New US Immigration Program Sells Residency for $5M to Help Reduce Federal Debt

The US Commerce Department, under the direction of Secretary Howard Lutnick, is preparing to launch a new visa program known as the "Gold Card," designed to offer a streamlined path to US citizenship for wealthy foreign nationals. 

Registration for the program is slated to open within the next week via a dedicated website. The initiative, priced at $5 million per applicant, is intended to replace the existing EB-5 Immigrant Investor Program. The EB-5 program, established in 1990, grants green cards to foreign investors who invest at least $1.8 million in job-creating US enterprises, or $900,000 in designated economically distressed areas. 

In contrast, the Gold Card program offers a more direct route to both residency and eventual citizenship for high-net-worth individuals. Secretary Lutnick announced the forthcoming launch at a public event, outlining plans for a website, tentatively named "TrumpCard.gov," where interested individuals can register. Full specifications regarding the Gold Card's benefits and application process will be released in the weeks following the initial registration phase. 

Lutnick emphasised the potential for the program to generate substantial revenue, helping to alleviate the nation's burgeoning federal debt, which currently exceeds $36 trillion. According to Lutnick, these funds could be allocated toward debt repayment and other government expenditures. 

He posited, "If 200,000 individuals purchase a Gold Card, we’re looking at a revenue stream of $1 trillion."

"This is for people who can help America pay off its debt," Lutnick stated, presenting the Gold Card as a mutually beneficial arrangement that will attract businesses and opportunities to America while simultaneously contributing financially.

The proposed Gold Card program aligns with the vision of former President Donald Trump, who has advocated for reforming the EB-5 system to favour a more streamlined, high-value alternative. In February, Trump publicly suggested introducing a purchasable visa category with enhanced privileges over traditional green cards, referring to it as a "Gold Card."

Lutnick, a staunch supporter of Trump's policies, has been a vocal advocate for the Gold Card program, expressing confidence in its appeal and noting significant interest among those who have the fiscal capacity to purchase it. He frames the program as a safeguard for global elites seeking a stable alternative in uncertain times, asserting that Gold Card holders would be welcomed as part of the country upon arrival at a US airport, emphasising the security and prestige associated with the new visa category.

However, the proposed shift toward a pay-for-citizenship model raises questions about accessibility, equity, and the future of broader immigration reform efforts. Critics argue that such an approach prioritises wealth over merit, contrasting with traditional US immigration principles that emphasise economic contribution through job creation. Furthermore, the effectiveness of the program in addressing the federal debt remains uncertain. 

While projected revenue from sales is substantial, immigration experts caution that demand forecasts could fluctuate based on geopolitical and financial conditions. The plan also departs from the current EB-5 structure, which requires investors to actively contribute to job creation within U.S. businesses. It remains unclear whether Gold Card applicants will have similar economic obligations or if the program will serve as a transactional pathway to residency.

Despite these uncertainties, Lutnick and his team remain optimistic that the initiative will gain traction among global business leaders and affluent individuals seeking permanent US residency. As the official launch of the Gold Card registration portal approaches, additional details regarding the program's eligibility criteria, processing timelines, and policy framework are expected to be released in the coming weeks. Secretary Lutnick has promised an expedited rollout, indicating that further announcements will be made soon.