Trump Proposes “Gold Cards” for Rich Immigrants

U.S. President Donald Trump has floated the idea of introducing “gold cards” for rich immigrants, allowing them to buy residency permits for $5 million

Introduction to Trump’s Gold Card Plan

President Donald Trump recently proposed a new immigration plan called the “Gold Card” initiative. This plan allows wealthy foreign nationals to pay $5 million for a U.S. residency permit and a pathway to citizenship. The idea is to replace the existing EB-5 Immigrant Investor Program, which requires foreign investors to invest in U.S. projects that create jobs for Americans. Trump’s plan aims to generate significant revenue for the government and reduce bureaucracy in the immigration process.

The EB-5 program, established by Congress in 1990, allows foreign investors to obtain green cards if they invest $1,050,000 in projects creating at least 10 jobs. The investment can be reduced to $800,000 for projects in targeted areas. Trump’s proposal, however, does not involve job creation but rather a direct payment to the government. This approach is seen as a simpler way to obtain residency but faces legal and practical challenges.

Immigration experts question the legality of Trump’s plan, as it bypasses Congress’s authority over immigration policies. The EB-5 program was recently reformed in 2022, and any significant changes would require congressional approval. Furthermore, the high cost of $5 million may deter many potential investors, especially since the money would go directly to the government without any economic benefits or investment returns.

Legal and Practical Challenges

The legal hurdles for Trump’s Gold Card plan are substantial. Immigration law experts argue that the president cannot unilaterally eliminate the EB-5 program or establish a new visa category without congressional action. The Immigration and Nationality Act sets the framework for green card categories and caps, which Trump’s plan would exceed. Additionally, the proposal’s promise of a “path to citizenship” is unclear, as it typically requires a green card, which Trump’s plan does not directly provide.

Practically, the plan faces skepticism from potential investors due to its dubious legal standing. Investors under the EB-5 program can recover their investments, albeit with lower returns, but Trump’s plan involves a total loss of the $5 million payment. This could deter wealthy individuals from participating, especially if they are unsure about the legal status of the gold card.

Despite these challenges, some argue that selling legal residence could simplify the immigration process by removing bureaucratic intermediaries. However, this would require a more transparent and legally sound framework to attract investors.

Public and Expert Reactions

The announcement of the Gold Card plan has sparked confusion and criticism among immigration experts and the public. Many view it as favoring wealthy individuals over others, which aligns with Trump’s past approaches to immigration. The plan’s focus on generating revenue for the government is seen as a positive aspect, but it lacks the economic growth benefits associated with the EB-5 program.

As the plan moves forward, it remains to be seen whether it will overcome its legal and practical obstacles. The reaction from Congress and the broader public will be crucial in determining the future of this initiative.