Trump's $5 million 'Gold Card' may succeed in India, but faces legal test

Trump's $5 million 'Gold Card' visa may attract wealthy Indians, but legal experts say replacing the EB-5 programme would need approval from Congress

The Trump administration’s proposed ‘Gold Card’ visa, which offers US permanent residency in return for a $5 million investment, could be especially popular among wealthy Indian nationals, US Commerce Secretary Howard Lutnick said on Monday.

 

Speaking at the US-India Strategic Partnership Forum (USISPF) Leadership Summit 2025, Lutnick said the new visa model would offer affluent Indians a unique path into the American economy.

 

“I expect the Trump Card will create really an enormous opportunity for people to have the ability to come to America,” said Lutnick. “We are going to be incredibly successful in India.”

 

What is the Trump Gold Card?

 

 

The ‘Gold Card’ is pitched as a replacement to the existing EB-5 investor visa. The current EB-5 scheme allows foreign nationals to secure permanent US residency through a minimum $800,000 investment that creates or preserves 10 full-time jobs. In contrast, the Gold Card proposes:

 

A $5 million investment threshold

Immediate US permanent residency, similar to a green card

A streamlined route to US citizenship

No obligation to create jobs

 

Lutnick described it as “the equivalent of a green card” but with options for tax planning. “You can do it that way and pay global tax, or you can keep everything the way it is and just pay US tax on US assets,” he said. “No inheritance tax, and none of that kind of stuff either.”

 

He added, “That’s what we’re going to call it—an international entrepreneur. I think it will be very well received amongst the great people of India who want to participate and have the means to participate in America.”

 

Lutnick credited Indian entrepreneurs for their growing presence in the US business world. “They’re fantastic entrepreneurs, fantastic business people, smart, thoughtful, educated in every way,” he said.

 

Application process and availability

 

Interested applicants can visit trumpcard.gov to register and learn more about the process. Some cards have reportedly already been purchased in the Middle East.

 

The Trump administration expects the initiative to raise considerable revenue. Trump has said, “We could sell maybe a million of these cards, maybe more than that.” He projected that if 10 million cards were sold, the US could generate $50 trillion.

 

Lutnick offered a more conservative estimate, suggesting the US could still raise $1 trillion if 200,000 people invested.

 

But is the Gold Card visa legal?

 

The programme has triggered legal questions over whether the President can bypass Congress to change immigration law.

 

Piyush Gupta, vice president for India and the Middle East at CanAm Enterprises, said, “From its inception, the EB-5 program has been legislated by Congress, and under the EB-5 Reform and Integrity Act of 2022 (RIA), it was reauthorised through September 30, 2027. Any changes to the program would require congressional approval.”

 

The American International Lawyers Association echoed this view in a March blog post. “As a matter of law, it is important to remember that the President cannot unilaterally end or change the EB-5 program,” the group wrote. “Unless Congress repeals it, or passes a new or amended law,” the existing scheme is expected to remain in place.

 

US holds the wealth crown

 

According to the 2025 USA Wealth Report:

 

The US has over 6 million millionaires, accounting for 37% of the world’s total

10,800 centi-millionaires (with $100 million+ net worth)

More than 850 billionaires

 

From 2014 to 2024, the US millionaire population grew by 78%—the highest in the world.

 

The Gold Card, if implemented, would put the US in line with other countries that offer investment-based residency, but with a much higher entry bar.