By Reaz Jafri – 04/03/2025

President Donald Trump’s proposal to introduce a $5 million “gold card” visa for wealthy individuals has sparked a heated debate, but one thing is clear: it is a strong statement about America’s openness to high-net-worth individuals (HNWIs) who wish to invest in and contribute to the U.S. economy. As an immigration lawyer and global mobility consultant to ultra-high net worth (UHNW) families who has long navigated the complexities of U.S. residency programs, I see this initiative as a positive step forward.

Historically, America has been the top destination for talented, wealthy, and ambitious individuals looking for economic opportunity and security. The EB-5 Immigrant Investor Program, introduced in 1990, was one such pathway that allowed foreign investors to gain residency by injecting capital into the U.S. economy.

But over time, the program became mired in bureaucratic red tape, fraud allegations, and inefficiencies that made it less attractive to investors. Trump’s proposal, if structured properly, could offer a fresh alternative and provide a direct boost to the economy.

A Financially Sound Approach

Trump’s “gold card” program could, in theory, generate trillions of dollars in revenue. “If we sell a million, that’s $5 trillion,” Trump stated in the oval office on February 25. While the likelihood of reaching such numbers is debatable, the idea itself presents a compelling case: why not invite the world’s wealthiest individuals to invest in the United States in exchange for permanent residency?

Unlike other visa categories that require extensive justification based on skills, job creation, family reunification, or humanitarian grounds, the “gold card” program is straightforward—pay $5 million and secure a place in the U.S. This removes layers of bureaucracy and subjectivity that have long plagued other immigration programs. Moreover, compared to other investment immigration schemes around the world, such as those in Malta, Portugal or Greece, the U.S. “gold card” would immediately be among the most prestigious and desirable.

A Win for the U.S. Economy

Bringing in UHNW individuals isn’t just about the upfront $5 million payment. These investors bring their businesses, networks, and job-creating potential. They purchase homes, spend on luxury goods, invest in startups, and contribute to philanthropic causes. The economic multiplier effect of allowing more wealthy individuals to settle in the U.S. is substantial.

At a time when national debt concerns loom large, introducing a program that directly funnels billions – and potentially trillions – into the economy without raising taxes is a pragmatic and innovative solution. This is a markedly different narrative from Trump’s past statements about immigration, which have often focused on restrictions and limitations. Instead, this program sends a clear message: America is open for business.

A More Constructive Message for Africa and Emerging Markets

Trump’s recent remarks suggesting that Africans can come to the U.S. as refugees have drawn criticism for being tone-deaf and condescending. Instead of framing immigration in terms of crisis and desperation, the “gold card” presents an aspirational pathway for Africans and citizens of other emerging markets.

Across Latin America, Asia, and Central Asia or Africa, there is a growing class of UHNW individuals looking for stable environments to invest in to raise their next generation. America has always been a premier choice ahead of Canada, the U.K., Europe, and Australia in attracting this group, but preconceived notions about their parts of the world have not granted the green light. A well-structured “gold card” program could change that dynamic.

Many wealthy Africans, for example, are already investing in U.S. real estate, technology companies, and startups. Providing them a streamlined pathway to permanent residency would further cement their commitment to America as a business hub and second home. It would also counteract narratives that the U.S. is increasingly unwelcoming to foreigners.

Challenges and Considerations

Of course, there are valid concerns about the “gold card” program. One key question is how the U.S. government will vet applicants. Trump has suggested that there would be few restrictions on nationality or race-based applications, though specific individuals could face scrutiny. While openness is commendable, ensuring that the program does not become a backdoor for illicit funds or individuals with questionable agendas is critical.

Additionally, tax considerations will be a significant factor in whether this program succeeds. Many UHNW individuals may require extra legal support if they are subject to U.S. worldwide taxation. Structuring the “gold card” like the popular Golden Visas in Europe may be Trump’s winning ticket. When Trump announced the “gold card” on February 25, he alluded to these individuals being exempt from U.S. taxes on non-US source income, much like the UK’s now terminated res-nondom regime. If favorable tax treatment is part of the “gold card” offering, this could be a monumental game changer and would indisputably be highly attractive to the world’s wealthiest families.

Whether merit-based or not, the acquisition of secondary citizenship is not new, though it has been more openly discussed in the past couple of decades, and even promoted quietly in certain “European prestige destinations”

As someone that has helped hundreds of UHNW individuals obtain residency and citizenship throughout the world, I believe the “gold card” concept is fundamentally a very good idea. It acknowledges that immigration is not a zero-sum game but rather a tool that, when used strategically, can bolster the economy’s image and create new playgrounds for uplifting opportunities.

For families who seek a modern and innovative environment like the U.S. with a top-level higher education combined with access to capital markets for their business expansion, this program signals a renewed invitation. America has always been a land of opportunity, and this program, if executed well, could reinforce that legacy in a way that benefits both the U.S. and those who have recently discovered the advantages of capitalism.

Instead of dismissing this initiative outright, policymakers should refine it, ensuring it is transparent, equitable, and aligned with America’s long-term economic interests. If done right, the “gold card” could be a landmark shift in how the U.S. approaches high-value immigration – one that strengthens its position as the premier destination for the world’s best and brightest.

Reaz Jafri is Of Counsel to Withers, the world’s leading private client focused law firm, and CEO of Dasein Advisors, a New York-based consultancy that advises UHNW individuals and families on global immigration strategies.

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