President Trump has proposed a “gold card” program that would grant permanent U.S. residency to wealthy foreign individuals and companies in exchange for a $5 million payment.
According to the proposal, selling one million such cards could raise $5 trillion to help reduce the national debt. The plan would either replace or supplement the current EB-5 investor visa program, which provides green cards for investments ranging from $800,000 to $1.1 million.
Reactions from immigration experts are mixed. Attorney Reaz Jafri says some clients have already expressed interest, but he doubts the program would attract enough participants to make a meaningful dent in the national debt. Armand Arton of Arton Capital praised the idea as a strong initiative but questioned the projection that millions would apply. He pointed out that U.S. tax rules and other considerations might deter many ultra-wealthy investors.
Experts also raised concerns about the thousands of applicants currently in the EB-5 pipeline. The existing program has funded significant projects—including New York developments such as the Ritz-Carlton and Barclays Center—by requiring each investment to create at least ten jobs. Changes to investor-visa rules could disrupt those ongoing investments and the projects that rely on them.
Critics and proponents alike note several practical and policy challenges. Setting the price at $5 million could limit the pool of eligible investors, while offering a direct path to residency in exchange for payment raises ethical and legal questions about immigration policy. There are also concerns about how such a program would be administered, how funds would be allocated to the national debt, and what safeguards would be put in place to ensure that investments meet job-creation and compliance standards.
Supporters argue that a well-structured program could attract significant capital and provide a straightforward mechanism for those who want residency through investment. They say it could streamline or enhance existing investor-visa channels and bring faster results than the current EB-5 framework, which has faced processing delays and regulatory changes in recent years.
Opponents counter that selling large numbers of residency permits risks privileging wealth over other immigration priorities, such as family reunification, humanitarian protection, or merit-based skills. They also warn that a sudden shift away from the EB-5 model could harm projects and communities that rely on EB-5 funding and create uncertainty for investors already committed under existing rules.
Any move to introduce a “gold card” program would require significant legislative and administrative action. Lawmakers would need to address taxation, anti-fraud measures, job-creation verification, and the transition for applicants in the current EB-5 process. Until those details are clarified, experts say the proposal remains speculative and its potential impact on the national debt and immigration system uncertain.