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Trump's "Gold Card" Draws Interest from Over 70,000, Faces Legal Hurdles

Friday, June 27, 2025 by Hannah Aguilar

The Trump Card, a novel investment visa introduced by President Donald Trump, promises permanent U.S. residency in exchange for a $5 million investment. This initiative has sparked considerable international interest, with over 70,000 individuals registering on its website. Despite this enthusiasm, the card encounters significant legal, tax, and political challenges that could hinder its success, as highlighted by immigration attorneys and tax experts referenced by Telemundo.

Officially dubbed the "Trump Gold Card," this proposal is a cornerstone of Trump's ambitious strategy to invigorate the investment visa market and generate up to $1 trillion for the U.S. Treasury. Commerce Secretary Howard Lutnick suggested the potential market could include up to 37 million individuals, with companies such as Apple potentially interested in securing cards to attract international talent, although Apple has declined to comment on the matter.

A Limited Market with Many Questions

While the figure of 70,000 interested parties appears promising, registration is open to anyone, regardless of income level. Analysts caution that the true market is likely limited to approximately 276,000 individuals worldwide with a net worth of at least $30 million—those in the ultra-wealthy segment who might consider paying $5 million for a visa.

According to Henley & Partners, a British firm specializing in investment migration, genuine demand might hover around 2,000 applications annually, which falls short of the official projections. Uncertainties also remain about the card's scope: it's unclear whether it covers an entire family or just one individual, potentially diminishing interest. Presently, high-level attorneys and financial advisors are primarily signing up to gather information rather than to apply immediately.

Tax Risks and Legislative Approval Needed

One of the main obstacles for the program's success is the U.S. tax system. Unlike other countries, the United States taxes the global income of its citizens and permanent residents, meaning they must pay federal income taxes on earnings from abroad.

Although Trump has vowed to offer exemptions for foreign income of cardholders, such changes would require significant amendments to the tax code, a task that falls to Congress with approval from the Internal Revenue Service (IRS). These tax exemptions could also create a loophole: wealthy Americans might renounce their citizenship, purchase the Trump Card, and return to the U.S. without being subject to global income tax, a maneuver that concerns tax professionals.

"Wealthy individuals won't take risks without clarity on global income, estate, gift, and inheritance taxes," warned Theda Fisher, a partner at Withers Bergman LLP, advising high-net-worth clients. "Until there is legal certainty, many clients will hesitate," she added.

International Tensions and Background Checks

While the majority of demand is anticipated to come from China and the Middle East, trade tensions with China and capital outflow restrictions could dampen interest from Asia. Additionally, the process for conducting background checks to prevent criminals or foreign agents from accessing this immigration benefit remains unclear.

The program also faces potential opposition from the pro-EB-5 lobby, which currently supports a visa requiring a lower investment (around $1 million) and ties the immigration benefit to job creation in economically distressed areas. Any replacement or elimination of this program would require Congressional approval, complicating the Trump Card's future.

An Uncertain Future

Despite initial excitement, the viability of the Trump Card hinges on clear answers to numerous legal and fiscal questions, as well as its ability to overcome political and technical resistance. For the time being, the proposal remains a promise without a defined legislative framework and with a much narrower potential market than suggested by the White House. As Dominic Volek from Henley & Partners summarized, "Every week there is something new announced about this card, but many uncertainties still surround its ultimate success."

Key Questions About Trump's Gold Card Visa

What is the Trump Gold Card?

The Trump Gold Card is an investment visa proposed by President Donald Trump, offering permanent U.S. residency in exchange for a $5 million investment.

What are the main challenges facing the Trump Gold Card?

The primary challenges include legal, tax, and political hurdles, such as changes to the tax code and potential opposition from existing visa programs.

Who is the target market for the Trump Gold Card?

The target market is ultra-wealthy individuals worldwide, particularly those with a net worth of at least $30 million.

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