President Donald Trump’s "gold card" visa plan mirrors policies in over 40 countries. But the U.S. version would come with the highest price tag.
"What you’re doing is you’re bringing in wealthier individuals, clearly job creators, consumers," said Anthony Esposito, CEO of Island Capital Investments.
Trump announced the plan Tuesday. The visa would cost $5 million and provide a path to citizenship. He called it "extremely successful."
"They’ll be wealthy and they’ll be successful," Trump said. "They’ll be spending a lot of money, paying a lot of taxes, and employing a lot of people."
Commerce Secretary Howard Lutnick said the gold card will replace the EB-5 Immigrant Investor visa. That program, created in 1990, required a $1 million investment and at least 10 jobs. The change would take effect within two weeks.
Trump also framed the plan as a way to reduce national debt. "Companies can go and buy a gold card and use it for recruitment," he said. "At the same time, that money pays down debt. We’re going to pay down a lot of debt with that."
Esposito agrees. He said 1 million gold card holders would generate $5 trillion for the U.S. Treasury. "A million individuals coming in would be $5 trillion in payment to the government, off the bat," he said.
Almost 40 countries have similar "citizenship by investment" programs. But Trump’s $5 million price tag would be the world’s highest.
Esposito believes the plan benefits the U.S. economy. "It is the greatest nation in the world. It is the greatest economy in the world," he said. "This is simply a way of vetting people and creating a mutually beneficial relationship."
He pointed to job creation, taxes, and consumer spending. "Ten million cards would be $50 trillion. The numbers are real walking in, and the numbers are real as derivative benefits," he added.
Some critics fear abuse or security risks. Esposito dismissed those concerns, saying Trump would enforce strict vetting.
"It’s the exact opposite of the Biden administration’s policy," Esposito said. "We had mass migrations of unvetted, undocumented immigrants coming in the southern border, living on the taxpayer dime."
Under Trump’s plan, he said, applicants would be "fully vetted on a personal basis and an economic basis."
In the end, Esposito sees a win-win. "This is simply a way of vetting people and having people come in that will create a mutually beneficial relationship," he said.