Trump’s $5 Million Gold Card Visa: A New Pathway to U.S. Residency
President Donald Trump’s proposed $5 million "gold card" visa has sparked considerable interest among wealthy individuals seeking fast-track pathways to U.S. residency and potentially citizenship. This initiative, announced in February, is part of a broader shift in the U.S. immigration landscape, particularly as it affects affluent investors.
Why It Matters
Since Trump returned to office on January 20, he has put forth substantial changes to U.S. immigration policy. Among these efforts is the proposed gold card program, which allows individuals to gain U.S. residency by investing $5 million in the country. This proposal comes alongside a trend of tightening immigration pathways, evidenced by the suspension of certain green card applications and the cancellation of temporary legal status for specific migrant groups.
The Surge in Investment Interest
As the U.S. sees an influx of inquiries from wealthy individuals, global investment migration firms like Henley & Partners are noting significant interest in existing programs like the EB-5 Immigrant Investor Program. This program, which was established in 1990, requires foreign investors to contribute between $800,000 and $1 million and create at least 10 jobs for American workers. It has become a favored option, as evidenced by a staggering 325% increase in inquiries between 2019 and 2024.
In Q1 2025 alone, inquiries surged 57% from the previous year and 168% from the last quarter of 2024. "Many clients have fast-tracked their EB-5 filings out of concern the gold card program might replace existing options," says Ashok Kumar Adusumilli, director of EB5Resources.com. Given that the EB-5 program has attracted more than $55 billion in foreign direct investment, it’s clear that U.S. residency programs for affluent investors are garnering attention.
Key Features of the Gold Card Program
While details on the gold card program remain sparse, one of its key selling points is that recipients would only be subject to U.S. territorial taxation. This means they would be taxed solely on U.S.-earned income rather than being liable for taxes on their worldwide income. This could potentially make the gold card an attractive proposition for foreign investors.
Adusumilli points out that many investors hesitate to establish U.S. residency due to worries about global taxation. Thus, if the gold card program can alleviate these concerns, it may result in increased domestic investment. However, implementing such a significant change to tax law would necessitate revisions to the Internal Revenue Code and could require legislation that may not currently exist in Trump’s proposed immigration bill.
Legislative Hurdles
Despite excitement around the gold card, several hurdles stand in its way. The proposal would need formal legislation passed by both houses of Congress to create a new category of U.S. taxpayers and diverge from existing tax classifications that impose worldwide taxation. Current legislation does not include the necessary provisions to make this proposal a reality, and experts have expressed skepticism regarding its feasibility.
David Bier, director of immigration studies at the Cato Institute, argues that the Trump administration lacks the authority to eliminate existing programs like the EB-5, thereby complicating the potential impact of the gold card. Meanwhile, David Lesperance, managing partner at Lesperance & Associates, asserts that the gold card is "dead on arrival," primarily due to the absence of a viable market.
What’s Next?
The anticipated launch of the gold card program’s website—expected within weeks—holds promise for those eager to explore this new avenue towards U.S. residency. Commerce Secretary Howard Lutnick mentioned that the platform would let interested parties register for the proposed visa.
However, without a solid legislative framework, the future of the gold card program remains uncertain. As the narrative continues to develop, it is crucial to stay tuned to this potentially transformative immigration pathway, especially for high-net-worth individuals looking to invest in the United States.
Industry Responses
Industry experts have varied opinions on the gold card proposal. Bier notes that while the Trump administration seeks to alter existing programs, substantial legislative constraints may impede their ability to do so effectively. Meanwhile, Jackson asserts that the gold card initiative reflects Trump’s ongoing mission to reinvigorate investment and facilitate legal immigration.
Henley & Partners’ findings illustrate a complex dynamic where wealthy Americans are considering international moves while simultaneously seeing investment inflows from foreign individuals. Jean Paul Fabri, chief economist at Henley & Partners, emphasizes that the U.S. remains an attractive environment for wealth creation, a factor that complements the interest in residency programs.
In summary, the $5 million gold card visa proposed by President Trump has ignited conversations about the interplay between immigration and investment in the U.S. economy. While it poses potential benefits, particularly in creating a more favorable tax regime for wealthy investors, the legislative challenges ahead could shape its ultimate viability. For now, the spotlight remains firmly on how this initiative unfolds in the political arena.
