President Donald Trump’s recent announcement regarding the introduction of a new “Gold Card”—offering a pathway to U.S. citizenship in exchange for a $5 million investment—has sparked significant debate in the immigration and investment communities. This move has been positioned as a replacement for the existing EB-5 Immigrant Investor Program, a long-standing initiative designed to stimulate the U.S. economy through foreign investments that create American jobs. However, the fundamental shift in policy raises questions about its implications, fairness, and long-term economic impact.

A Shift from Job Creation to Direct Capital Contribution

The EB-5 program, established over 35 years ago, has played a crucial role in attracting foreign capital while ensuring job creation in the U.S. economy. Under current EB-5 regulations, investors must contribute at least $800,000 in targeted employment areas or $1,050,000 elsewhere, with a commitment to creating at least 10 full-time jobs for U.S. workers.

President Trump’s proposed “Gold Card” program, however, eliminates these job creation requirements, making it a purely transactional pathway to residency and citizenship. This shift has major implications, as it may open doors for ultra-high-net-worth individuals (UHNWI) who are willing to invest in the U.S. but without a direct commitment to job creation or economic stimulation beyond their initial capital contribution.