U.S. President Donald Trump recently introduced a new “gold card” visa, offering a pathway to permanent residency for $5 million. According to U.S. Commerce Secretary Howard Lutnick, the program has already gained significant traction, with 1,000 gold cards reportedly sold daily.
Lutnick stated that the program is expected to launch in approximately two weeks. He also mentioned that Elon Musk is developing the software to manage the system. The initiative is targeted at an estimated 37 million individuals worldwide who can afford the investment. Trump reportedly conceived the idea during a discussion with investor John Paulson, with Lutnick spearheading its implementation.
A Replacement for the Green Card
Lutnick explained that the gold card would replace the traditional green card, granting holders the ability to reside in the U.S. indefinitely. While an optional path to citizenship is included, many investors might avoid it due to global taxation policies. He emphasized that U.S. citizens are subject to taxation on worldwide income, whereas gold card holders would only be taxed on income earned within the U.S.
The gold card is also positioned as a safeguard for wealthy individuals who may want the option to relocate to the U.S. in times of crisis. Lutnick highlighted that the U.S. government retains the right to revoke the visa if holders engage in illegal activities. He provided a personal example, saying that if he were a foreign national, he would purchase multiple gold cards for himself and his family as an insurance policy against unforeseen circumstances.
Key Features of the Gold Card Visa
- Costs $5 million per applicant
- Grants permanent U.S. residency with an optional path to citizenship
- Replaces the EB-5 investor visa program
- No official cap on the number of visas to be issued
- Only U.S.-earned income is subject to taxation
The EB-5 visa program, established in 1990, has allowed foreign nationals to obtain green cards by investing at least $1 million—or $800,000 in designated areas—into U.S. businesses that create a minimum of 10 jobs. In 2024, over 4,500 EB-5 visas were issued.
Economic Impact and Future Outlook
Trump has emphasized that the gold card program could significantly benefit the U.S. economy, estimating that if one million visas are sold, it could generate $5 trillion in revenue. During a recent congressional session, he stated that gold card holders would contribute to tax revenues, ultimately helping to reduce the national debt.
Additionally, Trump introduced a separate plan allowing U.S. companies to recruit top graduates from leading universities worldwide. He mentioned that businesses frequently seek to hire top students from institutions such as Harvard, Yale, and Wharton but face difficulties due to visa restrictions. Under the new system, companies could purchase gold cards to attract global talent.
Indian Investors May Seek Alternatives
Despite the introduction of the gold card visa, experts suggest that Indian investors might not be highly interested in the program. Immigration specialists note that Russians and Chinese nationals typically dominate investment-based residency programs due to geopolitical concerns in their home countries.
Prashant Ajmera, an immigration lawyer, stated that Indian applicants tend to show curiosity rather than serious intent to relocate. Varun Singh, Managing Director of an immigration firm, warned that replacing the EB-5 visa could push Indian investors toward alternative global residency programs, such as:
- Greece’s Golden Visa
- Portugal’s Golden Visa
- Investor schemes in the UAE and Canada
Singh highlighted that the EB-5 visa provided Indian families with a direct route to permanent residency, avoiding the long wait times associated with H-1B and EB-2/EB-3 green cards. The removal of EB-5, he argued, could negatively impact Indian investors and the U.S. economy while straining bilateral ties.
With alternative options available, wealthy Indian investors may now explore faster and more cost-effective residency programs in other countries.
