Soon, wealthy foreigners will be able to buy American residency, thanks to a new visa scheme.
This week, President Donald Trump told reporters in the Oval Office that the U.S. will offer a “gold card” to allow foreigners to buy permanent residency. This initiative will also provide a path to citizenship, similar to a green card. President Trump explained, “You have a green card. This is a gold card. We’re going to be putting a price on that card of about $5 million, and 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.”
A green card grants non-American citizens the right to live and work in the U.S. It also offers a path to citizenship, provided applicants meet all requirements. To apply for a green card, individuals must qualify under specific criteria, and the process is rigorous.
The U.S. could begin offering the gold cards in two weeks, with millions potentially available. Calling it a “bargain,” President Trump said these cards would sell quickly. Commerce Secretary Howard Lutnick, who stood beside the President, stated that applicants would undergo vetting “to make sure they’re wonderful world-class global citizens.” When asked if Russians could qualify, President Trump responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
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President Trump did not provide details on how applicants would be vetted or whether they would need to create jobs to qualify for the gold card. It is also unclear if there will be a cap on the number of cards issued.
Lutnick noted that this new program would replace the investor visa, known as the EB-5 program. The EB-5 grants green cards to individuals who invest at least $1 million and create 10 full-time jobs in the U.S., among other requirements. Created by Congress in 1990, the EB-5 program has a cap of about 10,000 visas per year. Jorge Loweree, managing director of programs at the American Immigration Council, told Time that the President does not have the authority to override it. Concerns have also been raised about the EB-5 program, including the possibility that funds used for investments could have been obtained illegally.
The gold card proposal has drawn comparisons to other golden visa schemes worldwide. In Europe, experts have criticized these programs for enabling tax evasion and money laundering. Spain’s golden visa scheme, created in 2013 to boost foreign investment after the eurozone crisis, is set to end in April. The program allowed non-Europeans to invest in real estate in exchange for residency. However, critics argued it contributed to rising housing costs and exacerbated the housing crisis.
Similar schemes have been offered in other European countries, including Portugal, Greece, Ireland, the U.K., and the Netherlands, but they have fallen out of favor in some regions. The Netherlands ended its program in 2024, the U.K. abolished it in 2022, and Ireland discontinued it in 2023. Portugal and Greece have adjusted their golden visa requirements, while Hungary reintroduced its program after previously abolishing it. Meanwhile, Italy and Malta continue to offer investment-based residency, granting the benefits of living and working anywhere in the European Union.
Outside Europe, residency through investment is also available in countries such as New Zealand, Dubai, Hong Kong, Egypt, Jordan, St. Kitts and Nevis, and Dominica.
Related: Two European Countries Are Making It Harder to Move There. But One Spot Is Making It Easier
