Trump unveils R95 000 000 “gold card” residency permit for wealthy foreigners
US President Donald Trump introduced the first-ever “Trump Goldfast-track a R95 000 000 million residency permit designed for wealthy foreigners seeking fast-tracked US permanent residency and citizenship.
Announced aboard Air Force One en route to Miami, Florida, Trump unveiled a sample card featuring his likeness, calling it “the Trump Card.” This new initiative replaces the EB-5 immigrant investor visa program, which required lower investments but also job creation, with a simpler, higher-cost model that focuses solely on financial contribution.
Trump described the Gold Card as a “green card plus,” promising enhanced privileges, and suggested it could generate trillions in revenue to help reduce the US national debt, which exceeds $36 trillion.
Commerce Secretary Howard Lutnick, who joined Trump during the announcement, reported that 1,000 cards were sold on the first day alone, raising $5 billion. Unlike the EB-5, the Gold Card does not require job creation and offers holders exemptions from US taxes on foreign income, a perk not available to American citizens.
Set to launch fully within two weeks of its February 25, 2025, announcement, the program has sparked debate. Supporters see it as a potential economic boon, while critics argue it prioritizes wealth over merit and could attract dubious individuals, including oligarchs, despite promises of stringent vetting.
The unveiling occurred against a backdrop of economic turbulence: the rand plummeted past R19 to the dollar due to US sanction threats, and US stock markets lost $3.1 trillion that week in reaction to Trump’s new tariffs, including a 30% tariff on South African exports set to take effect on April 9.
While Trump remains optimistic about the initiative’s impact, immigration experts point out that the President cannot unilaterally create such a visa, as Congress typically defines residency qualifications.
However, the Trump administration insists that legal groundwork for the program is already in place, though details remain scarce. With a R95 000 000 price tag, the Gold Card is among the world’s most expensive residency options, surpassing those of countries like Singapore and New Zealand. Despite its cost, demand remains high among wealthy individuals globally.