Fast Track To US Residency

Lawyers are receiving calls from wealthy foreigners eager to learn about the "Gold Card"—a prestigious green card allowing them to live and work in the U.S. without the usual bureaucracy. The $5 million cost isn't deterring affluent individuals wanting to make the U.S. one of their residences.

"To them, $5 million is like the cost of jet fuel. It means nothing," says Matthew Kolken, an immigration lawyer from Buffalo, NY, with Canadian clients inquiring about the Gold Card. Although his clients declined to comment, Kolken believes the Gold Card is undervalued, given the time and hassle it saves for foreign multimillionaires.

"It potentially allows them to buy their way into the United States," Kolken adds. "They could simply use their Amex Black Card."

Interest is high.

"I have one client from India, one from Pakistan, and two from Egypt. A colleague has several clients from Russia," says immigration attorney Mona Shah. Most are attracted by the fast track to permanent residency and favorable tax implications; Gold Card holders would only be taxed on U.S. earnings.

Shah notes that the security and status of the "Gold Card," which allows easy entry into the U.S., is a major attraction, as well as the "privileges - plus" mentioned by Trump. While the specifics are unclear, clients envision VIP benefits like easy loans and expedited customs at U.S. airports.

"They believe it will separate first class from economy, offering a 'red carpet' visa with VIP treatment," Shah explains.

However, the perks and obligations of the Gold Card remain unclear, with the administration providing no further details months after President Donald Trump first promoted the concept.

"The Gold Card is a great thing. Remember 'the Gold Card!'" Trump declared to reporters in February. "Wealthy people will buy this card, bringing wealth, success, and significant spending and tax contributions, employing many people. We expect it to be extremely successful, unlike anything before."

Trump mentioned he would be pleased to call it the "Trump Gold Card." A government website now uses the name TrumpCard.gov, and Trump has unveiled a sample card featuring his image.

Proceeds from the Gold Card would help reduce the budget deficit and potentially the $36.2 trillion national debt, according to Trump.

"We might sell a million cards, maybe more," Trump said. "A million cards would generate $5 trillion. Selling 10 million cards would create $50 trillion. With $35 trillion in debt, that would be nice."

However, immigration experts and attorneys view this figure as highly unrealistic, anticipating sales in the low thousands.

Immigration lawyer Darren Silver reports numerous inquiries about the Gold Card, but interest declines once he clarifies it's unlike the EB-5 visa program, which requires a $1 million business investment or $800,000 for investments in lower-income areas.

Silver notes that clients are surprised to learn the Gold Card isn't an investment offering returns but rather a donation.

"I tell them, 'you're gifting the U.S. government $5 million. That's all,'" Silver says. "Once they understand that, they're no longer interested."

Similar residency or citizenship programs in exchange for investments exist in countries like Malta, Greece, Portugal, New Zealand, and the UAE. Many have faced challenges, with several programs recently ending.

In April, Malta's "Golden Visa" program was shut down for violating EU law. Spain's program was ended due to rising housing prices. The UK terminated its program in 2022 over national security, illicit funds, and money laundering issues. Similar concerns ended programs in Cyprus, Ireland, and Bulgaria.

"These programs often attract unsavory characters," says Kate Hooper, senior policy analyst with the non-partisan Migration Policy Institute. "The problem is that these programs struggle to trace investors' identities and money sources. These are significant challenges for effective investor visa programs, leading to more closures."

Trump stated that Gold Card applicants would undergo "very careful" vetting. However, he did not alleviate concerns when asked if Russian oligarchs could be eligible.

"Yeah possibly," Trump replied. "I know some Russian oligarchs who are very nice people."

The Trump administration also faces challenges, such as the optics of welcoming wealthy foreigners while detaining and deporting numerous less affluent immigrants for various reasons.