Trump Announces $5M 'Gold Card' Visa for Wealthy Immigrants

Donald Trump, the former president, has unveiled a controversial new immigration pathway—the $5 million "Gold Card" visa. Calling it "better and more sophisticated" than the traditional green card, Trump described the initiative as a way to attract the world's wealthiest individuals, who would, in turn, bolster the U.S. economy and pay American taxes.

Trump emphasized that the program targets "successful, job-creating people" globally, offering them a fast track to U.S. citizenship. Wealthy students seeking permanent residency will also benefit from this initiative, he noted.

The timing of the announcement is notable. It comes amid Trump's tough stance on illegal immigration and rising scrutiny on universities due to soaring tuition fees and widespread student debt. Last week, Trump confirmed that the visa option would become available within weeks, although specific details remain vague.

In a separate interview, Commerce Secretary Howard Lutnick assured the public that applicants for the Gold Card visa would be "deeply vetted." He argued that these individuals would bring entrepreneurial energy, create jobs, and contribute significantly to the U.S. economy. "This is huge money for America," Lutnick said.

However, not everyone is convinced. Lora Ries, director of the Heritage Foundation's Border Security and Immigration Center, raised concerns about potential fraud risks. She pointed to issues in the existing EB-5 visa program, which the Gold Card visa is set to replace. Fraud detection and enforcement in immigration benefit programs are notoriously weak, Ries warned, questioning whether the increased price tag would deter fraudsters or simply attract wealthier ones.

Ries also highlighted the broader challenges of vetting applicants thoroughly. "It’s low risk, high reward to commit immigration benefit fraud, and without significant reforms, this program could face similar pitfalls," she said.

Trump's allies, however, remain optimistic about the program's potential economic benefits. Lutnick painted a rosy picture of ambitious entrepreneurs transforming the U.S. economy while paying their fair share of taxes. But skeptics, like Ries, remain unconvinced, pointing out the lack of clarity on how fraud prevention measures would be strengthened.