With the cost of entry reportedly five times higher than the EB-5 immigrant investor visa program, and with historically low African participation in investor visas, President Donald Trump’s gold card may struggle to find buyers from Africa.
With several President Joe Biden-era immigration policies being rewritten, U.S. President Donald Trump, who is serving his second terms in office, seems to be banking on a new investor visa scheme—dubbed the ‘gold card’—to boost the American economy.
The program, which allows companies to pay $5 million per applicant to fast-track their work and residency status, has been framed as a superior alternative to the existing EB-5 visa program.
A closer look at the 2024 success rates of the EB-5 visa program revealed a disparity between some African countries and the rest of the world. South Africa, for example, ranked 6th and the only African country in the top 10, accounted for 119 successful applications, a fraction of China’s 8,311 approvals.
The introduction of the gold card program may exacerbate this trend, according to Nzube Ohalete, a Nigerian graduate student in the U.S, who also assists others with scholarship and visa tips.
Loading...
“A lot of Africans are not utilizing this [EB-5 visa program]. With the increase in price, this number will more likely decrease,” Ohalete tells FORBES AFRICA.
His skepticism is rooted in historical trends: Africa has never been a major player in the EB-5 program, a visa route that grants green cards to foreign investors who commit at least $1 million to U.S. businesses. Now, with the gold card costing five times as much, the question arises—who in Africa can, or will, afford it?
Trump, however, is bullish on the program’s financial impact.
“If we sell a million, right, a million, that’s $5 trillion. If we sell 10 million, that’s $50 trillion. That means our debt is totally paid off, and we have $15 trillion above that,” he claimed during his first cabinet meeting since returning to office.
U.S. Secretary of Commerce, Howard Lutnick, a key architect of the policy, argues that the gold card fixes the flaws of EB-5 by ensuring more accountability.
“For $5 million, they’ll get a license from the Department of Commerce. Then they’ll make a proper investment on the EB-5,” Lutnick explained. “If we sell just 200,000 of these, that’s $1 trillion to pay down our debt.”
Lutnick has been promoting the gold card, claiming on the All-In Podcast, which focuses on business, that 1,000 have already been sold in one day. “There are 37 million people in the world who are capable of buying the card,” he said.
Paul Agada, another Nigerian graduate student in the U.S. and an SDGs advocate, remains unconvinced that the gold card is an improvement over the EB-5.
“The gold card is an old idea in expensive new garb,” Agada says to FORBES AFRICA.
He further suggested that stakeholders on the continent focus resources here first.
“Entrepreneurs need to observe the conversation around the last election. We need to first build our continent before seeking to build another man’s home.”
Trump himself has expressed concerns. Speaking with Fox News, he admitted the program could attract “unsavory people”, though he promised to crack down on any wrongdoing.
Ohalete believes that, rather than turning to the gold card, “wealthy Africans will explore other options for U.S. residency, like the EB-1 and EB-2”.
The EB-1 and EB-2 programs cater to individuals with exceptional abilities and advanced degrees, respectively.
Loading...