In a significant shift in US immigration policy, the US President Donald Trump has announced the introduction of the ‘Trump Gold Card,’ a new visa program aimed at wealthy investors. This initiative will replace the existing EB-5 investor visa program, which has been in place for over three decades.

The Trump Gold Card will require an investment of $5 million, significantly higher than the current EB-5 program (which requires an investment of just over $1 million). The new visa will offer a path to US citizenship, providing green card privileges and additional benefits. Trump has emphasised that this program is designed to attract wealthy and successful individuals who will contribute significantly to the US economy by spending money, paying taxes, and creating jobs.

The existing EB-5 program, which was reauthorised in 2022, has been criticized for its susceptibility to fraud and its relatively low investment threshold. The Trump administration aims to address these issues with the gold card. While the EB-5 program requires investors to create at least 10 jobs, the new program does not specify job creation requirements, focusing instead on the financial contribution of the applicants.

Commerce Secretary Howard Lutnick explained that the new visa program aims to raise funds to reduce the US deficit. He assured that applicants would undergo thorough vetting to ensure they are world-class global citizens.

The Trump Gold Card is expected to attract a significant number of wealthy individuals from around the world, providing them with a streamlined path to US citizenship and an alternative tax planning destination, as foreign income and gains would not be taxed.

We will be keeping up to date with these proposals as they are implemented, to fully understand the practicalities for individuals considering moving to the US under this new regime.