Trump Gold Card Draws Attention: New Opportunity or Legal Risk for Foreign Investors?

The Trump Gold Card, a new initiative introduced by President Donald Trump through an executive order, is drawing significant attention from high-net-worth foreign nationals. However, according to U.S. immigration attorneys, the program contains multiple legal uncertainties and may face serious challenges in federal court.

What Is the Trump Gold Card?

The Trump Gold Card program allows foreign nationals to purchase legal status in the United States for a fee of USD 1 million. The official online application portal opened on December 10.

According to the Trump administration, the program is designed to attract capital from wealthy individuals worldwide. Unlike traditional investment visa programs, the Gold Card does not require job creation or business investment.

Trump Gold Card vs. EB-5 Visa: Key Differences

According to Steven Reingold, an attorney at Saul Ewing, the Gold Card functions as an alternative to the EB-5 Immigrant Investor Program—but with critical differences.

EB-5 Visa:

• Minimum investment of USD 800,000 in a U.S. business

• Mandatory job creation or job preservation

• Possibility of capital recovery if the project is successful

Trump Gold Card:

• USD 1 million payment per applicant

• No investment and no job creation requirement

• Funds are treated as a direct, non-refundable contribution to the U.S. government

Immigration attorney Rohit Kapuria commented:

“Under the Gold Card program, this is essentially a donation. You will never get that money back.”

Major Barrier for Family Applications

A significant drawback of the Gold Card is that it does not allow dependent family members under a single application, unlike EB-5.

This means:

• A family of four would require USD 4 million

• A family of five would require USD 5 million

Kapuria noted that this structure heavily filters applicants, making the Gold Card suitable only for ultra-high-net-worth individuals, rather than family-based investors typically drawn to EB-5.

Will the Gold Card Compete with EB-2 and EB-1 Visas?

Experts believe the Gold Card may divert applicants from EB-2 and EB-1 categories, which are designed for individuals with advanced degrees or extraordinary ability.

The EB-2 category currently faces severe backlogs—especially for applicants from China and India—prompting some candidates to consider higher-cost alternatives for faster processing.

Although the Gold Card is reportedly built upon the legal framework of EB-1A and EB-2 NIW, it does not require proof of individual merit or achievements, a point that has sparked controversy.

Risk of Legal Challenges in Federal Court

George Fishman, senior fellow at the Center for Immigration Studies, warned that the Trump Gold Card may be ruled unlawful.

“The question is whether simply writing a USD 1 million check can satisfy the legal requirements of merit and contribution to the United States. This will be a major vulnerability in court.”

Fishman added that EB-2 applicants affected by visa caps could have sufficient legal standing to file lawsuits, arguing that the Gold Card creates an unfair advantage.

Program Still Lacks Legal Clarity

According to attorney Reingold, the Gold Card program currently suffers from:

• Lack of explicit authorization from Congress

• Incomplete regulatory framework

• High risk of suspension if courts issue adverse rulings

As of now, the U.S. Department of Homeland Security has not released an official statement, and the Department of Commerce has not responded to media inquiries.

Expert Opinion: Should Investors Pursue the Trump Gold Card?

Immigration experts advise investors to:

• Closely monitor ongoing legal developments

• Carefully compare the Gold Card with EB-5, EB-2, and other immigration pathways

• Consult qualified U.S. immigration attorneys before making any financial commitments