An Exclusive IMGW News Report
Donald Trump has unveiled a new investor visa programme, promising a fast-track to US citizenship for those willing to part with $5 million. Branded the ‘Trump Gold Card’, the initiative is set to replace the EB-5 visa, a long-standing residency-by-investment programme introduced in 1990.
Speaking from the Oval Office, Trump extolled the virtues of his latest immigration reform. “They’ll be wealthy and successful, and they’ll be spending a lot of money, paying a lot of taxes, and employing a lot of people,” he said. “We think it’s going to be extremely successful.” Commerce Secretary Howard Lutnick confirmed that the programme would be implemented within a fortnight. The new scheme will eliminate the EB-5’s existing requirement for a minimum $1 million investment into job-creating enterprises. Instead, the higher price tag will, according to Lutnick, reduce fraud and bureaucratic inefficiencies while ensuring only “top-tier” investors qualify. Like other green cards, the Gold Card would provide a path to citizenship.
Although pricey, it could be a very good value for money, should the government manage to ensure speedy processing times and equal access to the Gold Card for applicants of all backgrounds and nationalities.
Professor Dimitry Kochenov
The proposal has sparked a wave of reactions from leading scholars and investment migration experts, who, when contacted by IMGW News, remain mostly (but not all) sceptical about its feasibility and broader implications.
Kristin Surak, Associate Professor at the London School of Economics (LSE) and author of The Golden Passport, remarked, “This is an interesting question since the US has had an RBI programme for around 35 years. What Trump is proposing is old wine in much more expensive bottles. There are programmes all over the world, and most are not terribly controversial. Numbers are very small. It’s been mainly in Europe and North America where they are often seen as problematic. To have one of the strongest powers among them take a strong stance in favour may have wider reverberations for debates within the EU.”
What Trump is proposing is old wine in much more expensive bottles. There are programmes all over the world, and most are not terribly controversial. Numbers are very small (…)
Kristin Surak, Associate Professor at the London School of Economics (LSE)
When asked whether other Western countries might follow suit, Surak said, “I doubt that Australia and the UK will revive programmes at this point in time, but they may do so again in a few years, offering a variation on a theme rather than the same thing as before.”
On the type of applicants likely to be drawn to the new scheme, she commented, “A $5 million residence permit in the US is not terribly desirable for most global wealth elites. The very wealthy will, of course, structure their assets before becoming green card holders so that they don’t come under the US tax net, but there are other liabilities as well. The easy access is most desirable for the super wealthy who want to put their children in US schools without worrying too much about visa issues, but this may change as well with the decline of US hegemony. Trump is vastly overestimating what he’s bringing to the table—and it’s certainly not a table where he will be joined by over a million people paying $5 million a head as he predicted in his press conference.”
This cannot happen in the near future. He can’t abolish the EB-5 like this. The programme is still in force until September 2027 and investors (prior to September 26) are grandfathered. Congress will have to abolish it, not the President.
Marc Audet, CEO at AURAY and an immigration expert from Quebec (Canada)
Eric Major, a pioneer of the investment migration industry and Chairman of Latitude Residency & Citizenship, highlighted the steep cost, calling it “the most expensive offering in our industry.” He noted, “It’s five times more expensive than Malta’s MEIN, which offers EU-wide settlement rights and no taxation if you don’t reside there. The question is not whether there are people who can afford it—there are certainly many—but rather what alternatives are available at a lower cost and with similar (or better) benefits. Will it be a $5 million investment or donation? Will applicants be exempt from the US’s citizenship-based tax regime, as it is being suggested (but many tax experts are saying it is easier said than done)? If the answers to these questions don’t go the right way, then the Trump administration is overestimating the value of American citizenship.”
He also pointed out, “Despite the allure of America in some parts of the world, we have seen a record number of US citizens enquiring about and actioning international residency and citizenship solutions, bringing significant ADI (‘American Direct Investment’) to countries such as Malta, Portugal, and the Caribbean.” However, he acknowledged that, “this announcement by the Trump administration is excellent news for our industry. Coupled with a favourable outcome for Malta in its ECJ case, it could potentially catalyse a seismic shift in growth on the supply side, which would solidify Investment Migration as a mainstream instrument for attracting Foreign Direct Investment.”
It’s five times more expensive than Malta’s MEIN, which offers EU-wide settlement rights and no taxation if you don’t reside there. The question is not whether there are people who can afford it—there are certainly many—but rather what alternatives are available at a lower cost and with similar (or better) benefits.
Chairman of Latitude Residency & Citizenship
Professor Dimitry Kochenov, a respected expert in citizenship law at Central European University, welcomed the move for its transparency. “It is a welcome development that the US abandons the indirect approach to Green Card sales and calls a spade a spade. Although pricey, it could offer good value for money, provided the government ensures speedy processing times and equal access to the Gold Card for applicants of all backgrounds and nationalities.”
Speaking with IMGW News Editor-in-Chief, Ray de Bono, Marc Audet, CEO at AURAY and an immigration expert from Quebec, cast doubt on the feasibility of Trump’s plan, stating, “This cannot happen in the near future. He can’t abolish the EB-5 like this. The programme is still in force until September 2027 and investors (prior to September 26) are grandfathered. Congress will have to abolish it, not the President. After, with all the housekeeping to structure such a programme, it’s not for tomorrow.”
He added, “The UHNI (Ultra High Net Worth Individuals) are normally looking to avoid US taxation.” However, he sees an opportunity for Canada to respond strategically, saying, “Sure, our industry can use this to push our Canadian government to have a similar product and be more ‘independent’ from the US for our economy. We’re working on this (Business Immigration Stakeholders), to be prepared to present our ideas to the new government by the end of the year!”
With further details expected in the coming weeks, the administration’s final blueprint will be closely scrutinised. Whether Trump’s Gold Card is a shrewd revenue-generating move or merely a headline-grabbing election-year pledge remains to be seen.
