President Donald Trump has proposed a $5 million ‘gold card’ visa program, offering wealthy foreigners permanent residency and a path to U.S. citizenship. The plan, intended to replace the existing EB-5 investor visa program, could attract high-net-worth individuals, boosting economic activity and tax revenues.

What Is the Gold Card Visa?

• Cost: $5 million per applicant.
• Benefits: Green card privileges and an expedited route to U.S. citizenship.
• Purpose: To attract wealthy investors who would spend money, pay taxes, and create jobs.
• Rollout: Additional details will be released in two weeks, according to Trump.

Commerce Secretary Howard Lutnick criticized the current EB-5 visa program, calling it “full of nonsense” and stating that the new initiative would ensure only the wealthiest applicants receive U.S. residency.

Can This Solve America’s $36 Trillion Debt?

Economist Peter Schiff believes the program could theoretically erase the U.S. national debt:

• Schiff’s Calculation: Selling 7 million ‘gold cards’ would generate $35 trillion, nearly covering the $36.22T U.S. debt.
• However, only about 3 million people worldwide have a net worth over $5 million, many of whom are already U.S. citizens, making this scenario unlikely.

Schiff’s Controversial Alternative: Sell U.S. Passports

• Schiff suggested Americans should be allowed to sell their citizenship for $5 million, claiming this would:
  • Allow some Americans to become instant millionaires.
  • Remove welfare-dependent citizens, benefiting the economy.
  • Create a “winning trade” by attracting wealthy expatriates.
• Critics argue this wouldn’t generate enough revenue, and the government wouldn’t allow citizens to profit directly from selling their nationality.

Potential Impact and Challenges

• If successful, the gold card visa could raise billions, but it’s unlikely to fully offset national debt.
• Could attract high-net-worth individuals, but might favor foreign elites over middle-class immigrants.
• Raises concerns over national security, especially regarding vetting criteria for wealthy applicants.

The Bottom Line: A Bold Plan with Uncertain Outcomes

Trump’s $5M gold card visa could boost economic growth and foreign investment, but its ability to meaningfully reduce the national debt remains questionable. Schiff’s passport-for-sale idea adds another layer to the debate, sparking controversy over citizenship and economic policy.

The gold card visa program isn’t just about revenue—it’s a broader immigration shift favoring ultra-wealthy applicants over skilled workers or family-based visas. If implemented, it could reshape U.S. immigration policy, creating a pay-to-play system for citizenship.