Trump buys Gold Card for $5 million: Key takeaways on new US visa scheme

US President Donald Trump, for the first time, revealed the “gold card” that forms the centrepiece of his controversial new immigration scheme, weeks after introducing the programme last month. The card offers a fast-track to permanent US residency for foreigners willing to invest $5 million.

 

Speaking aboard Air Force One on Thursday, Trump held up the metallic card and described it as a replacement for the existing EB-5 investor visa. The card, dubbed the “Trump Card,” features images of Trump and the Statue of Liberty, with “The Trump Card” printed in bold and “United States of America” at the top.

 

 

“For $5 million, this could be yours,” said Trump. “That was the first of the cards. You know what that card is? It’s the gold card — the Trump card.”

 

He also claimed to be the first buyer and said the card would be available within two weeks. “Pretty exciting, right?”

 

What Trump said about the gold card:

 

— It costs $5 million  

— It replaces the EB-5 visa  

— It offers permanent residency and a pathway to citizenship  

— It will bring in “brilliant, hardworking, job-creating people”  

— Holders will have to pay taxes in the US  

— The funds will help reduce the national debt  

— The broader goal is to balance the federal budget, which he said hasn’t been done in 24 years  

— Tt will target wealthy applicants and remove criminals  

 

Over 1,000 gold cards already sold: US Commerce secretary

 

Commerce secretary Howard Lutnick said the programme had already attracted interest from global investors.

 

“Over 1,000 gold cards have already been sold,” said Lutnick. He estimated that 37 million people worldwide could afford one, and claimed the programme could raise substantial funds to help reduce the $36.5 trillion US national debt.

 

He also criticised the EB-5 system. “The EB-5 programme is nonsense and fraud,” said Lutnick. “It was a way to get a green card that was priced too low. So the president said, rather than keeping this ridiculous programme, we’ll replace it with the gold card.”

 

Blow for Indian investors

 

The announcement could disrupt plans for many Indians who had begun using the EB-5 visa as a route around long waits for H-1B and other employment-based green cards.

 

“The increase from $1 million to $5 million may be the most obvious difference between the EB-5 programme and Trump’s ‘golden visa,’ but it is definitely not the most dramatic change,” said Russell A Stamets, partner at Circle of Counsels.

 

“If Trump gives golden visa holders an exemption on their worldwide income outside of the US, it will make the $5-million price tag look like chaar anna for rich people who might otherwise be subject to US global taxation,” he told Business Standard.

 

He added that reduced oversight could appeal to some. “Paired with Trump’s dial back on anti-bribery and anti-corruption laws and oversight, the golden visa may prove very attractive for a certain set of the global wealthy.”

 

Varun Singh, managing director at XIPHIAS Immigration, said Indian interest could shift to other countries.

 

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

 

“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,” Singh said. “These countries provide attractive residency options with lower investment thresholds and faster processing times.”

 

Trump can't unilaterally end EB-5, say experts

 

While Trump has declared the end of EB-5, immigration experts say he lacks the authority to do so on his own.

 

“The president can't shut down the EB-5 programme, or increase the minimum investment to $5 million, or make it into a payment to his administration, or increase the cap from under 10,000 to over a million,” said David Bier, director of immigration studies at the Cato Institute, in a social media post.

 

Piyush Gupta, vice president for India and the Middle East at CanAm Enterprises, said the EB-5 visa is governed by Congress.

 

“From its inception, the EB-5 programme has been legislated by Congress, and under the EB-5 Reform and Integrity Act of 2022, it was reauthorised through September 30, 2027,” Gupta told Business Standard. “Any changes to the programme would require congressional approval.”

 

Gupta said investors who have already applied under the existing programme are protected by law.

 

“The statutory grandfathering provision guarantees that investors who file their petitions before September 30, 2026, will be processed under the current law and have EB-5 visas available,” he said. “Any EB-5 investor who submits a petition before this date will be adjudicated under the regulations and eligibility criteria in effect at the time of filing, regardless of any future policy changes.”

 

Gupta added that CanAm uses an escrow system to protect investor capital. “We hold EB-5 capital in a protected escrow account until USCIS issues the investor’s I-526E filing receipt notice. Only after USCIS confirms the petition’s proper filing do we release funds into the investment project. If USCIS does not issue a receipt, the funds are available for refund. These protections remain unchanged,” he said.