For many people, particularly those from less developed countries, the “American Dream” has long symbolized freedom, opportunity and prosperity through hard work and perseverance. Throughout the 20th century, millions of immigrants sought that promise by entering the United States through gateways like Ellis Island. These journeys were immortalized in numerous movies, most notably in “The Godfather Part II”, where a young Vito Corleone arrived in New York alongside countless others in pursuit of a better life. However, this idea of opportunity for all changed with the Immigration Act of 1990, which established the EB-5 visa program. Under this program, immigrants could obtain residency in exchange for significant capital investments that bolstered job creation, strengthening the U.S. economy. This was a key turning point as migration programs became increasingly tied to wealth. Today, with the introduction of the Gold Card by the Trump administration, the doors to America open primarily to those that can afford an exorbitant fee, turning the American Dream into something that can be bought, rather than earned.
The concept of replacing a U.S. visa program for foreign investors with a Gold Card was first floated by President Donald Trump earlier this year. Under the proposal, applicants paying $5 million would be granted green card privileges and a pathway to citizenship. The program was formally introduced in September as a new immigration channel for wealthy investors and entrepreneurs.
According to the White House fact sheet, eligibility requires a $1 million individual donation, or $2 million if applying through a corporation on behalf of an individual. In addition, applicants must pay a reported non-refundable vetting fee of $15,000—far higher than standard U.S. immigration processing costs. Unlike the EB-5 visa program, which requires capital investment in targeted regions and the creation of at least ten full-time U.S. jobs within two years, the gold card is structured as a direct contribution. Funds collected are deposited into the Treasury and framed as evidence of “exceptional business ability and national benefit.”
The administration argues that the Gold Card prioritizes entry for high-value contributors, while simultaneously reducing the influx of illegal migrants, cartels, and terrorists—groups it identifies as threats to national security. Trump expects the program to generate over $100 billion in revenue, which could help finance domestic priorities such as tax cuts, infrastructure, and federal programs aimed at stimulating economic growth. Moreover, this initiative is also framed as a bold step toward addressing the $37 trillion national debt, which drives up borrowing costs for U.S. consumers seeking mortgages, car loans, or other credit.
Commerce Secretary Howard Lutnick has suggested that the Gold Card could replace earlier visa programs. This has sparked debates about the extent of presidential authority. Employment-based immigration categories such as EB-5, EB-1, and EB-2 were created by Congress and codified in the Immigration and Nationality Act (INA). Legal experts caution that while the executive branch can propose pilot programs or adjust administrative processes, it cannot unilaterally eliminate or replace congressionally established visa categories. Any full replacement would require new legislation amending the INA.
Despite these constitutional limits, the administration has cast the Gold Card as the first step in a broader, tiered immigration system. Alongside it, officials unveiled a proposed Platinum Card, requiring a $5 million contribution plus a nonrefundable fee. Platinum applicants would receive expedited green card privileges and favorable tax treatment, including the ability to spend up to 270 days annually in the United States without being taxed on foreign income. While the Platinum Card has not yet been enacted, the Gold Card is already positioned by the administration as a flagship program that could redefine the future of investment immigration in the United States.
Critics vehemently argue that the Gold Card policy directly contradicts the broader ‘merit-based’ immigration system, a key stated objective of the Trump administration pre-election. This system was conceptually centred on the ‘Build America Visa’ (BAV) which aimed to establish a fair, points-based system in human capital was prioritised, to maximise both job creation and long-term economic prosperity. The divergence towards the Gold Card is seen as a major divergence from the previously championed meritocratic principles. By substituting the potential to generate innovative and enduring returns for the capacity to meet the short-term liquidity requirements, the United States exposes itself to a host of detrimental long-term economic issues.
Central to understanding the potential impacts of such a policy shift is the zero-sum constraint imposed upon the program. As opposed to drawing from its own, ‘high-net worth’ immigrant pool, the Gold Cards are specifically intended to replace existing visas within EB-1 and EB-2 annual pools. Through this mechanism, every Gold Card (of which 80,000 are projected) represents a shift away from ‘best and brightest’ talent towards those who have the capacity to pay their way.
In terms of immediate domestic impacts, the most apparent is the substitution of monetary and intellectual capital. As most skilled workers typically lack $1 million in liquid assets, the Gold Card typically represents an insurmountable economic barrier to US immigration. This severely impacts the talent pool across many high-skill industries including doctors, professors and software engineers. The policy has also drawn heavy criticism from Tech giants Amazon and Microsoft who are reliant on a steady stream of skilled workers. Economists have cautioned that the decreased probability of attaining permanent residency will lead to a severe ‘brain-drain’ with detrimental impacts on productivity in the long run.
Beyond this, significant societal risks are introduced due to the prioritisation of wealth over skill and societal integration. Due to the sheer scale of proposed revenue generation, ($100 billion from 80,000 applicants), an aggressive vetting process is necessitated which drastically increases the likelihood of poor vetting. International bodies such as the IMF have already warned of the potential for heightened criminal activity as a direct byproduct of the initiative. More broadly when viewed through a global lens, the Gold Card agenda represents a shift away from the meritocratic ideals which have defined the U.S since the drafting of the constitution. Implicitly the Trump administration is valuing immediate fiscal stimulus over economic growth which ultimately calls into question the place of the U.S as the leading global power.
Trump’s proposed Gold Card is a clear break from the EB-5 visa model currently implemented. EB-5 requires a capital investment (US$800k in a TEA or US$1.05m otherwise) and creation of at least 10 full-time U.S. jobs through a qualifying enterprise. Trump’s Gold Card contrastingly creates a fixed contribution directly to the U.S. Treasury under the executive order. This provides a fixed contribution of about US$1M and US$2M through corporate sponsorships. This will reframe the residency within the U.S. as a fiscal contribution rather than an investment or job addressing projects.
This move is likely going to alter investor behaviour globally. For high net worth applicants, U.S. residency becomes a direct purchase, potentially diverting capital from smaller countries that rely on investor-visa revenue. Several programs are already tightening or closing—Spain ended their golden visa program recently in 2025, Portugal’s reformation of their gold visas in 2023 removing the real-estate route which complicated their migration progress—raising the odds that the U.S. “donation-based” pathway attracts that mobile capital.
The shift also raises fiscal stakes for small economies that rely heavily on investor visa revenue. The IMF reports Dominica’s citizenship-by-investment revenue reached around 30% of GDP in FY Ending 2023, portraying how even a minority of diversion of high-net-worth applicants could devastate public finances within smaller economies. In short, the U.S. Gold Cards can pull demand from competing programs around the world while intensifying global competition for wealthy migrants, and the associated capital. If a sizable cohort of applicants reorients toward a U.S. Gold Card, public finances in such jurisdictions could feel the pinch.
Moving from investments and jobs (EB-5) to a Treasury contribution with the Gold Card doesn’t just change the U.S. residency dynamics. It reorders the global market for high-net-worth investor mobility. With Europe narrowing its doors into the EU and smaller economies exposed financially to investor visa cycles, the U.S. could become the default destination for wealth-based residency. Absorbing and pulling in the capital around the world while intensifying the competition worldwide for more wealthier migrants.
Nonetheless, strong competitors still remain in the Gulf. The UAE’s 10-year Golden Visa offers multiple tracks; investors commonly qualify through placements (e.g., property, or public investment deposits) valued at around AED 2 million, with no local sponsors required. As such, it becomes a much more flexible and favourable alternative for globally mobile high-net-worth individuals. The Gulf offers year-long residencies with business flexibility and tax advantages, competing head on for the same individuals that U.S.’s Gold Card would target. In practical terms, those individuals weighing options could pit U.S. Treasury contributions against UAE residency packages that bundle low tax regimes, and fast-growing financial hubs—shaping where global investor flows ultimately land.
For some, the Gold Card portrays U.S. immigration for high income investors buying their residency rather than job building long term investment, and that shift carries consequences well beyond Washington and onto the global stage. The Gold Card could reroute global investor flows, it isn’t just another visa for everyone. As Europe tightens their golden visa policies with Portugal and Spain, and smaller economies relying on investment visa revenues, the U.S. The Treasury contribution option stands to be the premium standard default option. This positions the U.S. competing head-on with Gulf hubs that bundle low-tax regimes and business flexibility. For governments, it becomes a contest of price, complexity, and safeguard. For investors, residency shifts from a long term investment to a purchase.
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