The Trump administration's Gold Card visa program, marketed as a premium pathway to US residency for high-net-worth individuals, has struggled to gain traction since its launch. Commerce Secretary Howard Lutnick confirmed on 23 April 2026 that only one applicant had been approved, though hundreds had initiated the application process. The slow start raises questions about the program's appeal among the global wealthy.
Program structure and costs
The Gold Card requires a US$1 million non-refundable contribution to the federal government, with a US$2 million option for companies sponsoring overseas employees. Applicants must also pay a US$15,000 processing fee to the Department of Homeland Security. Unlike the EB-5 investor visa, which mandates investment in a qualifying US commercial enterprise and job creation, the Gold Card contribution is a direct payment to the government. Approval hinges on demonstrating that the applicant's admission would provide a 'substantial benefit' to the United States.
President Donald Trump initially proposed a US$5 million version in February 2025, positioning it as a potential replacement for EB-5. The final structure settled at US$1 million for individuals, with a US$5 million Platinum Card carrying different tax and residency provisions. The program was established via a White House executive order in September 2025 and opened for applications in December.
Tax concerns dampen demand
For internationally mobile wealthy families, US residency triggers taxation on worldwide income, a significant deterrent. Advisers to entrepreneurs with cross-border businesses, investment portfolios, or family trusts warn that the eventual tax liability may outweigh the value of faster immigration processing. Reuters reported during the program's development that wealth and immigration advisers expected US tax exposure to suppress demand, particularly among applicants from financial hubs like Hong Kong and Singapore.
Prospective investors are also comparing the Gold Card with residency programs in the UAE, Greece, Portugal, and the Caribbean, where financial commitments and tax consequences are considerably lower. While the US offers unmatched access to the world's largest economy, deep capital markets, leading universities, and a powerful tech and venture-capital ecosystem, the price of that access extends well beyond the headline contribution.
Legal uncertainty
The Gold Card's legal foundation remains contested. US visa categories are typically created or amended by Congress, but the administration is operating the program through existing immigration provisions, potentially under employment-based categories for individuals of exceptional ability or those serving the national interest. Immigration lawyers have questioned whether an executive program can reliably convert a financial contribution into eligibility without new legislation. Some advisers are steering clients toward the EB-5 visa, which has a clearer statutory basis and a longer track record.
This uncertainty has practical implications for B2B intermediaries. Private banks, wealth managers, relocation firms, and immigration consultancies are reluctant to recommend the program aggressively until adjudication standards, processing times, and the security of the residency status it offers become clearer. Applicants are making long-term decisions involving tax residency, family relocation, education, estate planning, and business ownership. A change of administration, court challenge, or revised interpretation of immigration rules could materially alter the program's value.
Opportunities for corporate mobility providers
Despite modest application numbers, the Gold Card remains commercially relevant for the travel and mobility sector. The target market is small but valuable. Successful applicants are likely to generate demand for premium air travel, serviced residences, international schools, private banking, tax advice, insurance, household relocation, and corporate travel management. Many will maintain homes and business interests in multiple countries, supporting repeated long-haul travel rather than a single relocation journey.
The corporate Gold Card, at US$2 million per employee, may appeal to multinational groups seeking to relocate founders, senior executives, or technically important personnel whose immigration options are otherwise constrained. Travel management companies and relocation providers will need to treat such clients as complex mobility accounts, integrating immigration advice with tax planning, family support, compliance, and long-term travel management. For now, the program's future hinges on resolving tax and legal uncertainties that are keeping wealthy investors at bay.
