 "US President Donald Trump intends to replace the current \"EB-5\" immigrant investor programme with his with a \"gold card\" programme. Representational Image/Pixabay")
United States President Donald Trump has introduced a new “gold card” visa programme, which offers a pathway to American citizenship in exchange for a $5 million investment.
This move positions the US among the most expensive residence-by-investment destinations globally.
The gold card visa is set to replace the existing EB-5 visa, which requires a minimum investment of $800,000 along with job creation mandates. Unlike the EB-5, the gold card is expected to target ultra-high-net-worth individuals with a streamlined application process.
US Commerce Secretary Howard Lutnick, who announced the initiative alongside Trump, highlighted that the programme would “offer purchasers a route to citizenship.”
However, it remains unclear whether the $5 million requirement will take the form of an investment, similar to the EB-5, or a direct payment. Immigration experts have raised concerns about whether the Trump administration can implement this change without congressional approval.
How the US Gold Card compares to global investment visa programmes
Around 30 countries offer residence-by-investment programmes , with varying financial thresholds and benefits. Some nations also extend citizenship opportunities in exchange for direct financial contributions.
New Zealand: Requires between NZD 5 million ($2.9 million) and NZD 15 million ($8.6 million) in investments over four years, with applicants needing to spend at least 117 days in the country.
Singapore: Demands an investment of SGD 10 million ($7.5 million) in a local business, or SGD 18.7 million ($14 million) in a government-approved fund.
Hong Kong: Offers residence for an investment of HKD 10 million ($1.3 million) in financial assets.
Malta: Citizenship can be obtained with a contribution of between €600,000 ($630,500) and €750,000 ($788,000), depending on the duration of residence.
Turkey: Grants citizenship for a $400,000 real estate investment.
St. Kitts and Nevis: Offers a passport for a $250,000 investment.
UAE: The golden visa programme requires a minimum investment of AED 2 million ($545,000) in real estate.
Portugal: One of the most sought-after Golden Visa destinations, Portugal offers residency to investors who purchase real estate worth at least €500,000 (reduced to €280,000 in low-density areas) or invest €500,000 in venture capital funds. After five years, investors can apply for citizenship. The programme has significantly boosted Portugal’s real estate market.
Spain: Spain’s Golden Visa requires a minimum real estate investment of €500,000 or other qualifying investments. It grants residency with a pathway to permanent residency and citizenship after ten years.
Greece: Greece offers one of the lowest investment thresholds in Europe, with a minimum real estate investment of €250,000. The visa provides residency for five years, renewable indefinitely.
Italy: Italy’s investor visa allows applicants to obtain residency by investing at least €250,000 in innovative startups, €500,000 in an Italian company, or €2 million in government bonds.
Cyprus: Cyprus previously had a popular citizenship-by-investment programme, but it was suspended in 2020. However, the country still offers a Golden Visa for residency with an investment of €300,000 in real estate.
Ireland: The Irish Immigrant Investor Program requires a €1 million investment in an Irish business or an approved investment fund for residency eligibility.
United States: The EB-5 Immigrant Investor Program grants US residency to individuals who invest $800,000 in a targeted employment area (rural or high-unemployment region) or $1.05 million in a general business, creating at least ten jobs.
Canada: Canada’s Quebec Immigrant Investor Program (QIIP) requires a minimum investment of CAD 1.2 million in government bonds. However, the programme has been temporarily suspended for revisions.
Singapore: The Global Investor Program (GIP) grants permanent residency to individuals who invest at least SGD 2.5 million in a new or existing business or an approved fund.
Thailand: The Thailand Elite Visa programme offers residency for up to 20 years in exchange for a one-time fee starting at THB 600,000 (approx. $17,000), making it unique among Golden Visa programmes.
Malaysia: The Malaysia My Second Home (MM2H) programme provides long-term residency to individuals meeting specific financial criteria.
Dominica: Requires a $100,000 donation or a $200,000 real estate investment for citizenship.
Grenada: Citizenship is available for a $150,000 government contribution or a $220,000 real estate investment.
Antigua and Barbuda: Investors can obtain citizenship through a $100,000 donation or a $200,000 real estate purchase.
Saint Lucia: Offers citizenship for a $100,000 donation or a $300,000 real estate investment.
The big question: Is the Golden Visa worth it?
Golden Visa programmes have generated billions in revenue for host countries, particularly in real estate and business investment.
While some nations have benefited from economic growth, concerns about money laundering, tax evasion, and housing market inflation have led the EU and other regulatory bodies to scrutinise these programmes.
In 2023, Portugal, Ireland, and Malta introduced stricter regulations, and the European Commission has urged member states to phase out citizenship-by-investment schemes.
The landscape of investment visas has been evolving, with some nations tightening their requirements or phasing out their programmes. Spain, for instance, plans to end its golden visa initiative in April.
Similarly, interest in Caribbean citizenship programmes has declined, partly due to increased costs and the relative weakness of these passports compared to North American or European options.
Trump’s gold card initiative places the US among the most expensive countries for residency-by-investment. While it provides a direct route to one of the world’s most coveted passports, the steep price tag limits accessibility to a select few ultra-wealthy investors.
By comparison, Canada’s Start-Up Visa programme, which requires an investment of C$275,000 ($203,000), offers a more affordable pathway to North America.
With inputs from agencies