While Trump administration officials have said that more than 70,000 people have expressed interest in the Trump “gold card” visa, some industry experts suggest the number of sales may be significantly lower.
Latitude Managing Director Chris Willis told Newsweek, “In the end, less than 1,000 Trump Cards will be sold—far below the standards for a golden visa program.”
Newsweek has contacted the U.S. Commerce Department for comment.
Why It Matters
The gold card proposal, introduced in February, would grant U.S. residency to foreign nationals who invest $5 million in the United States. The fast-track pathway targets high-net-worth individuals looking for a route to American citizenship.
Since returning to office on January 20, President Donald Trump has enacted sweeping changes to U.S. immigration policy and has moved to limit other immigration pathways, with his administration pausing the processing of some green card applications and ending the temporary legal status of certain migrant groups.
What To Know
Since Trump announced the gold card visa program, it has drawn criticism, with experts calling it too expensive.
“The key flaw with the Trump Card is that it’s overpriced. The Trump administration is overestimating the value of American citizenship,” said Latitude CEO Eric Major, who founded HSBC’s Global Investor Immigration Services.
Latitude, a global advisory firm, advises wealthy clients on dual passports and gold visas worldwide.
“A required $5 million donation—not even an investment—is at least five times higher than comparable pathways in Europe,” Major told Newsweek.
“Without a proper legal basis, the Trump Card lacks legitimacy in the eyes of the market,” he added.
A key feature of the proposed visa is that recipients would be taxed solely on income they earn in the U.S., rather than on their worldwide income.
The program faces several obstacles, Major said. To create such a pathway, the U.S. would need to significantly revise the Internal Revenue Code. This would include establishing a new classification of taxpayers that is separate from citizens, green card holders and those meeting the substantial presence test. These groups are currently taxed on worldwide income.
Such changes cannot be made through executive order. It would require legislation passed by both chambers of Congress.
According to the global investment migration firm Henley & Partners, interest in U.S. residency programs among wealthy individuals has increased, driven in part by renewed attention to established initiatives such as the EB-5 Immigrant Investor Program following the gold card announcement.
The EB-5 program, created in 1990, requires applicants to pay fees ranging from $100,000 to $200,000 to the United States Citizenship and Immigration Services, invest between $800,000 and $1 million, and create a minimum of 10 jobs for American workers.
In June, the administration launched TrumpCard.gov, a website where foreign nationals can register their interest in the program. Registration is open to anyone.
What People Are Saying
Latitude CEO Eric Major told Newsweek: “The Trump Card, as currently presented, appears to have been launched for political branding. Even though they appear to have received close to 70,000 registrations, this reflects expressions of interest only. No formal applications have been processed, and the scheme still faces severe legal and legislative uncertainty, including whether Congress will approve the new visa category.”
Abigail Jackson, a White House spokesperson, previously told Newsweek: “President Trump is a businessman and innovator who is always looking for new ways to bring investment back to the United States and encourage legal immigration.”
David Lesperance, the managing partner at Lesperance & Associates, told Newsweek: “I doubt if the Trump Card will ever see the light of day.”
What Happens Next
While individuals and businesses can register their interest in the visa on TrumpCard.gov, details about official application procedures and the vetting and approval processes have not been announced.
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