The “gold card” visa program, a new initiative by U.S. President Donald Trump, has generated significant interest since its announcement on February 25, 2025. The program allows foreign investors to secure permanent residency in the United States — and potentially a path to citizenship — through a $5 million investment.
During a recent appearance on the All-In Podcast, U.S. Commerce Secretary Howard Lutnick revealed impressive demand for the gold card, reporting that 1,000 cards were sold on a single day. Lutnick noted that there are approximately 37 million people worldwide who have the financial means to purchase the card, expressing confidence that the program could sell up to a million gold cards. “This is just the beginning,” Lutnick added, emphasizing the program’s potential to reshape U.S. immigration policy.
The gold card concept was born from a conversation between President Trump and financier John Paulson. Lutnick, who was brought in to help develop the idea, disclosed that tech mogul Elon Musk is working on the software necessary for its implementation. “Elon Musk is building the software for it right now, and it will be ready in about two weeks,” Lutnick said, indicating that the program’s rollout is imminent.
The gold card is intended to replace the EB-5 visa program, established in 1990, which allows high-net-worth individuals to gain U.S. permanent residency in exchange for a substantial investment. Under the current EB-5 program, investors are required to put up either $1 million or $800,000 in a targeted employment area. In 2024, more than 4,500 EB-5 visas were issued, reflecting strong demand for this route to U.S. residency.
Trump has framed the gold card as a way to attract talented, entrepreneurial individuals who can help boost the U.S. economy. In a recent speech to Congress, he argued that the program would reduce national debt, estimating that the sale of one million gold cards could generate up to $5 trillion for the U.S. government. “Our country will bring in brilliant, hardworking, job-creating people,” Trump said.
However, the program has sparked some debate. Immigration lawyer Prashant Ajmera expressed skepticism, particularly regarding the level of interest from Indian applicants. “The interest is largely anecdotal, and many prefer residency options in countries with more favorable conditions,” Ajmera explained, pointing out that Russian and Chinese nationals are more likely to pursue this visa due to geopolitical factors in their home countries.
Varun Singh, managing director of XIPHIAS Immigration, warned that replacing the EB-5 program could be a setback for Indian investors. “The removal of the EB-5 visa would severely impact Indian investors, the U.S. economy, and bilateral ties,” Singh said, noting that the program had been especially important for Indian families facing long wait times for other types of visas. Singh suggested that Indian investors may now turn to alternative global residency programs, such as those offered by Greece, Portugal, the UAE, and Canada, which typically have lower investment requirements and faster processing times.
Reactions from the business elite have been mixed. A survey by Forbes found that of 18 billionaires interviewed, 13 expressed no interest in the gold card, with only a few considering it as a viable option. One Canadian billionaire summed up the sentiment, saying, “If you’re a billionaire, you don’t need it.”
Despite the mixed responses, the gold card program represents a significant shift in the U.S. immigration landscape. As the launch date approaches in two weeks, attention will be on how the program is received by potential investors and experts, who remain cautious about its long-term impact on U.S. immigration policy and international relations.
In conclusion, Trump’s gold card visa program offers an expedited route to U.S. residency for affluent individuals, raising important questions about wealth, citizenship, and the future of U.S. immigration policy. The program’s success will depend on its ability to attract investors while navigating concerns over its broader implications.
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