President Trump has proposed a new visa program that could lead to permanent residency for those willing to pay a fee of about $5 million.
Howard Lutnick, the commerce secretary, said on Tuesday that a “gold card” visa would replace the EB-5 visa, which was designed to encourage foreigners to invest in economically deprived areas. But some lawmakers say the EB-5 visa, which also offers a pathway to citizenship, has become a risk to national security and an avenue for fraud.
Officials did not reveal details on who would be eligible for a gold card, though Mr. Trump said that Russian oligarchs might be.
The program could mirror the “golden visas” that have existed for years elsewhere. European visas have been especially desirable, said Dominic Volek, global head of sales for Henley and Partners, an advisory firm that helps clients use investments to obtain residency or citizenship, because often you don’t have to reside in the country to get one.
Recently, however, some European countries have begun to reverse course on these types of visas amid backlash from local populations and worries that they were being used for criminal purposes..
Here’s what to know.
What do golden visas in Europe look like?
A number of countries, including Spain, Portugal, Greece, Malta and Ireland, have offered wealthy individuals residency if they invest a certain amount of money, typically 250,000 to 500,000 euros. Sometimes that investment comes in the form of buying property, but it can also be through venture capital funds or made as a donation to a government-approved philanthropic project or charity.
As global uncertainty has risen, golden visas “have become a hedging tool against who knows what tomorrow brings,” Mr. Volek said.
European golden visas are particularly desirable, he added, because a person often does not have to reside in a country to get one — and once you have residence in one European Union country, you can live in any of them. Many golden visa programs in Europe, including in Portugal, Greece and Italy, also allow individuals to apply for citizenship after a certain number of years of residency.
Why did some countries start offering golden visas?
During Europe’s debt crisis in 2012, many governments were looking for ways to make up for budget shortfalls. Countries that needed international bailouts, including Spain, Ireland, Portugal and Greece, were particularly desperate for cash, and the visas were an opportunity to attract investors and boost their economies.
Six eurozone countries began offering the visas, and more followed.
The visas were a big boost. Spain has issued nearly 15,000 visas since 2013 to people who have invested more than €500,000, or about $525,000, in real estate. Portugal raked in €5.8 billion until it tightened the rules last year. Greece raised €4.3 billion from the visas from 2021 to 2023 alone.
Overall, countries across the European Union had earned more than €21.4 billion through the programs as of 2022, and more than 130,000 people had gained European citizenship or residence, according to research by Kristin Surak, an associate professor of political sociology at the London School of Economics.
Are there any downsides?
Even though countries that instituted golden visas have attracted investment and increased development, the programs have also bred resentment among local residents. One reason: Many foreign investors sold their homes or converted their properties into short-term rentals or Airbnbs, often driving up rental costs and pricing out locals. The price to buy a home also soared.
Why are countries pulling back?
Some European governments are trying to change course. Ireland closed its program in 2023. Spain will stop offering new golden visas in April. And Greece and Portugal have modified their programs.
The changes are in response to local complaints. But they also reflect growing worries about how the golden visas have been used. In 2019, the European Commission warned that the programs could be used for money laundering, tax evasion and corruption. After Russia’s full-scale invasion of Ukraine in 2022, E.U. officials urged governments to end the programs.
Can I still get a golden visa?
Yes, and American interest in them has surged since the 2024 election. Mr. Volek said that online inquiries to his company from Americans increased 400 percent in the 48 hours after Mr. Trump’s victory, and that there had been a “massive spike” in the number of applications submitted.
Other governments are now considering introducing golden visas to lure the wealthy, including those in Dubai, Abu Dhabi, Qatar, Oman and Saudi Arabia. “More governments are seeing this as a very innovative tool, as is Trump, evidently,” he said.
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