What About The US Golden Visa?

USA

President Trump’s proposal to offer U.S. citizenship for $5 million through a “golden visa” has sparked controversy. The initiative aims to attract wealthy investors to boost job creation and reduce national debt. However, Trump’s “gold card” is under scrutiny for its legal validity, security concerns, and potential for financial misconduct. Despite Trump’s belief that it will “sell like crazy,” legal challenges mean that Congress must approve such a program, leaving its future uncertain.

Golden visa: Selling US citizenship to the highest bidder?

President Trump has unveiled a plan to sell U.S. citizenship for $5 million, claiming it will appeal to “high-level” individuals who wish to live and work permanently in the U.S. At a recent press conference, Trump stated, “the people that can pay $5 million, they’re going to create jobs. It’s going to sell like crazy. It’s a bargain.” The White House has yet to specify how candidates would be selected.

During his State of the Union Address, Trump reiterated that the “gold card” will be forthcoming, describing it as a “green card but better and more sophisticated.”

Despite Trump’s confidence, critics view the ‘golden visa’ as a potential national security threat. Could this ‘golden visa’ facilitate fraud, corruption, and money laundering in the U.S.? These questions remain unanswered.

Trump’s vision for this visa program extends beyond attracting what he calls “world-class” global citizens. A significant goal is to use these ‘golden visas’ to pay down the national debt. Commerce Secretary Howard Lutnick mentioned that the plan could generate $1 trillion for this purpose. Despite Trump’s optimism, legal hurdles complicate the swift implementation of the ‘golden visas’.

President Trump can’t create a new law on his own

The U.S. President lacks the authority to establish a new path to citizenship independently. Immigration attorneys agree that the Trump administration cannot legally create a new visa category, necessitating congressional legislation for a new program.

If Congress acts, the EB-5 program as it exists may be altered or replaced. Created by Congress in 1990, the EB-5 visa program defines annually how many visas can be issued and the required investment amount. It has generated tens of thousands of jobs across the United States.

In the 2024 fiscal year, the State Department issued over 12,000 EB-5 visas, a record for the program. The future of the EB-5 program is uncertain, but President Trump cannot legally terminate it. For now, EB-5 investors can be assured that the program will continue, as only Congress can end it or decline to renew it in 2027.

Residency and Citizenship in exchange for money?

Understanding what makes a golden visa ‘golden’ involves two main factors. First is the investment requirement, where applicants invest in the country by purchasing property, injecting capital into the economy, or making direct contributions to the government. The second factor is flexibility, as golden visas typically allow residency with minimal requirements. This naturally causes significant debate.

Many countries offer residency or citizenship in exchange for money. This makes “golden visas” or “green cards” appealing and profitable for foreign nationals. However, these programs have recently raised national security concerns, particularly in Europe, where countries fear they may enable tax evasion, money laundering, and corruption or contribute to real estate bubbles. Consequently, some nations, like Spain, have ceased sponsoring these pathways to residency and citizenship.

Despite potential issues, these programs have persisted globally. According to the Henley Citizenship Program Index 2025, many countries lead the ranking of golden visa programs.

Countries that stand out for their ‘golden visa’ programs

For the tenth year in a row, Malta tops the ranking, followed by Austria, which offers premium citizenship for investors requiring substantial economic contributions.

The third and fourth positions are held by the Caribbean nations of Grenada and Antigua and Barbuda.

Fifth place is shared by three small islands: Nauru (in Micronesia, northeast of Australia), Saint Kitts and Nevis (a dual-island nation in the Atlantic Ocean and the Caribbean Sea), and Saint Lucia (an island state in the Caribbean Sea).

Dominica, another Caribbean country, ranks sixth, followed by Turkey.

In the Mediterranean, Egypt—the sole golden visa option in Africa—holds eighth place, sharing the spot with Jordan and North Macedonia.

Ninth place goes to Vanuatu (a nation of roughly 80 islands in the South Pacific Ocean), while Cambodia in Southeast Asia ranks tenth.

In Latin America, according to Henley & Partners, Costa Rica and Panama have become attractive destinations for foreign investors.

In Panama, high-net-worth individuals have notable opportunities to obtain citizenship after five years by investing in real estate, the stock market, or making a fixed long-term bank deposit.

Costa Rica also receives high ratings, deemed attractive for its commercial potential and favorable tax policies for businesses. Investors can gain citizenship through real estate investments, purchasing stock options in local businesses, or investing in the national market.

Will Trump’s ‘golden visa’ make it to the top ten global ranking list?

The real question is how interested the world’s wealthiest individuals are in Trump’s proposal. Forbes recently conducted a study offering insights into this topic. Eighteen billionaires from the Americas, Europe, Asia, and Africa were interviewed to gauge their interest, and the results were surprising.

Thirteen of the billionaires—almost three-quarters of those surveyed—expressed no interest in purchasing Trump’s golden visa. Forbes found that only two billionaires would seriously consider buying one.

The Forbes report noted that many wealthy individuals are not particularly interested in American citizenship and have no desire to leave the countries where they built their businesses and families.

Another reason Forbes highlights for the lack of interest is tax implications. The U.S. is among the few countries taxing citizens on worldwide income, regardless of residence. This is a significant deterrent for most billionaires surveyed by Forbes.

Although Trump mentioned during a press conference that he would offer a substantial tax break for golden visa holders, exempting them from taxes on foreign income, he cannot make this offer without congressional approval. For now, it seems Trump’s proposal crosses legal boundaries.