John Burson  edited Monday, March 31, 2025

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Trump’s $5 Million Gold Card vs EB-5: Truth Behind ‘1000 Sold In A Day’ Claim by US Secretary Howard Lutnick

President Trump’s $5 million Gold Card visa program sold 1,000 cards in just one day, raising $5 billion. What does this mean for U.S. immigration, and is it even true or not?

In a groundbreaking move that has stirred excitement and skepticism, U.S. Commerce Secretary Howard Lutnick announced the sale of 1,000 Gold Cards in a single day, raising $5 billion for the U.S. government. The $5 million Gold Card visa program, launched by President Donald Trump in February 2025, can redefine how the U.S. attracts foreign investors and wealthy residents. Priced five times higher than the existing EB-5 immigrant investor program, the Gold Card offers permanent U.S. residency to foreign nationals willing to commit significantly.

The Trump administration sees this move as an innovative solution to the country’s mounting fiscal deficit. But is it truly a sustainable financial strategy, and can it replace the EB-5 program that has been a cornerstone of U.S. immigration policy for years?

The $5 Million Gold Card vs. EB-5 Visa Program: A Two-Tiered Immigration System

The introduction of Trump’s $5 million Gold Card is set to reshape the landscape of U.S. immigration. Unlike the traditional EB-5 visa, which requires a $1 million investment in a U.S. business that creates jobs, the Gold Card provides a more exclusive path to permanent residency for ultra-wealthy foreign nationals willing to invest $5 million. This higher threshold aims to attract individuals with substantial financial resources who can significantly contribute to the U.S. economy.

While President Trump and Secretary Lutnick have touted the Gold Card as a "bargain" despite its high price, its introduction raises concerns about creating a two-tiered immigration system. The Gold Card, intended to replace the EB-5 visa, could divide the immigration process into two distinct classes: one for the wealthy who can afford the steep price and another for those who must navigate traditional immigration channels. Critics argue that this could create inequalities, favoring the wealthy over others seeking residency in the U.S. and potentially undermining the core principles of fairness and opportunity that U.S. immigration has historically embodied.

Legal Status and Challenges of Trump’s $5 Million Gold Card Visa Program

While the Gold Card program has sparked significant interest and raised billions of dollars, its legal standing remains uncertain. There are several key legal aspects that need to be addressed before the program can be fully implemented.

Congressional Approval and Legal Framework

The U.S. immigration system is primarily governed by laws passed by Congress. Although the Trump administration has proposed the Gold Card as a replacement for the EB-5 program, it could still require Congressional approval to be legally recognized as a valid pathway to U.S. residency. Given that the Gold Card program represents a substantial shift in how residency is granted—specifically monetizing it—it may face resistance or calls for amendments from lawmakers who need to align it with existing immigration laws.

Tax Loophole and Global Taxation

A particularly controversial aspect of the Gold Card is the exemption from global taxation for its holders. Secretary Lutnick confirmed that Gold Card holders, while considered permanent residents, would not be required to pay U.S. taxes on income earned outside of the U.S. This creates a significant financial advantage for wealthy individuals, potentially encouraging them to seek U.S. residency as a tax shelter. However, this could spark backlash from U.S. citizens who are subject to global taxes and may raise questions about fairness and the program’s potential to attract individuals looking to avoid taxes rather than contribute to American society.

Constitutional Concerns and Equal Protection

The introduction of a program that prioritizes financial capability over other factors—such as merit or family ties—could spark constitutional challenges. Critics might argue that it creates a two-tiered immigration system, which goes against the core principles of fairness and equality in U.S. immigration law. Legal experts may challenge the idea that residency should be commodified, as it could unfairly benefit the wealthy while leaving others who cannot afford the program to navigate traditional, often more difficult immigration channels.

Implementation and Regulatory Oversight

The swift rollout of the Gold Card program, with software development reportedly in progress by Elon Musk, raises concerns about the program's preparedness and regulatory oversight. With such a high monetary value and potentially massive scale, there are risks involved in managing the applications, conducting thorough background checks, and ensuring that only legitimate individuals are granted U.S. residency. The program will require stringent oversight to ensure its credibility and prevent misuse.

Misconceptions and Implementation Hurdles: Insights from Industry Experts

As the Gold Card visa program garners attention, several experts have raised important points regarding its current status and the practical challenges involved in its full implementation. One such expert, Ron Klasko, a respected immigration attorney and industry specialist, offers a more measured perspective on the program’s progress.

Klasko emphasizes that while the announcement of 1,000 Gold Cards being sold in one day is certainly a notable development, it may not fully capture the complexities involved in launching such a high-profile immigration program. He points out that the "Gold Card" itself does not yet exist in a formal, legislatively approved capacity. While Secretary Lutnick’s statement has sparked considerable interest, the program has yet to pass through the necessary channels in Congress, and there are still numerous administrative steps that need to be taken.

For example, Klasko notes that before the program can move forward, the U.S. government must determine which agency will be responsible for administering the Gold Card, a process that could take time. Additionally, the creation of required forms, the recruitment or training of adjudicators, and the establishment of robust security protocols for vetting applicants are all key challenges that must be addressed.

Klasko also highlights the need for a thorough security clearance process, especially considering the program’s focus on attracting ultra-high-net-worth individuals. The background checks required to ensure that applicants meet national security criteria could significantly delay the rapid implementation envisioned by some proponents of the Gold Card.

Given these considerations, Klasko urges caution in drawing conclusions about the program’s success before these essential issues are resolved. While the Gold Card’s potential is clear, its smooth rollout will depend on overcoming these significant logistical and regulatory hurdles.

1,000 Cards Sold in One Day: The Program's Early Success

In an interview on the All-In Podcast, Secretary Lutnick revealed that 1,000 Gold Cards had already been sold in a single day, raising a staggering $5 billion. According to Lutnick, the program has generated significant interest, with people around the world lining up to take advantage of the opportunity. The rapid pace of sales highlights the high demand for U.S. residency among the world's wealthiest individuals.

Lutnick also mentioned that the program will officially launch in about two weeks, with Elon Musk reportedly helping to develop the software to manage the applications. If the initial sales are any indication, the program could quickly become a major source of revenue for the U.S. government.

Lutnick’s announcement raises the prospect of scaling the program to sell even more Gold Cards. The Trump administration has set ambitious targets, with the President expressing confidence that as many as one million Gold Cards could be sold. At that level, the program could raise $5 trillion in revenue to eliminate the U.S. national debt, which currently stands at over $36 trillion.

What Sets the Gold Card Apart from EB-5?

While the Gold Card and the EB-5 visa offer pathways to U.S. residency for foreign investors, the two programs are distinct in their approach. The EB-5 program requires a $1 million investment (or $850,000 in targeted employment areas) and mandates the creation of at least 10 U.S. jobs. In contrast, the Gold Card's $5 million price tag is intended to attract individuals who can make a significant investment and bring considerable wealth and business expertise to the U.S.

Critics argue that the Gold Card is elitist, creating a divide between those who can afford the program and those who cannot. However, Secretary Lutnick insists that 37 million people globally are financially capable of purchasing a Gold Card, pointing to the enormous potential market for the program. The goal is to target wealthy individuals who will contribute to the U.S. economy through their investments and expertise.

A Tax Loophole? The Global Tax Issue

One of the most controversial aspects of the Gold Card program is global taxation. Secretary Lutnick clarified that those who obtain a Gold Card will not be subject to the same global tax requirements as U.S. citizens. While U.S. citizens must pay taxes on their worldwide income, Gold Card holders—considered permanent residents—will not be obligated to pay U.S. taxes on income earned outside the country.

Lutnick emphasized that this provision is a significant selling point for foreign investors, particularly those from countries with high tax rates. As a result, many wealthy individuals might be drawn to the Gold Card program to gain residency in the U.S. without the financial burden of global taxation.

However, this could spark criticism both within the U.S. and abroad. Some argue that it creates a system in which wealthy foreign nationals can benefit from U.S. residency without fully participating in the country's civic responsibilities. Furthermore, the tax loophole could attract individuals primarily interested in avoiding taxes rather than genuinely contributing to U.S. society.

How the Gold Card Program Can Benefit the U.S. Economy

The Gold Card program is being promoted to generate substantial revenue for the U.S. government, which could be used to address the country’s growing fiscal deficit. If the program achieves the President’s goal of selling one million cards, it could theoretically raise $5 trillion, which could significantly reduce the national debt.

Beyond the immediate financial benefits, the program could also have long-term positive effects on the U.S. economy. Wealthy foreign nationals who obtain a Gold Card are likely to invest in U.S. businesses, create jobs, and stimulate economic growth. Additionally, the influx of high-net-worth individuals could lead to greater demand for luxury goods, services, and real estate, benefiting various sectors of the economy.

However, there are questions about whether the revenue generated by the program will be reinvested into the economy in a way that benefits all Americans. Critics argue that while the program may bring in funds, it could exacerbate existing inequalities, especially if the wealthy use their residency to shield their wealth from taxes or contribute minimally to American society.

The Potential Downsides: Gentrification and Inequality

While the Gold Card may provide an economic boost, it could also have unintended consequences. One of the primary concerns is the potential for increased gentrification in U.S. cities. Wealthy foreign nationals could drive up property prices in areas already struggling with affordability, pushing middle- and lower-income Americans out of desirable neighborhoods.

In cities like New York, Los Angeles, and Miami, foreign investors could exacerbate existing wealth gaps, creating a two-tiered society where the ultra-wealthy live in exclusive enclaves while the rest of the population struggles to make ends meet. This could fuel social tensions and lead to a growing sense of resentment among those who feel excluded from the American Dream.

Is the Gold Card Program Practical?

From a practical standpoint, the Gold Card program has its advantages and challenges. On one hand, raising funds to reduce the U.S. national debt is appealing, and the demand for U.S. residency among the global elite is undeniable. However, the program's reliance on the continued flow of foreign capital raises concerns about sustainability. If the global economic landscape shifts or if demand for the Gold Card declines, the program could struggle to meet its ambitious goals.

Moreover, the ethical implications of monetizing U.S. residency are significant. The Gold Card program could create a system in which only the wealthy can access U.S. residency, undermining the principles of fairness and merit that have long been associated with U.S. immigration policy.

Conclusion: A High-Stakes Gamble

In conclusion, while the Gold Card program presents an innovative approach to immigration and national debt reduction, its long-term success is uncertain. The rapid sale of 1,000 cards in a single day demonstrates significant interest, but the program’s impact on the U.S. economy, society, and immigration policy must be closely monitored. Whether the Gold Card program becomes a permanent fixture of U.S. immigration or a short-lived experiment depends on its ability to balance financial gain with fairness, equity, and the core values of American society.

 
 
 

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