1,000 Trump gold cards sold in a day, each worth $5 million: US officials

Trump said that if one million gold cards are sold, the programme could generate $5 trillion for the US government

US President Donald Trump on February 25 unveiled plans to offer a "gold card" visa with a path to citizenship for $5 million. Now, US Commerce Secretary Howard Lutnick has revealed he sold 1,000 gold cards a day.

 

The programme is expected to roll out in about two weeks, according to Lutnick. “Elon Musk is building the software for it right now, and then it goes out in about two weeks... and by the way, just yesterday I sold a thousand,” he said on the All-In Podcast.

 

“There are 37 million people in the world who are capable of buying the card... the president thinks we can sell a million,” said Lutnick.

 

 

He said Trump came up with the idea during a meeting with investor John Paulson. Lutnick was then brought in to figure out how to implement it.

 

Permanent residency for $5 million

 

Lutnick said the gold card would replace the green card and grant permanent US residency. It would allow holders to live in the US indefinitely, and while citizenship would be an option, most would likely avoid it due to global taxation rules.

 

“If you are a US citizen, you end up paying global tax,” he said. “So, outsiders will certainly not come to the US to pay global tax. So, if you have a green card—now gold card—you will be a permanent resident of America (without paying tax). You can choose to be a citizen, but you don't have to be... none of them will choose to be one (so they can avoid paying global tax).”

 

Lutnick explained the card would act as a form of insurance for wealthy families who may want the ability to relocate to the US in times of crisis.

 

“What they going to have is to have the right to be in America (indefinitely, and at any time they want) by paying $5 million,” he said. “They will be vetted, so they will be good people—those who will abide by the law. The US can always revoke it if they are evil or indulge in illegal activity.”

 

He gave a personal example: “If I were not an American, and lived in any other country in the world, I would buy six gold cards—one for me, one for my wife, and one for my four children—because God forbid, if some disaster happens, I want to have the option and the right to just go to the airport and fly to America. And for the US to just welcome us ‘home’. And once I'm ‘home’ and safe, I can resume my life, do a business, or whatever else I want.”

 

Lutnick added that only income earned in the US would be taxable for gold card holders. “All their money earned abroad is non-taxable. Only what they earn in America when they live here will be taxable—that is the idea,” he said.

 

What is the US gold card?

 

Each card costs $5 million  

It grants permanent US residency, with an optional path to citizenship  

It is intended to replace the EB-5 investor visa programme  

No cap has been announced on how many cards may be issued  

 

The EB-5 programme, created in 1990, allows foreigners to get green cards by investing at least $1 million—or $800,000 in a low-income area—into a US business that creates a minimum of 10 jobs. Over 4,500 EB-5 visas were issued in 2024.

 

Trump, speaking at a joint session of Congress in Washington on March 5, said, “Our country will bring in brilliant, hardworking, job-creating people. Gold card holders will have to pay taxes in the US. It will help reduce the national debt.” He said the goal was to balance the federal budget, which he claimed has not been done in 24 years.

 

He also introduced a separate plan allowing US companies to recruit top graduates from Ivy League and other major universities.

 

“I get calls from, as an example, companies where they want to hire the No. 1 student at the school,” Trump said. “Person comes from India, China, Japan, lots of different places, and they go to Harvard, to Wharton School of Finance, they go to Yale.”

 

“These companies can go and buy a gold card, and they can use it as a matter of recruitment,” he said. “I happen to think it’s going to sell like crazy. It’s a bargain.”

 

Trump has said that if one million gold cards are sold, the programme could generate $5 trillion for the US government.

  Experts say Indians may look elsewhere

 

However, experts say Indians are unlikely to be drawn to the scheme. In the context of golden visas offered globally, Prashant Ajmera, an immigration lawyer at Ajmera Law Group, told Business Standard that interest from Indian applicants is more out of curiosity than serious intent to relocate.

 

“The primary applicants for these residency and citizenship visas tend to be Russians and Chinese, largely due to geopolitical factors in their home countries. Historically, Indians have not been significant participants in these schemes,” he said.

 

Speaking to Business Standard, Varun Singh, managing director of XIPHIAS Immigration, said the proposal could push Indian investors towards other global residency routes.

 

“The removal of the EB-5 visa programme would be a severe blow to Indian investors, the US economy, and bilateral ties. It has been an economic driver, with Indian investors contributing billions of dollars to real estate, infrastructure, and technology sectors in the US,” said Singh.

 

“The EB-5 visa provided Indian families with a direct path to permanent residency, bypassing the long wait for H-1B and EB-2/EB-3 green cards. Many Indians have waited decades for US residency due to country-specific limits. Eliminating EB-5 would leave thousands stranded in limbo,” he said.

 

Singh added that Indian investors may now consider alternative schemes. “Indian investors may now turn to other global residency programmes such as Greece’s Golden Visa, Portugal’s Golden Visa, and investor schemes in the UAE and Canada,” he said. “These countries provide attractive residency options with lower investment thresholds and faster processing times, making them viable alternatives for Indian high-net-worth individuals.”