President Trump announced a new immigration program last month under which prospective immigrants will be able to buy a “gold card” for $5 million to immigrate legally to the U.S. The new visa would replace the current EB-5 visa, known as the “investor visa,” and provide a path to citizenship. The president wants to use the revenue to pay off the country’s deficit.

The concept of a “gold card” is a good idea that could help streamline this country’s Kafkaesque immigration system and provide a source of revenue, along with boosting the many widely known benefits of immigration. But to be a true win for America, the price tag needs to change to open up the program to a larger number of productive newcomers.

Legal considerations aside — Trump claims he doesn’t need Congress to enact this change, which is questionable — a “gold card” program could potentially remove some of the many bureaucratic barriers to immigration. The current “investor visa,” which among other things requires a minimum investment in American companies of between $800,000 and $1.05 million, is complex, slow and inefficient. This program grants around 10,000 visas every year to investors and their families. While many aspects of the new “gold card” program remain unclear, it would likely be much more straightforward, potentially requiring only the initial payment and the thorough........

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