Note: The EB-5 program continues to operate under the framework established by the EB-5 Reform and Integrity Act (RIA). The 2025 Budget Bill has no specific provisions about the EB-5 program with funding allocated through the Immigration Examinations Fee Account and the EB-5 Integrity Fund.
What Is the Trump Gold Card?
The Trump Gold Card is a proposed U.S. immigration initiative announced by President Donald Trump in early 2025 that would offer permanent residency and a path to citizenship for wealthy foreign nationals in exchange for a $5 million investment.
The program was initially positioned as a replacement for the existing EB-5 Immigrant Investor Program, with the goal of attracting significant foreign capital and streamlining the residency process for high-net-worth individuals. Unlike the EB-5 program, the Gold Card would not require job creation and would function more as a direct payment for residency than an investment scheme.
Trump’s Card is designed to be physically made of gold and will feature President Trump’s image and signature.
Updated Timeline of the Trump Gold Card
Key Milestones
February 25, 2025: President Trump formally announces the Gold Card program from the Oval Office, positioning it as a replacement for the EB-5 program. Commerce Secretary Howard Lutnick refers to it as the “Trump Gold Card” and outlines its main features: a $5 million price tag, permanent residency, and a pathway to citizenship, with no explicit job creation requirement.
Late February–Early March 2025: Trump and administration officials claim the Gold Card will be implemented within two weeks and that it will not require congressional approval. Commerce Secretary Lutnick and others suggest the program will eradicate fraud associated with EB-5 and raise significant revenue for the government.
The Government Accountability and Oversight Office conducted a deep investigation at the request of Congress and published a report in 2023 showing that fraud findings were less than 1%. That report is here. Behring covered this topic in great detail with former EB-5 Adjudicator Greg Sheehan. Since that time, no credible reports of EB-5 fraud have been published.
Early March 2025: According to Wired.com, implementation teams, including engineers associated with the Department of Government Efficiency referred to as “DOGE”, began building the application system and website for the Gold Card. Meetings occurred with the State Department, Department of Homeland Security, and USCIS to coordinate processes. The domain trumpcard.gov is registered and connected to digital systems at CBP, the State Department, and USCIS.
March–April 2025: Trump and Lutnick repeatedly stated that the program would launch imminently, with Lutnick saying in mid-April that the Gold Card would be ready “within a week and a half”. Trump publicly displayed a sample card aboard Air Force One and claimed it will be available in “less than two weeks.” However, as of late June, no official launch or application process has been confirmed.
May 2025: According to Wired.com, References to the “Trump Card Visa” began appearing in live U.S. government application forms, including the Global Entry program operated by U.S. Customs and Border Protection. Foreign applicants can now indicate whether they “have submitted an application for a Trump Card Visa.”
June 11-12, 2025: Trump launches the official website trumpcard.gov, allowing interested applicants to join a waitlist. The site requests basic information including name, region, email address, and whether applicants are applying as individuals or businesses. Within 15 hours of launch, 25,000 people had signed up according to Commerce Secretary Lutnick.
June 17-18, 2025: According to the Financial Times, Commerce Secretary Lutnick reported that nearly 70,000 people have signed up for the waitlist. He clarified by saying the internal dashboard showed 67,697 people on Monday morning, jumping to 68,703 within an hour, and that over 5 million unique visitors have checked the website since the sign-up campaign began.
Legal and Political Context
Congressional Approval Requirements
Immigration experts and legal analysts note that replacing or significantly altering the EB-5 program would require an act of Congress and to date, budget extensions have proven to be a de facto confirmation of the ongoing EB-5 program which was authorized by Congress through 2027. Constitutional questions exist about the executive authority for changes to immigration and tax law without express Congressional approval although significant steps to implement Trump’s Gold Card continue.
Current Legal Status
As of June 2025, there is no bill in Congress to authorize the Gold Card program, and it has not been formally enacted into law or regulation. Legal experts from the American Immigration Lawyers Association question whether the administration can implement the program through executive action alone.
Program Details and Market Response
Economic Projections
The administration projects significant revenue generation from the program. Commerce Secretary Lutnick suggests that 200,000 Gold Cards could raise $1 trillion. Trump has claimed that selling one million cards could generate $5 trillion, which would reflect a significant reduction of America’s national debt.
Market Interest and Demand
Immigration lawyers are reporting significant interest from wealthy clients, noting that “$5 million to these people is jet fuel cost” and that many view the card as underpriced considering the time and hassle it would save. Clients are particularly attracted to the “VIP perks” and status associated with the Gold Card.
Global Reach
Interest spans multiple regions, with immigration attorneys reporting inquiries from clients in India, Pakistan, Egypt, Russia, and Canada. The waitlist website allows applicants to select from eight global regions: Europe, Asia (including the Middle East), North America, Oceania, Central America, South America, the Caribbean, and Africa. It is unclear if a Trump Gold Card Applicant from a country with travel restrictions would be able to get an exception if approved for this specific immigration platform.
Technical Infrastructure and Integration
System Development
According to Wired.com, Elon Musk’s Department of Government Efficiency is leading the technical development of the Gold Card infrastructure. The system requires significant upgrades, including rewriting legacy COBOL mainframe systems to support the new visa infrastructure. Integration spans multiple federal agencies including USCIS, CBP, and the State Department.
Website and Application Process
As of June 2025, the official website trumpcard.gov reflects a waitlist system, requesting basic applicant information. The site communicates that the government will “notify the moment access opens” but provides limited details about eligibility, vetting, timing, or program specifics. The application form includes options for business applications covering 1-4, 5-9, or 10+ individuals.
Updated Summary Table: Trump Gold Card Timeline Shows Progress and Remaining Hurdles.
| Date | Event/Announcement | Status/Notes |
|---|---|---|
| Feb 25, 2025 | Trump announces Gold Card proposal | Official White House announcement |
| Late Feb–Early Mar | Admin claims launch “within two weeks” | No official launch; legal authority questioned |
| Mar–Apr 2025 | System development, repeated launch claims | Application process not operational. |
| May 2025 | Infrastructure appears in government systems | References in Global Entry applications. |
| June 11–12, 2025 | Website launches with waitlist | 25,000 signups in first 15 hours. |
| June 17–18, 2025 | Waitlist reaches ~70,000 | Nearly 70,000 people registered. |
Current Status and Outlook
As of June 18, 2025, the Trump Gold Card remains a proposal without formal legal standing or an operational application process. While the waitlist website is live and attracting significant interest, the program faces substantial legal and procedural hurdles. Congressional action is almost certainly required to replace the EB-5 program or create a new visa category of this scale.
The administration continues to promote the program through high-profile announcements and international outreach, with Commerce Secretary Lutnick touring the Middle East to promote the initiative. However, immigration experts remain skeptical about the program’s legal foundation and implementation timeline.
Key outstanding issues include the design of special tax structures for Gold Card holders, determination of which countries’ citizens would be eligible, and the establishment of formal vetting processes. The program’s future will likely depend on Congressional action, legal challenges, and sustained public and political support, which is good news for potential EB-5 investors feeling uneasy about a potential replacement or increase to the statutory requirement of $800,000 in a Targeted Employment Area.
Want to Learn More? Call Us Today
Behring’s team continues to watch this story as it develops while securing priority dates and immigration benefits for our investors on a daily basis. Schedule a call with our team to leverage this opportunity because the EB-5 law — the Reform and Integrity Act — protects your immigration future based on the policies in place at the time of filing, even if future changes are made.
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