Trump’s New “Gold Card” Green Card: What It Means for Business Immigration

As an immigration attorney, I’ve seen my fair share of policy changes, but this one truly left me clutching my pearls. Former President Trump recently proposed a new kind of green card that costs $5 million—a drastic shift from existing investor visa programs. It’s being referred to as a “Gold Card” Green Card, and while it sounds like a spoof, it is very much real.

So, what exactly does this mean for businesses, immigrants, and the future of employment-based immigration in the U.S.? Let’s break it down.

The Basics of Trump’s Gold Card Green Card

Trump’s new immigration proposal suggests that wealthy individuals can buy a U.S. green card for $5 million, without needing to invest in a business or create jobs—just straight cash to the government. If 10 million people took this deal, he said, it could erase the national deficit and eliminate federal taxes for the rest of us.

This is a radical departure from the existing EB-5 investor visa program, which:

• Requires an investment of at least $800,000 to $1 million in a qualifying U.S. project.
• Demands that the investment creates American jobs.
• Provides a clear path to a green card through economic contribution, not just a simple payment.

Could this Gold Card fundamentally change how green cards are issued by shifting visas away from family-based and employment-based immigration toward pure wealth-based immigration.

The Legal Reality: Can the President Just Create This?

In his announcement, Trump insisted that he didn't need Congressional approval to implement this program. However, the reality is:

• Green card allocation is controlled by Congress, not the President.
• The last time Congress updated green card numbers was in 1990—and any major reform requires legislation.
• Current law does not allow the U.S. government to sell visas outright, and prior administrations have carefully avoided any appearance of corruption when issuing visas.

While a President can influence immigration policy through executive actions and visa regulations, such a drastic policy requires Congressional authorization, making its implementation questionable at best.

How This Could Impact Business Immigration

For U.S. businesses, this policy shift could have significant consequences:

1. A Workforce Still in Limbo: If green cards are prioritized for the ultra-wealthy, will this take visas away from high-skilled workers, essential employees, and investors who fuel American businesses?
2. Talent Shortages: The U.S. economy depends on skilled immigrants in tech, healthcare, and engineering. Employers who rely on H-1B visas, PERM labor certifications, or EB-2 and EB-3 green cards may see fewer visas available if more are redirected toward wealthy individuals.
3. Higher Housing Costs & Resource Strain: The idea of bringing in 10 million ultra-wealthy residents raises concerns about housing competition, tuition inflation, and infrastructure readiness. Could this exacerbate housing crises in major metropolitan areas?

The bottom line: while the prospect of welcoming many more ultra-wealthy immigrants seems novel, an immigration system focused solely on wealth—not skills, innovation, or business investments—may hurt American businesses in the long run.