When the Trump administration unveiled the “Gold Card” visa program last December, it was framed as a high-speed lane to the American Dream for the world’s wealthiest. The pitch was simple: a $1 million non-refundable gift to the U.S. Government in exchange for residency delivered in “record time.”
But the reality of the program is proving far less lucrative than the administration envisioned. While the White House marketed the initiative as a way to attract tens of thousands of billionaires and millionaires, recent court filings reveal a stark gap between the government’s ambitions and the actual interest from the global elite.
According to a legal filing from the Department of Homeland Security (DHS), only 338 people have submitted requests for a Gold Card to date. Even fewer—just 165 individuals—have actually paid the initial $15,000 visa processing fee. For a program designed to capitalize on the unprecedented movement of high-net-worth individuals across borders, the takeoff has been sluggish at best.
The low turnout comes amid a growing legal cloud and a confusing contradiction regarding the program’s primary selling point: speed. While the official website promised approvals in “a matter of weeks,” the government is now telling a court that Gold Card applicants will receive no such priority.
The ‘Quick Track’ Paradox
For the ultra-wealthy, time is often the most valuable commodity. The Gold Card was positioned as a solution to the notorious backlogs of traditional U.S. Immigration pathways. However, in a recent filing, DHS stated that Gold Card applicants “will not necessarily have their petitions adjudicated faster than any non-Gold-Card applicant.”
This admission creates a significant paradox for the administration. To attract applicants, the White House promoted a fast-track process. Yet, to defend the program in court, the government is claiming that no such special treatment exists.
Craig Becker, managing counsel for the Affirmative Litigation Democracy Defenders Fund, argues that this contradiction is a byproduct of the program’s precarious legal foundation. Becker, who is litigating a lawsuit against the program’s legality, suggests that the government is trapped between its marketing promises and its legal defenses.
“We just don’t know what the real answer is because there is no transparency,” Becker said.
A Legal Battle Over Merit
The Gold Card was not created through an act of Congress, but via executive order. To bypass the legislative process, the administration routed the program through existing visa categories—specifically the EB-1 and EB-2 visas, which are traditionally reserved for individuals with “extraordinary abilities” or those whose work is in the “national interest.”
Under the Gold Card rules, a $1 million donation automatically qualifies an applicant as possessing such extraordinary ability. This mechanism has drawn the ire of the American Association of University Professors, which filed a lawsuit claiming the program crowds out legitimate, merit-based applicants.
The core of the legal dispute rests on the finite number of EB-1 and EB-2 visas issued annually. The lawsuit alleges that by filling these slots with wealthy donors, the government is effectively denying visas to scientists, researchers, and artists who meet the traditional criteria for extraordinary ability.
DHS has pushed back against these claims, asserting that the program has no negative impact on traditional applicants because Notice “more than enough visas” and the Gold Card is managed by a dedicated processing staff.
Comparing the Pathways to Residency
The struggle of the Gold Card highlights a critical miscalculation regarding how the global elite view U.S. Residency. While the administration sought a “gift” model, most wealthy investors prefer a “return” model. This is most evident when comparing the Gold Card to the established EB-5 investment program.
| Feature | Gold Card Program | EB-5 Program |
|---|---|---|
| Financial Requirement | $1 Million (Non-refundable gift) | $800k – $1 Million (Investment) |
| Primary Requirement | Payment to government | Creation of 10 full-time jobs |
| Processing Promise | “Record time” (Contested) | Variable (Known backlogs) |
| Legal Status | Executive Order (Under lawsuit) | Statutory Law (Congressional) |
The EB-5 program allows investors to maintain a stake in their capital while contributing to the U.S. Economy through job creation. In contrast, the Gold Card requires a total forfeiture of funds. For many, the EB-5 remains the more attractive, if slower, option.
“International businesspeople can already access the U.S. Through nonimmigrant visas that do not automatically expose their global wealth to U.S. Tax,” says David Lesperance of Lesperance & Associates. He notes that those willing to become taxpayers generally prefer the EB-5 program because it requires an investment rather than a donation.
Market Trends and the Wealth Migration
The administration’s attempt to monetize residency comes at a time of historic wealth migration. According to data from Henley & Partners, approximately 165,000 millionaires are expected to move to another country in 2026. This exodus is driven by geopolitical instability, tax hikes in traditional hubs, and political discord.
While the U.S. Remains a top destination, the Gold Card’s instability may be driving these individuals toward more predictable options. Reaz Jafri, CEO of Dasein Advisors, notes that without a guaranteed expedited process, the program fails to solve the primary pain point for applicants from countries with massive visa backlogs.
“With expedited processing, it would have been particularly attractive to all and a game changer,” Jafri said.
The gap between expectations and reality is most evident in the revenue projections. In December, Commerce Secretary Howard Lutnick predicted the issuance of 80,000 Gold Cards, which would have generated more than $100 billion for the U.S. Treasury. At the current rate of 165 paid processing fees, that goal remains distant.
Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. Immigration laws are subject to change and judicial review.
The future of the Gold Card now rests largely in the hands of the judiciary. The next critical checkpoint will be the court’s ruling on the legality of using EB-1 and EB-2 categories for monetary donations, a decision that will determine whether the program can exist at all, or if it will be struck down as an unlawful bypass of Congressional authority.
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