The United States has long been a magnet for ambitious immigrants – including those with deep pockets. Wealthy foreigners have invested millions for a shot at the American dream, whether by building railroads in the 1800s or funding tech start-ups today. Now, President Donald Trump has unveiled a controversial “Golden Card” visa with a whopping $5 million price tag, aiming to replace the existing EB-5 investor visa programme. In this article, we’ll explore the backstory of EB-5 and wealthy immigrants in America, break down what the new Golden Card is all about (with quotes from Trump himself), examine what it means for Indian applicants, hear what experts and policymakers are saying for and against it, and compare it to other countries’ “golden visa” schemes. Grab a cup of chai (or champagne) – this is where U.S. immigration meets big money.
The History of Wealthy Immigrants in the US
The EB-5 Immigrant Investor Programme was created by Congress in 1990 as a way to stimulate the U.S. economy through job creation and capital investment by foreign investors. In essence, it offered a green card (permanent residency) to those who invested a substantial sum in an American business and created at least 10 full-time jobs. For decades, the required investment was around $500,000 to $1 million, depending on the project’s location, until recent reforms raised it to $800,000–$1,050,000. About 10,000 EB-5 visas were available each year, and demand often outstripped supply.
The programme successfully pulled in billions. By one estimate, EB-5 investors have raised over $40 billion for U.S. real estate and businesses. Iconic developments like New York’s Hudson Yards – the massive project on Manhattan’s West Side – received about $1.2 billion in EB-5 funding, showcasing how foreign capital helped reshape skylines. Wealthy investors, notably from China (who comprised nearly half of EB-5 visas in 2019) and later India and Vietnam, eagerly invested for a chance to live in America. Many U.S. communities, from big cities to rural areas, have felt the impact of these investments – new hotels, infrastructure, and jobs that might not have materialised otherwise. In fiscal year 2024, approximately 733 EB-5 visas were issued to Indian applicants through consular processing, all within the Unreserved category. It’s important to note that this figure doesn’t account for Indian investors who adjusted their status within the U.S., suggesting the actual number of Indian EB-5 participants may be higher.
Wealthy immigrants have played outsized roles in U.S. history. Think of Andrew Carnegie, who arrived as a poor Scottish immigrant and became one of the richest industrialists, or more recent examples like tech entrepreneur Elon Musk, a South African-born immigrant who built Tesla and SpaceX. While not all came via investor visas, immigrants who either arrived with wealth or generated it later have shaped industries and communities through their businesses, philanthropy, and cultural contributions. The EB-5 programme was a formal mechanism to attract such capital directly. It wasn’t without controversy – some critics saw it as “allowing wealthy foreigners to buy their way into the United States,” while supporters argued it was a “valuable economic development tool” that cost U.S. taxpayers nothing and created jobs. This debate set the stage for the latest twist in investor immigration: Trump’s Golden Card.
What is the “Golden Card” Visa?
In short, it’s President Trump’s proposed new pay-to-immigrate scheme. Instead of investing in a business and going through complex requirements like EB-5, an applicant can simply purchase a special “Golden” immigration card for about $5 million (₹45.5 Crore) – granting Green Card privileges and a pathway to U.S. citizenship.
Trump described the plan in characteristically blunt terms: “We are going to be selling a gold card… we are going to be putting a price on that card of about $5 million,” he told reporters during a White House press conference this week. Essentially, an individual (or family) would pay the U.S. government $5 million upfront for this Golden Card. In return, they’d immediately get the rights of a green card holder – the ability to live and work in the United States – and after a certain number of years, they could apply for American citizenship just as a normal green card holder would. “It’s going to give you green card privileges plus it’s going to be a route to (American) citizenship,” Trump explained, emphasising that “wealthy people would be coming into our country by buying this card.”
In theory, anyone with a spare $5 million and a clean record. There’s no job creation requirement, no business to run, just a big cheque. Commerce Secretary Howard Lutnick (in this scenario, Trump’s Commerce Secretary) made it clear that this is meant to replace EB-5 entirely. He blasted the old programme as “full of nonsense, make-believe and fraud… a way to get a green card that was low price,” noting that “rather than [keep] this ridiculous EB-5 programme, we’re going to end [it]… and replace it with the Trump Gold Card.” In other words, the administration sees the Golden Card as a “premium” immigration option – raising the price from ~$1M to $5M and simplifying the process (just pay money, no strings attached). Trump even quipped that Russian oligarchs might be welcome: when asked if they could qualify, he said “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.” That comment raised a few eyebrows, given many oligarchs are sanctioned—though that's a whole different discussion.
According to Trump, this is about bringing in wealthy individuals who will spend and invest in the U.S. “They will spend a lot of money, they will pay huge taxes, and they will create many jobs,” he said of Golden Card buyers. The administration also pitches it as a way to raise revenue for the country. “We can use this money to reduce the deficit,” one White House official noted, since each Golden Card sale would pour $5 million straight into U.S. coffers. Trump bragged that the U.S. could possibly sell “one million of these cards, maybe more” over time – which, if it ever happened, would be $5 trillion (yes, trillion with a T) in revenue. “I think companies will pay to bring people in through this new card,” Trump added, hinting that big tech firms like Apple might sponsor top talent by footing the bill. The Golden Card is portrayed as a win-win: wealthy immigrants get a fast track, and America gets a cash infusion and presumably job creators or investors. As Trump summed it up, “You have the Green Card, and now there will be a Gold Card.”
Impact on Indian Applicants
The news of a $5 million Golden Card reverberated strongly across Indian social media this morning. Why? Because Indian professionals and entrepreneurs form one of the largest groups stuck in America’s green card backlogs. Over 1 million Indians are waiting in employment-based green card queues, with some estimates projecting wait times of decades (even up to 50 years) under the current system. Many of these Indians are highly skilled workers on H-1B visas or similar, who have jobs in the U.S. but remain in immigration limbo due to per-country quotas.
For wealthy Indians (or Indian companies) desperate to skip the line, the Golden Card could be a game-changer. It offers a much faster route – essentially immediate residency – “for those who can afford it,” as the Times of India noted bluntly. An Indian tech CEO or Bollywood superstar with millions in the bank might opt to simply buy the Golden Card rather than wait decades for a green card. It could also appeal to Indian parents who want their children to have U.S. opportunities, if they have the means to invest $5M.
What Experts and Policymakers Think
The “Trump Golden Card” has ignited both praise and criticism. Supporters argue it’s a bold economic win, bringing in a huge influx of funds. Critics see it as “citizenship for sale,” arguing that while millions wait decades, wealthy individuals can buy their way in. Critics also highlight security and ethical risks. If Russian oligarchs or Chinese moguls can buy in, does this open the door for dirty money or espionage? Without a business investment requirement, vetting the $5M’s source and the individual’s background becomes crucial. Even the New York Post, usually Trump-friendly, headlined it as the U.S. selling “$5M ‘gold cards’ to foreigners” – an unflattering characterisation.
“Golden visas” aren’t unique to the U.S. Canada, the UK, Portugal, Greece, and the UAE have all experimented with them. However, the U.S. Golden Card would be among the most expensive in the world. At $5 million for residency, it dwarfs other schemes and essentially markets U.S. citizenship as a luxury commodity. While global trends lean towards scepticism on investor visas, Trump’s proposal sets a new bar – either the “gold standard” for economic immigration or a flashpoint for controversy about what citizenship should mean. In a nation built by immigrants, the debate on merit, money, and opportunity continues.
Implementing this would likely require legal changes – a fact not lost on observers who predict court challenges or congressional hurdles. But for now, the announcement is real and the administration says details will be rolled out in two weeks.
