New Issue Brief: A Better Approach to Investor Immigration 

Auctioning Gold Cards could raise billions while modernizing the visa system 

NEW YORK, NY – Last year, President Trump introduced the “Gold Card," which allows wealthy immigrants to obtain U.S. residency with a $1 million payment to the federal government. The intent was twofold: raise money while also attracting high-net-worth individuals. Due to alternative options and legal uncertainty, only one investor is known to have obtained a Gold Card. However, a major component of the EB-5 investors visa program is set to expire in 2027, creating an opportunity for Congress to codify President Trump’s Gold Card plan into law in a way that effectively increases federal revenue while reducing the national debt.  
 
In a new issue brief, Manhattan Institute fellow Daniel Di Martino outlines the shortfalls of the current EB-5 program and Gold Card proposal and offers a more effective alternative. He argues that the existing EB-5 process is inefficient and intermediaries absorb all the revenue gains. The Gold Card eliminates that bureaucracy, but instead of maintaining a fixed price, Di Martino proposes auctioning the roughly 9,940 EB-5 investor visas available each fiscal year to allow market demand to determine their value. An auction would maximize revenue by avoiding the pricing problems of both the EB-5 and fixed price systems: prices set too low create backlogs, while prices set too high leave visas unused.  
 
Di Martino also recommends expanding the E-2 temporary visa program as a complementary pathway for entrepreneurs and smaller-scale investors. This two-tier system would generate over $10 billion in new revenue per year and reduce the national debt by up to $158 billion over a decade, creating a more coherent investor immigration system that better promotes economic growth. 

Click here to read the full issue brief.