Tired of too many ads? Remove Ads
A Concept Without a Framework
Marketed as a $5 million entryway into the United States—complete with residency rights, a citizenship track, and possible tax advantages—the Donald Trump Gold Card visa was introduced earlier this year by U.S. President Donald Trump and his ally, Commerce Secretary Howard Lutnick.The proposal suggests it could replace the existing EB-5 Immigrant Investor Program, which currently allows foreign nationals to gain residency through investments of $800,000 to $1 million and job creation requirements.
However, immigration experts point out that no legislation has been introduced, nor are there details of a formal structure. “There is no real programme, no enabling law—just a marketing pitch,” said Nuri Katz, founder of Apex Capital Partners, who has advised ultra-high-net-worth individuals on immigration for over three decades.
Katz stressed that the U.S. Congress would have to enact new immigration and tax laws before any such programme could take effect.
Tired of too many ads? Remove Ads
Trump’s Vision: Ambitious but Impractical?
President Trump has floated numbers as high as $50 trillion in potential revenue, claiming the sale of 10 million Gold Cards would more than erase the national debt. Lutnick has since tempered the projections, suggesting $1 trillion in revenue from 200,000 applicants. But analysts remain skeptical.Popular in International
“The math simply doesn’t support the vision,” Katz told reporters. “In my experience, investors rarely commit more than 10% of their net worth to an immigration programme. So unless an individual is worth $100 million or more, they won’t even consider this.”
According to a Henley & Partners report, there are fewer than 30,000 non-American centimillionaires worldwide—far fewer than the figures being pitched by the administration.
Legal and Technical Barriers Persist
The programme’s digital infrastructure has also drawn criticism. Although a website—trumpcard.gov—was expected to go live this month, visitors are instead met with a placeholder page and malfunctioning registration prompts. The Department of Commerce has not provided clarity on when or whether the site will officially launch.According to the American Immigration Lawyers Association, no U.S. President can unilaterally create or alter visa categories. The current EB-5 programme, reauthorized through 2027, would remain in place unless Congress amends existing law.
Skepticism Mounts Among Wealth Managers
Katz, who advises international clients, said he would not recommend participation to any investor under current conditions. “Without legislation and regulatory clarity, even submitting personal information on a website could pose risks. We don’t know where that data would end up,” he warned.In a telling moment, Katz dismissed Lutnick’s recent claim that 1,000 Gold Cards were sold in one day—allegedly generating $5 billion—as “implausible and unserious.”
Origins in a Conversation, Not Policy
The genesis of the Trump Gold Card idea reportedly came from hedge fund manager John Paulson, who suggested monetising visas during a conversation with Trump. “Why do we give them away? We should sell them,” Paulson allegedly said, prompting Lutnick to develop the proposal. But translating a dinner-table idea into federal immigration policy, experts say, will require more than bravado and branding.Tired of too many ads? Remove Ads
