EXPLAINER: Trump’s Gold Card offers an expensive but faster route to US residency
US President Donald Trump has proposed a new "Gold Card" that would offer permanent residency and the right to work to foreign citizens for a price of five million US dollars, about Rs 43.55 crore at today’s exchange rates.
The Gold Card, expected to be launched in two weeks, would be an alternative to the existing EB-5 immigrant investor visa programme, one of the several ways that legally allows foreigners to live, invest and work in the US, and would offer the same privileges to its holders as the Green Card.
The biggest difference between the Gold Card and the Green Card, the permanent residence permit as it is called due to its green colour highlights, is that the former would be a much faster route to gain unlimited residency and work rights in the US. It can take years through a structured and long-drawn process to obtain a Green Card.
Trump’s move to introduce a new route for immigration by wealthy individuals comes in the backdrop of a swift and heavy crackdown on illegal immigrants in the US that he launched soon after assuming office in January. About 15 per cent of the US population comprises immigrants, with India, Mexico and China topping the list. About three per cent of the total US residents are said to be illegal migrants from various countries.
The EB-5 visa, according to the US Citizenship and Immigration Services, was created by Congress in 1990 to stimulate the US economy through job creation and capital investment by foreign investors. The requirements for this visa is investing either USD 900,000 in rural projects creating over 10 jobs for Americans or USD 1.8 million in other development. A total of 18,786 EB-5 visas are available in financial year 2025.
According to reports, America’s businessman-turned-president has said that the Gold Card could generate significant revenue and help pay off the national debt. Envisaging strong interest from wealthy individuals across the world, he has proposed selling one million Gold Cards.
The figures imply that Trump is looking at raking in USD 50 trillion from this sale. The US national debt, as of February 24, 2025, stood at USD 36.22 trillion, according to the US Treasury fiscal data.
Gold Card holders would also be eligible for applying for US citizenship after a stipulated period and having fulfilled other required conditions. "It's going to give you green card privileges plus it's going to be a route to (American) citizenship. Wealthy people will be coming to our country by buying this card. They'll be wealthy, and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people," Trump was quoted in the media as saying.
The EB-5 visa program was last renewed in 2022 during Joe Biden’s tenure, when the minimum investment requirement had been hiked to the present level. In 2019, during his first tenure, Trump had also tried to increase the investment amount but the move was struck down by a federal judge in 2021.
The US Secretary for Commerce, Howard Lutnick, termed the current EB-5 program as “nonsense” and “fraud” and a way to get a green card which was priced quite low. “So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump Gold Card,” he said.
US visa’s fall into two broad categories – non-immigrant for a short duration of stay of which there are over 30 types depending upon the purpose of the visit and length of stay, and immigrant visas that are meant for long term or permanent stay in the US along with freedom of work and employment.
The EB-5 visa that the Gold Card is intended to replace is one of the five employment-based permanent residency programmes that falls in the category of immigrant visas.
Available data reveal that China has been dominating the EB-5 category, accounting for 55 per cent of the total visas issued. India, Vietnam, Argentina, South Africa, Pakistan and Turkey are among the top 10 countries in this category.
Other categories of employment-based visas
EB-1: This is for priority workers that includes foreign nationals with extraordinary ability or outstanding performance in fields such as science, arts, education, research, business or sports, and those who are managers and executives subject to international transfer to the United States.
EB-2: For professionals holding advanced degrees, including doctorates or at least five years of progressive post-baccalaureate experience.
EB-3: Meant for skilled workers, professionals and other workers
EB-4: For certain special immigrants: ministers, religious workers, current or former US government workers, etc.
Apart from these, other routes to become a US resident are through family-sponsored visas for immediate relations or through refugee programmes and asylum.
According to data available in the visa bulletin issued by the US Department of State in December 2024, the backlog for some categories of family-sponsored visas extends up to 24 years depending upon the country. The wait for EB-series can be up to three years.
