Charles Esther
Elon Musk said the new gold card immigration program is currently in a quiet testing phase.
He confirmed in an X post that the trial is designed to make sure the system works properly before a public rollout.
He added that once testing is complete, President Trump will announce the program’s full launch.
Details of the Gold Card Program
The gold card offers fast-tracked US residency to foreign investors who pay $5 million upfront.
Unlike the EB-5 visa, this program does not require applicants to create jobs in the United States.
Successful investors would receive work and residency privileges more quickly than under the existing system.
Trial Implementation and Timeline
Musk indicated the trial is limited and confidential to ensure smooth operations.
The quiet testing phase allows administrators to identify and resolve any technical or procedural issues.
After successful trials, the program will be opened to the public under a formal announcement.
Comparison with EB-5 Immigrant Investor Visa
The current EB-5 visa requires a minimum investment of $1.05 million or $800 000 in targeted employment areas.
By contrast, the gold card raises the investment threshold to $5 million without a job-creation mandate.
Proponents argue the higher fee will attract “world-class global citizens” and reduce fraud.
Reactions and Criticisms
Critics have expressed concerns about transparency and potential favoritism.
Some worry that selling residency without strict requirements could pose national security risks.
Trump has suggested he might include Russian oligarchs among eligible investors, prompting further debate.
Commerce Secretary Howard Lutnick insists a rigorous vetting process will filter out unacceptable applicants.
Global Context and Precedents
Several countries, including the United Arab Emirates and Caribbean nations, already offer residency or citizenship by investment.
Trump’s gold card proposal reignites discussions on whether the US should cater to ultra-wealthy investors.
Program advocates believe significant up-front investments will boost the US economy through taxes and spending.
Conclusion
The gold card trial represents a bold shift in US immigration policy towards wealthy investors.
Its success will depend on the effectiveness of the trial phase and public acceptance.
Observers will watch closely as the program moves from quiet testing to full implementation.
