The Trump administration’s proposed “gold card” visa program has garnered significant media attention, with claims of over 70,000 expressions of interest. However, industry experts, like Latitude Managing Director Chris Willis, are skeptical about the actual number of sales. He predicts that fewer than 1,000 gold cards will ultimately be sold, a stark contrast to the expectations set for such a residency initiative. The U.S. Commerce Department has been contacted for comments on the matter, but reactions from the industry paint a picture of doubts surrounding the program’s viability.
Introduced in February, the gold card proposal aims to provide U.S. residency to foreign individuals willing to invest $5 million in the country. This fast-track route is tailored for high-net-worth individuals seeking American citizenship. Since assuming office on January 20, President Donald Trump has implemented drastic changes to U.S. immigration policies, including suspending the processing of certain green card applications and terminating temporary legal statuses for various migrant groups. The gold card initiative is positioned as a countermeasure, diversifying immigration pathways amid these restrictions.
Upon its announcement, the gold card visa program faced immediate criticism for being excessively priced, with experts arguing that it undervalues U.S. citizenship. Latitude CEO Eric Major noted that the $5 million contribution required for the gold card is substantially higher than comparable programs in Europe, which require significantly lower investments. Major also highlighted concerns regarding the legitimacy of the initiative, stating that without a clear legal framework, the gold card lacks market credibility. He emphasized that the proposed visa would also feature a unique tax structure where recipients would be taxed only on income earned within the U.S., differing from current taxpayers who are taxed on worldwide income.
The successful implementation of the gold card program would necessitate extensive revisions to existing tax laws, including the creation of a new taxpayer classification system. Such reforms cannot be enacted unilaterally through executive orders; they would require legislation approved by both houses of Congress. The complex legal landscape raises questions about the feasibility of the program. In the meantime, interest in U.S. residency options, partially spurred by the gold card announcement, has increased among wealthy individuals, with renewed focus on established programs like the EB-5 Immigrant Investor Program, which involves a much lower financial commitment.
The Trump administration has taken steps to facilitate interest in the gold card visa through the creation of TrumpCard.gov, a website where foreign nationals can register their interest. Although nearly 70,000 individuals have reportedly registered, it is crucial to note these figures represent mere expressions of interest and no formal applications have yet been processed. The announcement has been described by industry experts as politically motivated rather than a serious immigration strategy, with apprehensions about the legal and legislative hurdles the program must overcome.
Industry insiders express skepticism regarding the program’s future. Latitude CEO Major and David Lesperance, managing partner at Lesperance & Associates, both share doubts about whether the gold card initiative will ever come to fruition. As potential applicants continue to register their interest, the lack of clarity surrounding official application procedures and the vetting process leaves many questions unanswered. The program’s success hinges not only on market reception but also on overcoming substantial legal challenges, making its future uncertain as it enters an unpredictable legislative landscape.
