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International investors with at least $5 million in capital will have access to a new “gold card” visa programme in about a week, granting permanent residency and work authorization in the United States, US Commerce Secretary Howard Lutnick announced on Wednesday.Speaking at Axios’ Building the Future event in Washington, DC, Lutnick revealed that the initiative, introduced by President Donald Trump, aims to attract high-net-worth individuals to invest in the country in exchange for a streamlined path to US residency. “I expect there will be a website up called TrumpCard.gov in about a week,” Lutnick said, as reported by CNN. “The details of that will come soon after, but people can start to register,” he added.While full specifics of the programme will be disclosed in the coming weeks, Lutnick confirmed that it is intended to replace the existing EB-5 Immigrant Investor Programme. Under the current EB-5 scheme, green cards are available to foreign investors who contribute $1.8 million to the US economy—or $900,000 in designated economically distressed areas.The proposed “gold card” would require a significantly higher investment of $5 million but would offer expanded privileges, including a route to US citizenship.Trump had first proposed this visa in February earlier this year. “We’re going to be putting a price on that card of about $5 million,” he said in an announcement from the Oval Office. “That’s going to give you green card privileges, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card,” he further stated.Lutnick suggested that interest in the programme is already strong, particularly among high-net-worth individuals abroad. Referring to a recent trip to the Middle East, he said, “Basically, everyone I meet who is not an American is going to want to buy this card- if they have the fiscal capacity.”He also framed the initiative as part of a broader economic strategy, claiming it could help reduce the US federal debt, which currently exceeds $36 trillion. “These are going to be great people who are going to come and bring businesses and opportunity to America, and they’re going to pay $5 million,” he said adding, “If there are 200,000 people who pay, that’s a trillion dollars. That pays for everything.”However, immigration experts have noted that creating a new visa category would require approval from the US Congress, raising questions about the legal and legislative feasibility of the plan.What is the Gold Card visa scheme?The US Gold Card initiative, priced at $5 million, is proposed as a successor to the existing EB-5 immigrant investor visa scheme.The EB-5 programme, established in 1990, currently enables foreign nationals to secure green cards through business investments. The qualifying criteria include a minimum investment of $1 million in a business venture, or $800,000 in economically disadvantaged regions, with the requirement to create at least 10 jobs.In 2024, authorities granted over 4,500 EB-5 visas. The proposed Gold Card programme, according to Trump’s announcement, would operate without any numerical restrictions on issuance.Further details, including eligibility criteria and implementation timelines, are expected to be released by the Commerce Department in the coming weeks.
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