President Donald Trump announced a controversial new immigration proposal on Wednesday, introducing the concept of a “gold card” that would provide a path for wealthy individuals to attain lawful permanent resident status in the United States. This proposal aims to replace the existing EB-5 investor visa program, offering a direct route to citizenship for those willing to invest $5 million. The initiative, while innovative, has sparked significant debate among lawmakers, immigration experts, and advocacy groups.
The Gold Card Visa
The gold card would form a new visa category, distinct from the current EB-5 program established in 1990, which requires investors to contribute at least $1 million—or $500,000 in economically distressed zones—to be eligible. Unlike its predecessor, the gold card is designed to attract a different cohort of foreign investors, but it necessitates legislative action from Congress to come into effect.
“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,” – Sharvari Dalal-Dheini, senior director of government relations for the American Immigration Lawyers Association.
The EB-5 visa program currently permits the admission of approximately 10,000 investors and their qualifying relatives annually, according to the Congressional Research Service. Ending or significantly altering this program would require Congressional approval, a fact highlighted by experts in immigration law.
“They’ve already invested their money into this while they’re waiting for their green card to be approved. … It’s a multi-step process and it can take years, if not decades, for someone to get approved,” – Sharvari Dalal-Dheini.
Criticism of the Proposal
Despite the potential for economic benefit, the gold card proposal has faced criticism from various quarters. Immigrant rights advocates argue that it sends the wrong message by prioritizing wealth over other attributes such as skills and contributions to society.
“All it’s saying is we want the richest people in the United States, rather than maybe the best and the brightest, or those who are going to actually serve in the national interest of the United States by … improving our economy overall,” – Sharvari Dalal-Dheini.
Concerns have also been raised about the proposal’s potential to attract individuals with criminal backgrounds who may see it as an opportunity to buy their way into the United States.
“Selling US citizenship to the highest bidder will attract corrupt actors seeking safe haven for themselves and their dirty money,” – Maíra Martini, CEO of Transparency International.
The proposal has drawn comparisons to previous efforts by Trump to tie wealth to immigration privileges, such as the “wealth test” measure that was eventually revoked by the Biden administration. Critics point out that such measures could undermine the integrity of the immigration system.
Nonetheless, some supporters have praised President Trump’s unconventional approach. They argue that the gold card could generate substantial revenue—potentially up to $1 trillion—that could be used to reduce national debt. The prospect of raising significant funds through this program is seen as a positive step by its proponents.
“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,” – Donald Trump.
Concerns and Legislative Hurdles
However, questions remain regarding how applicants would be vetted under this proposal. The lack of clarity on this issue has fueled skepticism about its feasibility and effectiveness.
“Yeah, possibly. I know some Russian oligarchs that are very nice people,” – Donald Trump.
Trump’s announcement has also prompted reactions from immigration lawyers who remain cautious about the proposal’s prospects in Congress. Some believe that legislative hurdles make it unlikely that such a program could be implemented swiftly.
“They can’t change immigration law in reconciliation,” – Charles Kuck, an immigration lawyer in Atlanta.
Others suggest that the proposal might serve more as a political statement than a practical policy shift.
“I could see them trying to put in something like that just to show that they’re doing something,” – Nicolette Glazer, an immigration lawyer in California.
Commerce Secretary Howard Lutnick has indicated potential modifications to the existing EB-5 agreement but details remain scant.
“We will modify the EB-5 agreement,” – Howard Lutnick, Commerce Secretary.
Author’s Opinion
The gold card proposal is a highly controversial approach to immigration that seems to prioritize wealth over merit and could potentially create further inequalities in the U.S. immigration system. While the economic benefits could be considerable, the risks associated with attracting individuals based solely on financial resources rather than other attributes such as skills or contributions to society are troubling. This proposal seems to reflect a trend of using wealth as a determinant for privilege, which could have unintended negative consequences for the integrity of immigration policy in the long run.
Featured image credit: BusinessWorld Online
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