A new visa initiative backed by former President Donald Trump is making headlines for its bold vision—and drawing sharp skepticism from immigration and investment experts alike. Dubbed “Trump’s Gold Card Visa,” the program proposes a $5 million buy-in for foreign investors in exchange for U.S. permanent residency and a fast-track to citizenship. While a launch has been teased for months, recent public comments suggest the effort remains more a marketing blueprint than a legally viable immigration path.
A Bold Promise on the Horizon
Speaking at an Axios event in Washington, D.C., Commerce Secretary Howard Lutnick claimed that a website for the visa program—trumpcard.gov—would be live “within a week.” According to Lutnick, the Gold Card would provide not just green card status, but also an eventual pathway to citizenship and potential tax exemptions on foreign income. He framed the program as an economic stimulus tool with massive potential, estimating that 200,000 applicants could generate $1 trillion for the U.S. Treasury.
Yet days later, the site remains inactive. Attempts by media to access the domain have led to a placeholder login page, and the Department of Commerce has yet to respond to inquiries about a definitive launch timeline.
Trump’s Gold Card Visa: “A Replacement for EB-5”?
In theory, Trump’s Gold Card Visa is positioned as a premium-tier alternative to the EB-5 Immigrant Investor Program, which grants green cards for investments ranging from $800,000 to $1,050,000 in job-creating enterprises. While EB-5 has existed for decades and was recently reauthorized through 2027, it has faced criticism for long processing times and lack of transparency.
Trump’s proposed visa attempts to differentiate itself through speed, prestige, and revenue potential. The $5 million price tag is designed to appeal to the ultra-wealthy and supposedly raise funds to help offset the $36 trillion U.S. national debt. But for all the talk of fiscal impact, actual investor appetite appears untested.
Legal Reality Check
There’s a glaring problem: there is no law. Immigration attorneys and policy experts agree that launching such a program would require congressional action—something that hasn’t happened. As of now, the Trump Gold Card is not backed by any legislative framework, and immigration authorities cannot process applications for a visa that doesn’t legally exist.
“It’s a marketing plan without a program,” said Nuri Katz, founder of Apex Capital Partners and a 34-year veteran in the investment migration industry. In a recent Forbes interview, Katz noted that without a law in place, it’s not possible to advise clients on eligibility, risks, or benefits. “All I could do was laugh,” he added, referring to claims that the program had already raised billions. “There’s no mechanism. You can’t apply to the Secretary of Commerce. There’s no form. There’s no law.”
Investor Caution and Market Skepticism Around Trump’s Gold Card Visa
Despite claims that thousands of applicants are already interested, investment migration experts say the numbers simply don’t add up. Katz, who advises ultra-high-net-worth individuals globally, explains that most investors won’t commit more than 5-10% of their net worth to an immigration program. That means a $5 million price tag would require a net worth of at least $50–100 million.
According to global wealth reports, there are fewer than 30,000 centimillionaires (individuals with $100M+ in assets) outside the U.S. That makes the potential market for the Gold Card extremely small—and even smaller when you consider the subset actively interested in U.S. residency.
Katz also questioned how the government would protect applicant data submitted through the site. “Will it be used only by the U.S. government? Could it be sold to private businesses?” he asked. “It’s going to be a pretty powerful database of rich people.”
An Echo of Global Trends
The Gold Card concept echoes similar efforts around the world. Countries like Portugal and Greece have historically offered “golden visa” programs, granting residency in exchange for real estate or capital investment. However, many of those initiatives have since been curtailed due to concerns over inflated housing markets, limited public benefit, and lax due diligence.
Trump’s proposal arrives at a time when investment migration is under scrutiny globally. In Europe, for instance, Malta recently shuttered its Citizenship by Investment program after an EU court ruling. Yet interest in alternative pathways, such as Greece’s residency program, remains high.
This global context matters. As Katz pointed out, for a $5 million contribution, many investors may choose more established and efficient programs elsewhere. “The pool of people who are willing to spend this kind of money with so little clarity is minuscule,” he said.
Political Optics vs. Policy Substance
One of the biggest questions surrounding the Trump Gold Card is whether it is a serious immigration reform effort or a political spectacle. The concept reportedly originated during a conversation between Trump and billionaire hedge fund manager John Paulson, who questioned why the U.S. “gives away” visas instead of selling them outright.
Since then, Commerce Secretary Lutnick has taken the idea public, appearing on talk shows and podcasts to promote the plan. Trump himself flashed a mock-up of the laminated Gold Card on Air Force One. But every public comment is light on legislative detail and heavy on showmanship.
Katz is blunt: “Doing a lot of fancy marketing and talking about it on TV is nice, but the market understands that the devil is in the details.”
What Comes Next for Trump’s Gold Card Visa?
Realistically, rolling out a visa program of this scope would require years—not weeks. Legislation must be drafted, debated, and passed. Immigration infrastructure would need to be expanded. The tax implications alone would demand careful legal navigation.
And there’s a ticking clock. Trump’s current political influence—and hypothetical return to the presidency—may shape the window in which such a program could be viable. But without bipartisan congressional support, even that might not be enough.
Until then, industry experts like Katz are urging caution. “There is no upside to registering now,” he warned. “Investors should wait until legislation is in place and full details are disclosed.”
Final Thoughts: A High-Stakes Test Case
If the Trump Gold Card ever materializes, it will mark a significant moment in the evolution of investment migration. It would be the highest-dollar residency program globally, with implications not just for U.S. immigration policy, but for how nations monetize access to opportunity.
But for now, it remains a symbol—more campaign slogan than immigration strategy. And as long as the legal foundation is missing, most global investors will be watching, not applying.
