Comparisons with Similar Visa Programs

The Gold Card Citizenship Visa can be better understood in context by comparing it with other investment-based immigration options, including the U.S.’s own EB-5 program (which it would replace) and similar “golden visa” programs in other countries. Here’s how the Gold Card stacks up:

• EB-5 Immigrant Investor Program (USA): The EB-5 program, created in 1990, is the direct predecessor to the proposed Gold Card. Under EB-5, foreign investors could obtain a Green Card by investing $1,000,000 (or $800,000 in a Targeted Employment Area) and creating at least 10 U.S. jobs​. It was a popular path for many wealthy individuals, but it had lengthy wait times (especially for certain nationalities due to annual visa caps) and was criticized for complex rules and instances of fraud in investment projects​. The Gold Card differs in key ways:

  • Investment Amount: $5,000,000 for Gold Card vs. $800k–$1M for EB-5​. Gold Card requires roughly 5 times more capital, making it accessible to a smaller, ultra-wealthy group.
  • Job Creation: Gold Card likely does not require direct job creation by the investor, whereas EB-5 mandates proof of 10 full-time jobs created or preserved​. This means Gold Card is more straightforward (no need for elaborate business plans or hiring, which were necessary under EB-5). The idea is that by spending $5M and living in the U.S., the investor will indirectly contribute to the economy through spending and paying taxes​, rather than the government checking specific employment numbers.
  • Nature of Investment: EB-5 investments were typically made into a business or a USCIS-approved “Regional Center” project (like real estate developments), and funds were at risk in the market. The Gold Card appears to be more like a donation or government bond – “pay $5 million to the US government” and get the status​. This could imply lower financial risk (since it’s not tied to a project’s success) but at the cost of the money being potentially non-returnable. It’s a “cash-for-passport” style model whereas EB-5 was “investment-for-Green-Card”.
  • Processing & Backlogs: EB-5 suffered from backlogs; Chinese applicants, for example, faced waits of 5-10+ years for a visa due to quotas. If the Gold Card is categorized differently or given higher quotas (or no cap), it might avoid such backlogs. Also, by having a higher bar, the volume of applications might be lower, enabling faster processing per case. The administration explicitly aims to streamline the Gold Card’s path to citizenship​.
  • Tax and Residency: Under EB-5, investors becoming residents had no special tax breaks – they were typical residents for tax purposes. The Gold Card is being pitched with a tax advantage on foreign income​, which would distinguish it significantly. This makes the Gold Card more attractive to global investors who might otherwise be deterred by U.S. worldwide taxation.
  • Status of Program: EB-5 is an established, ongoing program (with recent reforms in 2022) and has a track record, whereas Gold Card is a new, untested proposal. During the transition, EB-5 applications can still proceed until Gold Card is enacted.

• Other Countries’ “Golden Visa” Programs: Many countries offer residency (and sometimes citizenship) in exchange for investment – commonly known as “Golden Visas.” The U.S. Gold Card is conceptually joining this global trend​, but it sits at the very high end of the spectrum in terms of cost. For comparison:

  • Canada had an Immigrant Investor Program (now closed) that required around CA$800,000 investment (government bond) – far less than $5M USD.
  • United Kingdom (until it closed its Tier 1 Investor visa in 2022) required £2 million investment in UK assets. Even the highest tier there (which offered faster residency) was £10 million, roughly $12 million, but standard path was $2-5 million range. The Gold Card’s $5M is within that upper range, but the UK didn’t offer citizenship as directly (it was residency leading to ILR in 5 years, then citizenship after 6 years total).
  • European Golden Visas: For instance, Portugal’s Golden Visa offers residency for investments as low as about €280,000 (in certain cases) or €500,000 in real estate. Spain and Greece have programs around €250,000–€500,000 investment. These grant residency rights and the possibility of citizenship after a number of years. Malta and Cyprus have (or had) programs where larger investments/donations (€600k to €2M) could directly lead to citizenship. In comparison, the U.S. Gold Card at $5M is more expensive than nearly all of these programs​. Only a few countries have higher price points for citizenship-by-investment (for example, some ultra-exclusive programs or unofficial arrangements), but $5 million squarely puts the U.S. Gold Card among the most costly investment immigration options worldwide​.
  • Conditions and Benefits: Most golden visa programs do not require creating jobs (similar to Gold Card’s approach) and often have minimal residency requirements to maintain the visa (some only require a week or two of presence each year). The U.S., however, will expect the investor to actually reside in the U.S. if they intend to naturalize. In return, the U.S. offers one of the most coveted citizenships. The “value proposition” of the Gold Card is that U.S. citizenship is a highly valuable asset (in terms of global mobility, economic opportunity, and security), so some investors might find $5M a worthwhile price.
  • Time to Citizenship: Some countries grant citizenship outright within months of investment (e.g., several Caribbean nations sell passports for $150k+, but those are small countries). The U.S. is not offering instant citizenship – it’s offering immediate residency and a path to citizenship. So it’s a bit more conservative than true “citizenship-by-investment” programs, aligning more with residency-by-investment models (like Portugal or Canada) albeit at a higher cost and leading to an eventual passport that is more powerful.

• E-2 Treaty Investor Visa (USA): As a side note, the U.S. has another investor visa called E-2, but it is a non-immigrant visa (temporary, though renewable indefinitely) and does not directly lead to a Green Card. The E-2 requires a “substantial” investment in a business and is only available to citizens of certain treaty countries. There’s no fixed minimum, but often $150k-$500k investments are common. Since it’s not an immigrant visa and doesn’t offer citizenship, it’s not directly comparable to the Gold Card – however, some wealthy individuals who don’t qualify for EB-5 used E-2 as a stopgap. If the Gold Card is implemented, it would overshadow E-2 for those who want a guaranteed Green Card/citizenship path (though E-2 might remain attractive to those who do not have $5M or who are from treaty countries and prefer to invest in a business they manage).

In essence, the Gold Card visa sets a new benchmark in the investment immigration arena by combining the allure of U.S. citizenship with a very high investment bar. It aims to address issues from the EB-5 program (fraud, lower investment threshold, lengthy processes) by charging more and simplifying the requirements​. Compared to global peers, the U.S. program would instantly rank as one of the most exclusive and expensive, likely appealing to a limited but significant set of global investors. It’s a trade-off: pay a lot more, but get into the United States faster and with fewer hoops to jump through (and possibly friendlier tax treatment).

Prospective applicants might weigh these options: for some, a European residence for a few hundred thousand might suffice; but for those who specifically want American citizenship and all its benefits, the Gold Card could be the golden ticket if they have the means.