The Allure and Ambiguity of the U.S. “Gold Card” Residency Proposal
A new proposition has captured the interest of wealthy foreigners: a “Gold Card” residency program in the United States. This initiative promises a streamlined pathway to U.S. residency for a $5 million fee. Despite the hefty price, affluent individuals from across the globe are eager to learn more about this opportunity that bypasses traditional immigration processes.
Immigration lawyer Matthew Kolken has observed significant interest from his Canadian clients. “To these people, $5 million is like jet fuel cost. It means nothing to them,” he notes, suggesting that the program might even be undervalued given the convenience it offers. Kolken describes the Gold Card as a chance for the wealthy to essentially purchase their way into the United States using their “Amex Black Card.”
The appeal extends beyond North America. Mona Shah, another immigration attorney, reports inquiries from individuals in India, Pakistan, Egypt, and Russia. The Gold Card’s promise of expedited residency and favorable tax conditions—taxation limited to U.S. earnings—makes it a compelling option. Shah also highlights the perceived prestige and potential “privileges – plus,” as hinted by President Donald Trump. While Trump has not detailed these perks, clients speculate about benefits like easy loans and expedited customs clearance.
However, the specifics of the Gold Card program remain vague, with the administration offering little clarification months after the announcement. In February, Trump touted the initiative as a groundbreaking move to attract affluent individuals who would contribute significantly to the U.S. economy. “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,” he stated.
Trump has proposed that the funds generated from the Gold Card sales could help reduce the national debt. He speculated that selling a million cards could generate $5 trillion, though experts like immigration lawyer Darren Silver consider such figures to be overly optimistic, predicting sales in the low thousands. Silver notes that the Gold Card is not an investment like the existing EB-5 visa program, which requires creating jobs through a business investment. “I had to explain to them, ‘you’re gifting the U.S. government $5 million. That’s all you’re doing,'” says Silver.
The U.S. is not the first to contemplate such a program. Similar initiatives in countries like Malta, Greece, and Portugal have faced legal and economic challenges, and several have been discontinued. Kate Hooper, a senior policy analyst at the Migration Policy Institute, warns of the difficulties in vetting investors and tracing the origins of their funds, which have plagued other investor visa programs.
President Trump assures that Gold Card applicants will undergo rigorous vetting. Yet, his comments about the eligibility of Russian oligarchs have not dispelled concerns. Additionally, the optics of offering preferential treatment to wealthy foreigners while detaining and deporting less affluent immigrants pose a challenge for the administration.
Despite the controversy, some argue that the Gold Card could be beneficial. Stephen Moore, a former Trump economic advisor, views it as a less burdensome alternative to increasing taxes. John Lettieri of the Economic Innovation Group supports the initiative as a step toward a more merit-based immigration system, emphasizing the need to attract global talent.
Legal questions persist about whether Trump can implement the Gold Card without congressional approval. Critics, including some lawmakers and immigration experts, argue that such a move requires legislative consent. Meanwhile, the proposal has sparked satirical commentary online, with some offering humorous “discounts” on the Gold Card’s price.
For further details, visit the official site at TrumpCard.gov.
Additional context can be found in related coverage of immigration policy changes under the Trump administration: Top 5 Immigration Changes.
For information on similar programs in other countries, see the recent ruling against Malta’s “Golden Visa”: Malta’s Visa Program.
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