The Trump administration’s Gold Card programme was pitched as a premium route into the United States for wealthy foreign nationals. Several months after applications opened, however, the scheme has yet to deliver the volume of approvals once anticipated.
Only one applicant had been approved by 23 April 2026, Commerce Secretary Howard Lutnick said, although hundreds had begun the application process. Reports point to a slow start for a programme the administration had promoted as a major new source of foreign capital.
The Gold Card allows qualifying individuals to seek expedited US immigration status after making a US$1 million financial contribution to the federal government. Companies can sponsor an overseas employee for US$2 million. Applicants must also pay a non-refundable US$15,000 Department of Homeland Security processing fee before their petitions are considered. The official Trump Card website says applications will be processed on an expedited basis, provided the required documentation and additional fees are submitted promptly.
Unlike the long-established EB-5 investor visa, the Gold Card contribution is a payment to the US government rather than an investment in a commercial enterprise. That distinction matters. EB-5 applicants must place capital in qualifying US projects and meet job-creation requirements; Gold Card applicants are assessed on whether their admission would provide a “substantial benefit” to the country.
For immigration advisers, family offices and corporate mobility specialists, that raises a basic commercial question: what does an applicant receive in return for a contribution that cannot generate an investment return?
A high price for speed and flexibility
President Donald Trump first floated a US$5 million Gold Card in February 2025, presenting it as a potential replacement for the EB-5 programme. The structure later changed. The individual Gold Card was introduced at US$1 million, while the US$5 million price was attached to a proposed Platinum Card carrying different residency and tax provisions.
The programme was formally established through a White House executive order in September 2025 and launched for applications in December. The lower price brought the Gold Card closer to the cost of existing investor migration routes, but it did not remove concerns among advisers to internationally mobile wealthy families.
US residency can expose an individual to taxation on worldwide income, depending on their status and circumstances. For entrepreneurs with cross-border businesses, investment portfolios or family trusts, the eventual tax liability may outweigh the value of faster immigration processing.
Reuters reported during the programme’s early development that wealth and immigration advisers expected US tax exposure to dampen demand, particularly among applicants from financial centres such as Hong Kong and Singapore. Some prospective investors may also compare the scheme with residency programmes in the UAE, Greece, Portugal and the Caribbean, where the financial commitment and tax consequences can be considerably different.
The US offers something those markets cannot fully replicate: access to the world’s largest economy, deep capital markets, leading universities and a powerful technology and venture-capital ecosystem. Yet the price of that access is not limited to the headline contribution.
Legal certainty remains a concern
The Gold Card’s legal foundation has also drawn scrutiny. US visa categories are generally created or amended by Congress. The administration has sought to operate the Gold Card through existing immigration provisions, with applicants potentially qualifying under employment-based categories reserved for people of exceptional ability or those whose entry serves the national interest.
Immigration lawyers have questioned whether an executive programme can reliably convert a financial contribution into eligibility under those categories without new legislation. Some advisers were steering clients towards EB-5 because it has a clearer statutory basis and a longer operating history.
That uncertainty carries practical consequences for B2B intermediaries. Private banks, wealth managers, relocation firms and immigration consultancies will be reluctant to recommend the programme aggressively until there is greater clarity over adjudication standards, processing times and the security of the residency status it offers.
Applicants are not simply buying speed. They 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 programme’s value.
Opportunity for corporate mobility providers
For the travel and mobility sector, the Gold Card remains commercially relevant even if application numbers stay modest. 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 more than one country, supporting repeated long-haul travel rather than a single relocation journey.
The corporate Gold Card could prove particularly significant. At US$2 million per employee, it is unlikely to become a mass-market workforce solution, but it 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, not conventional visa customers. Immigration advice will have to sit alongside tax planning, family support, compliance and long-term travel management.
For now, the programme’s limited approval count suggests that wealthy applicants are not rushing to exchange established immigration routes for an expensive and relatively untested alternative. The next test will be whether the administration can convert initial expressions of interest into completed applications—and demonstrate that the promised expedited pathway works in practice.
