President Donald Trump is currently floating the idea of selling wealthy foreigners a “gold card” that would allow them, for the staggering price of $5 million, to live and work permanently in the United States and would offer them a new pathway to citizenship.
As it is the case for many of the ideas that Trump has been firing since his return to the White House, experts are conflicted about what the impact of such a program could be.
For some, “gold cards” could be a disaster for the U.S. housing market, exacerbating inequality and driving up inflation. For others, it could inject much-needed funds in the U.S. economy that could be reinvested into making housing more affordable for Americans.
Why It Matters
During his 2024 presidential campaign, Trump ran with the promise of lowering the cost- of-living for Americans and making housing more affordable. At the moment, however, inflation remains higher than hoped and the affordability crunch continues depressing aspiring homebuyers’ chances of getting on the property ladder.
While the Trump administration is slashing costs in the federal government and has promised to bring these savings back to Americans, some of the president’s policies, including tariffs, have raised concerns among experts that the price of everyday goods may once again rise.
The idea to offer “gold cards” to wealthy foreigners could bring new investments to the U.S. and help lower the cost-of-living for Americans, but it is likely a tough political sell for a president who has made “America first” a priority of his agenda.
What to Know
Speaking during a joint session of Congress on March 4, Trump said the “gold card” program would “allow the most successful job-creating people from all over the world to buy a path to U.S. citizenship.”
Once in the country, these brand new citizens would be “spending a lot of money and paying a lot of taxes and employing a lot of people” in the country, Trump said on February 25.
According to Commerce Secretary Howard Lutnick, Trump’s “gold cards” could be available starting in about two weeks. Trump, meanwhile, said the program will not need Congress’ approval.
Who Will Get These ‘Gold Cards’?
First of all, whoever can afford their $5 million price tag.
While not offering many details, Lutnick said applicants would have to go through vetting and the Trump administration is going to “make sure they’re wonderful world class global citizens.”
Trump has suggested that Russian oligarchs, which have been shunned by the Western world following Russia’s invasion of Ukraine in February 2022, could be considered eligible applicants.
“Hey, I know some Russian oligarchs that are very nice people. It’s possible. They’re not as wealthy as they used to be. I think they could afford—I think they could afford $5 million,” Trump told reporters.
Anoussa Salim, director of United Nations Representative at a UN Global Compact member, told Newsweek that the program could potentially pose a security threat to the U.S., attracting “individuals with questionable motives or those seeking to exploit the system for personal gain rather than contributing positively to the U.S. economy or society.”
Without thorough vetting procedures, she said the U.S. “could open its doors to foreign individuals or entities threatening American security.” Russian oligarchs, who often have ties to the Kremlin, are of particular concern for Salim.
How Would ‘Gold Cards’ Change the U.S. Current Golden Visa Program?
The U.S. already has a so-called golden visa program, known as EB-5, which was introduced in the early 1990s.
This involves “an extended application process that takes years and—depending on the country an applicant is from—can include sitting on a waiting list for over ten years,” Dr. Kristin Surak, associate professor of political sociology at the London School of Economics and Political Science (LSE), told Newsweek.
Lutnick described the EB-5 program as “sort of ridiculous” and “full of nonsense, make-believe and fraud,” saying that it’s going to be replaced with “the Trump Gold Card, which is really a Green Card Gold.”
According to Surak, author of a book on golden visa programs titled The Golden Passport: Global Mobility for Millionaires, Trump’s proposal for a “gold card” is “still quite thin in details, but he did make clear that he wants to see the approval process made much swifter and reduce the bureaucracy involved.”
While at the moment only 10,000 individuals can be approved through the EB-5 program each year, Trump’s proposal might also lift the cap on approvals.
“For individuals who have been waiting for years for an EB-5 green card, this will be welcome news. However, they are likely not to cheer over the increase in price from around $1 million to $5 million,” Surak said, who described Trump’s idea for a “gold card” as “just old wine in more expensive bottles.”
But other experts are enthusiastic about Trump’s idea. Brandon Daniels, CEO of artificial intelligence (AI)-powered supply chain management technology platform Exiger, told Newsweek that Trump’s “gold card” is “a true game-changer for U.S. investment,” which would significantly simplify the EB-5 process.
“This approach is designed to attract wealthy investors who not only bring massive capital, but also stimulate job creation and economic growth,” he said. “Of course, there are concerns that people are essentially ‘buying’ residency and that inadequate screening could lead to security risks. However, in investment migration, due diligence by many countries with such programs surpasses even the strictest bank KYC standards, with continuous, real‑time monitoring that mitigates corruption and ensures ethical compliance.”
What Has Happened in Countries That Have Already Introduced Golden Visas?
Golden visas are far from a new concept. Over 60 countries around the world already have such programs, though they represent a small percentage of migration to these nations.
“In most cases, the application and approval numbers are quite small, so they’re not much of a game-changer,” Surak said. Even in the most popular countries for golden visas—including the United Arab Emirates, Greece and Malaysia—the number of applicants it’s “just in the high thousands each year.”
While the gains may be small, Daniels thinks they have made a significant difference in countries that have implemented golden visa programs.
“In Europe, programs like Malta’s have attracted hundreds of millions of euros and were able to redirect funds during the pandemic to support wage subsidies and public services—protecting over 60,000 jobs,” he said.
Daniels continued: “In Portugal, the Golden Visa has spurred billions in investments, fueling urban regeneration and even sustainable agriculture in underserved regions. In the Caribbean, citizenship by investment programs can account for over 30 percent of an island nation’s GDP, funding critical infrastructure and renewable energy projects, while St. Kitts maintains one of the region’s lowest debt-to-GDP ratios.”
These examples, he said, “prove that such programs drive significant, positive economic and social transformation.”
Salim, however, warned that while golden visa programs might have benefited countries like Portugal and Spain, they have also proved quite harmful in places like Greece and Cyprus.
“In some countries, golden visas have facilitated the rejuvenation of previously economically stagnant areas,” Salim said. “In Portugal, foreign investment has helped restore abandoned properties, especially in rural or less developed regions, leading to the revival of local economies and providing opportunities for small businesses. Similarly, in Spain, foreign capital has been directed to areas with high growth potential, boosting underdeveloped neighborhoods.”
But in Greece, the much-needed investment brought about by the country’s golden visa program proved something of a poisoned chalice, raising concerns about the growing divide between wealthy foreign nationals and locals.
“In particular, the influx of affluent buyers has led to perceptions that the program benefits the elite. At the same time, average Greeks struggle with high unemployment and economic hardship,” Salim said.
To avoid similar negative consequences, the U.S. “would need to implement stringent regulations, such as clear limits on foreign investment in real estate, enhanced vetting processes to prevent money laundering and other illegal activities, and safeguards to ensure that the program’s benefits are shared with the local population,” Salim said. “The key would be to strike a balance that encourages investment while protecting the interests of the American people.”
What Impact Could ‘Gold Cards’ Have on the U.S. Housing Market?
Because golden visa transactions represent such a small fraction of overall activity in the European countries that have implemented such initiatives, Daniels thinks their impact on the U.S. housing market would be negligible.
“In the vast U.S. housing market, this kind of influx would represent a niche segment of high‑net‑worth buyers, with minimal overall impact,” he said. “Given that similar programs contribute less than 1 percent of property transactions in Europe, this initiative won’t drive a housing bubble.”
Daniels thinks that, on the other hand, “gold cards” could help improve long‑term affordability in the U.S. housing market “when paired with stringent vetting and targeted policies that channel speculative capital into infrastructure, affordable housing, and innovation.”
The key, Daniels said, is “using the inflow of funds to support community‑beneficial projects, rather than fueling excessive market speculation.”
Surak agrees that the number of those potentially interested in Trump’s “gold cards” would be small compared to the total number of people who become permanent U.S. residents every year.
“Overall, the numbers are likely to remain very small in what is, in the U.S., an enormous immigration system,” she said. “More than one million people become permanent residents each year. Currently the EB-5 program is just 1 percent of that total.”
However, Salim is much more cautious, citing the impact that golden visa programs have had on some countries where they contributed to housing inflation, making real estate unaffordable for residents.
“If implemented in the U.S., a gold visa could exacerbate housing affordability issues in major cities like New York, Los Angeles, and Miami,” she said. “International ‘golden visa’ programs, such as those implemented in European countries like Portugal, Spain, and the U.K., have already demonstrated these effects.”
In these countries, these programs have led to a rise in real estate prices, particularly in major cities and prime neighborhoods, “as foreign investors often seek luxury properties or properties in highly sought-after areas,” Salim warned.
She continued: “While these investments benefit developers and property owners, they can have devastating consequences for residents who face higher living costs and a shrinking supply of affordable housing options.”
This issue is of particular concern for U.S. cities where gentrification has become a problem in recent years. “Many cities, particularly in states with large urban centers like California, New York, and Texas, are experiencing rapid gentrification,” Salim said.
“Wealthier individuals and developers buy properties in historically lower-income areas, displacing long-term residents and increasing rents. Introducing a program encouraging foreign investment in real estate could exacerbate this trend, further pushing vulnerable communities out of affordable neighborhoods and into areas with fewer resources and opportunities,” she added.
Overall, Salim thinks that implementing a “gold card” program in the U.S. would face significant challenges, “especially considering the current political climate shaped by rhetoric like Donald Trump’s ‘America First’ agenda,” she said.
Trump’s tough stance on immigration, may make introducing and successfully implementing a program his gold card idea “challenging,” Salim added.
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