The United States government is set to issue approximately 1.1 million permanent resident cards in the current fiscal year. These cards are allocated based on specific rules to categories such as family members, skilled workers, and other groups.
Originally, Lutnick suggested replacing one category, the EB-5 investor visa, with a new concept called Trump’s gold card. The EB-5 visa, established by Congress in 1990, currently allows around 10,000 foreigners to obtain green cards annually by investing $1.05 million in the U.S., or $800,000 in rural or high-unemployment areas, while supporting at least 10 full-time jobs.
At its inception, lawmakers carefully designed the EB-5 program to avoid it being perceived as a means for corrupt individuals to purchase entry into the U.S. Immigration authorities thoroughly review each EB-5 application to ensure investments come from legitimate sources, as explained by Doug Rand, a former senior adviser at USCIS. Rand noted the substantial paperwork involved in these applications during his tenure, which even caused structural concerns at USCIS headquarters.
The level of scrutiny for the proposed gold card program is uncertain. During a February briefing, when asked if it would be available to Russian oligarchs, Trump indicated it might be, referencing some oligarchs he knew personally.
Proponents of the EB-5 program assert it has primarily served ordinary immigrants who have saved over the years to invest in American enterprises with the expectation of financial returns. According to Brad Sher, CEO of EB5 Group, many EB-5 participants are working-class individuals who invest a significant portion of their savings. Sher supports the idea of Trump’s gold card but hopes both can coexist.
During a briefing on February 25, Lutnick announced the gold card initiative would begin in about two weeks. Later, in a podcast interview on March 20, he reiterated the project’s imminent launch, although specific details about its readiness and announcement remain unknown.
