5 because they believe it will be less susceptible to fraud.

What are the main concerns and criticisms surrounding the "gold visa" program?

Common criticisms of golden visa programs generally include the potential for attracting individuals involved in money laundering and fraud and driving up housing costs. The main concern around Trump's program is that it may violate established Congressional rules and regulations. Congress determines citizenship requirements, and the EB-5 is authorized by Congress. Trump suggests his program will circumvent this.

What is the timeline for the implementation of the "gold visa" program?

Trump stated that more details about the "gold visa" program would be revealed in two weeks, and sales would begin at that time.

Is Congressional approval needed for this program?

There is some ambiguity about whether or not Congressional approval is needed. Trump has stated that it is not needed, but Congress authorized the pre-existing EB-5 program that this program would replace. The program may be dead on arrival if challenged in court for this reason.