Pop quiz! What is the “Trump Gold Card”? a failed Donald Trump credit card venture from the 2000s or a new U.S. immigration ploy aimed at high-net-worth individuals?
What happened: The Trump administration plans to launch a new golden visa scheme that, for the eye-popping price of US$5 million, will grant U.S. residency with a path to citizenship. Dubbed the Trump Gold Card, it could replace the EB-5 investor visa within two weeks.
- The EB-5 launched in 1990 to generate foreign investment and lure talent. It’s since become a highly coveted piece of paper for those looking to do business in the U.S.
- However, Team Trump criticized the “nonsense” involved with getting an EB-5 and touted the high price of the Gold Card as a way to rake in cash and cut the deficit.
Why it matters: There’s been a bump in Canadians heading south via the EB-5 recently. Of all EB-5s granted to Canadians between 2014 and 2023, a third were issued in either 2022 or 2023. Despite the price, the Gold Card could further stoke brain drain by cutting red tape.
- The EB-5 is difficult to acquire, with stringent requirements and an annual cap of just 10,000. Trump mused that the U.S. could sell as many as 10 million gold cards.
Zoom out: Other nations are starting to question golden visas. The U.K. and Cyprus have ended or modified programs due to abuse by criminals and Russian oligarchs. Trump isn’t concerned about that latter group, saying they would qualify and that some are “very nice people.”—QH