On Tuesday night, President Donald Trump announced his plan to launch a new initiative known as the “gold card,” aimed at providing wealthy foreign nationals a route to U.S. citizenship in exchange for a $5 million fee.

“Think of it as a green card, but elevated to gold,” Trump said during a press conference held in the Oval Office. “We’re proposing a price tag of around $5 million for this card, which will come with green card benefits and the opportunity for citizenship. This will attract high-net-worth individuals to our nation.”

The President mentioned that the sale of these cards is expected to start in about two weeks. Nevertheless, experts warn that such a program must receive approval from Congress. “A President does not have the authority to create a visa program unilaterally; that responsibility lies with Congress,” noted Lori Nessel, a law professor at Seton Hall University.

The Trump Administration has been actively looking for methods to address the U.S. deficit, including establishing entities like the Department of Government Efficiency (DOGE). The introduction of the “gold card” could be one of the avenues through which the President seeks to enhance government revenue.

A fiscal report dated October 28, 2024, estimated that the Trump Administration’s financial approach could result in an increase of $7.75 trillion in the deficit over the next decade. The previous year saw the federal deficit reach $1.83 trillion, according to data from the U.S. Treasury Department.

This announcement arrives as the Administration continues its efforts to tighten immigration restrictions, which include initiatives to reduce asylum claims at the border and an assertion to carry out what is described as the “largest deportation operation” in U.S. history. Recently, the U.S. Citizenship and Immigration Services (USCIS) stated that, with limited exceptions, all undocumented immigrants aged 14 and older who have not been fingerprinted or registered when applying for a U.S. visa and who have stayed in the country for over 30 days must enroll in an immigration registry.

Analysts observe that the new initiative underscores the Administration’s immigration priorities. “It’s contradictory to announce the intent to deport all undocumented individuals while simultaneously suggesting that those with significant financial resources will find an easier pathway to entry. It sends a clear signal regarding who holds value in American society,” Nessel commented.

While many specifics about the proposed gold cards are yet to be clarified, here’s what we know so far.

What does Trump’s “gold card” citizenship route entail?

The “gold card” initiative essentially aims to allow wealthy foreigners to attain U.S. citizenship by paying a fee of $5 million.

This new card is intended to replace the existing EB-5 immigrant investor visa program, which allows foreign investors to apply for lawful permanent residency if they invest in businesses that create or sustain at least 10 permanent full-time jobs for U.S. workers, as defined by USCIS.

Although the proposed “gold card” may appear similar to the EB-5 program, experts caution that the latter includes safeguards designed to prevent wealthy individuals from simply purchasing citizenship. “The core principle of the EB-5 program is not about paying high fees for a visa; it’s about showing that you have the financial capacity to make a meaningful contribution to our economy,” Nessel explained. “It’s unclear what kind of vetting or security processes would be established for this new initiative.” Nessel also emphasized that comparable visa programs in other countries have been shut down due to concerns over money laundering and tax evasion, with Spain planning to end a similar program this April.

How could Trump’s “gold card” function?

The operational details of Trump’s “gold card” remain vague. Commerce Secretary Howard Lutnick mentioned in the Oval Office that candidates would go through a vetting procedure to ensure they are “wonderful world-class global citizens,” yet no specific information was provided.

When asked by reporters if Russian oligarchs might be eligible to apply, Trump replied: “Possibly. I know some Russian oligarchs who are very nice people.”

The legality of the “gold card” visa is also questionable. The EB-5 program, which the current administration claims it intends to replace, was established by Congress in 1990. This program enables potential immigrants who invest either $1,050,000 or $800,000 in targeted employment areas—such as rural areas or regions with high unemployment—to apply for a green card, contingent on meeting various other criteria, which can prolong the process. “The EB-5 program is embedded in statutory law, created by Congress. The President cannot simply bypass it,” remarked Jorge Loweree, managing director of programs at the American Immigration Council.

The EB-5 visa program has an annual limit of approximately 10,000 visas, representing about 7.1% of the 140,000 employment-based visas available each fiscal year, as reported by the State Department.

Lutnick has been a vocal critic of the EB-5 program. On Tuesday, he characterized it as “filled with nonsense, make-believe, and fraud,” dismissing it as a “low-cost pathway to a green card.”