President Donald Trump announced plans to introduce a “gold card” visa, offering a $5 million pathway to citizenship as a replacement for the investor visa program that has existed for 35 years. “These individuals will be wealthy, successful, and contribute significantly by spending money, paying taxes, and creating jobs. We believe this initiative will be highly successful,” Trump stated Tuesday from the Oval Office.

Commerce Secretary Howard Lutnick confirmed that the Trump Gold Card would replace the EB-5 visa program within two weeks. Established by Congress in 1990, EB-5 visas were designed to attract foreign investment, requiring individuals to invest approximately $1 million in a business that creates at least 10 jobs. Lutnick explained that the gold card—technically a green card granting permanent residency—would increase the investment threshold while eliminating fraud and inefficiencies that have plagued the EB-5 program. Like existing green cards, it would provide a path to citizenship.

According to the Department of Homeland Security, around 8,000 people received investor visas in the 12-month period ending September 30, 2022. The Congressional Research Service noted in 2021 that EB-5 visas pose fraud risks, including concerns over the legitimacy of investment funds.

Investor visas are a common practice globally. Henley & Partners, an advisory firm, reports that over 100 countries, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy, offer “golden visas” to attract wealthy individuals.

Trump did not specify whether job creation would be a requirement for the gold card. While EB-5 visas have an annual cap, he suggested that selling 10 million gold cards could help reduce the national deficit, calling it a potentially “fantastic” initiative.

“It’s similar to a green card but with a higher level of sophistication. It offers a pathway to citizenship for the wealthy and highly talented individuals, where affluent investors can sponsor talented individuals, allowing companies to bring in skilled workers with long-term status,” Trump explained.

Although Congress is responsible for setting citizenship qualifications, Trump asserted that the gold card program would not require congressional approval.