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Why Trump's 'Gold Card' Proposal Is More Complicated Than It Sounds

September 6, 20255 min read

Trump floated a $5 million 'gold card' offering investors a path to U.S. citizenship. Immigration law experts say the proposal is far more complicated and uncertain than it sounds.

By Catherine E. Shoichet | CNN | Published March 2, 2025

This article was originally published by CNN. Our use of this material does not imply endorsement by CNN.

The Oval Office announcement caught many immigration experts by surprise. Last week the president known for touting his mass deportation plans floated a new way he wants to draw wealthy foreigners to the U.S.: a 'gold card' that offers investors a path to U.S. citizenship for $5 million.

'I think it's going to be very treasured. I think it's going to do very well. And we're going to start selling, hopefully, in about two weeks,' President Donald Trump said. Commerce Secretary Howard Lutnick said the plan could raise $1 trillion to pay down the national debt, and that it would replace the existing EB-5 investor visa.

But immigration law experts say the 'gold card' proposal is far more complicated and uncertain than Trump and Lutnick made it sound.

## The President Can't Create a New Visa on His Own

The gold card Trump described would be a new visa granting lawful permanent resident status and a pathway to citizenship. But a president alone can't create a pathway to citizenship. Immigration law experts say a new visa would require a new law.

'Congress would have to legislate a new program. I really don't know what legal authority you would have to just create this new program out of whole cloth,' says Sharvari Dalal-Dheini, senior director of government relations for the American Immigration Lawyers Association.

The Trump administration 'has literally no legal power to create a visa category,' says Charles Kuck, an immigration lawyer in Atlanta.

## Congress Created the EB-5 Program — Ending It Would Require Congress to Act

Lutnick said the gold card would replace the EB-5 immigrant investor visa program, which allows foreign investors to pump money into U.S. projects that create jobs and then apply for visas. Immigration law experts say ending or significantly changing EB-5 would also require Congress to act.

Congress created the EB-5 visa in 1990. Statutes define how many visas can be granted annually and how much money investors must contribute. The law allows the admission of about 10,000 investors and qualifying relatives per year.

Kuck, who says he's helped hundreds of clients navigate the EB-5 process, sees 'zero chance' that Congress would eliminate the program. 'The amount of money that the EB-5 program has brought in over the course of the last 30 years would dwarf the number of people who could actually afford and want to use a $5 million golden visa,' he says.

## What Happens to Investors Already Waiting?

Officials haven't said what would happen to the thousands of people who've already applied for EB-5 visas and are waiting for decisions. Many with concerns have been reaching out to attorneys, uncertain of what the new move could mean for their applications.

'They've already invested their money into this while they're waiting for their green card to be approved. Pulling the rug out from under those investors without any notice or without any opportunity to either save their investment or be able to finalize their process would be really unfair and would actually damage our economy,' says Dalal-Dheini.

Despite the confusion, Dalal-Dheini sees an opening: 'We do need to increase the number of green cards that we have available to people. There aren't enough. And I think what the president is highlighting is that immigrants actually contribute to our economy.' That, she says, is something many people across the aisle can agree on — whether or not the gold card proposal ever becomes a reality.

Sammy Aliferis

Sammy Aliferis, Esq.

Immigration Attorney · Law Office of Sammy Aliferis, P.A.

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