The United States, under President Donald Trump, unveiled the “Trump Card,” a $5 million investment-based visa program. While the initiative targets ultra-high-net-worth individuals worldwide, it faces key legal and tax challenges that could hinder its rollout and adoption. With a promised tax exemption on foreign income, the program’s success depends heavily on congressional approvals and market interest, particularly from regions like China and the Middle East.
The United States government, led by President Donald Trump, introduced a new immigration initiative known as the “Trump Card” in June 2025. Positioned as an elite investment visa program, the Trump Card offers residency in the U.S. in exchange for a $5 million investment. This move, according to officials, is designed to boost federal revenue and attract global wealth into the country.
The Trump Card was initially branded as the “Gold Card” before being renamed. The official site for the initiative, launched in June, collects preliminary details such as applicant name, email, region, and the card’s intended recipient — whether self, family, spouse, or business.
Commerce Secretary Howard Lutnick stated that over 70,000 individuals have signed up. He suggested the program could yield $1 trillion in federal revenue if it reaches a target of 200,000 card sales. Lutnick also revealed the card would be crafted from real gold, emphasizing its exclusivity and prestige.
The Trump Card aims to rival existing “golden visa” programs worldwide, such as those in the United Kingdom and Portugal. These programs allow wealthy individuals to gain residency through significant financial investment. However, many such countries have begun tightening eligibility in response to political backlash and public criticism.
Despite initial excitement, the Trump Card has encountered serious legal and tax-related roadblocks. The most notable concern is whether the program can legally replace the current EB-5 investor visa program, which remains in effect through 2027 and is backed by bipartisan congressional support. The American Immigrant Investor Alliance emphasized that the EB-5 program can only be modified or terminated through congressional action.
Additionally, the Trump administration has proposed that Trump Card holders be exempt from U.S. global income taxation — a significant departure from standard U.S. tax law, which taxes citizens and permanent residents on worldwide income. While President Trump claimed on Truth Social that cardholders would still pay taxes on U.S.-sourced income, this tax exemption for foreign income would require Congressional and IRS approval.
Currently, it remains unclear whether Trump Card holders will be excluded from estate and gift taxes, another major concern for wealthy global investors. Tax experts have warned that such exemptions could lead to loopholes — including scenarios where former U.S. citizens regain tax-free access to the U.S. by purchasing a Trump Card.
Market interest for the program is expected to be strongest in China and the Middle East, where ultra-high-net-worth individuals are most likely to invest. According to data from Altrata, China alone is home to over 46,000 individuals worth more than $30 million. However, Chinese government restrictions on capital outflow and tense U.S.-China trade relations may pose additional hurdles.
While some advisors expect thousands of applications per year, the program’s true viability hinges on how the Trump Card handles legal structure, tax policy, and eligibility terms. Business interest could also influence adoption, with companies reportedly exploring the program as a tool to acquire international talent. Reports indicate that Apple Inc. may be among the first corporate buyers once the program becomes official.
As of now, the Trump Card is still in development. Full terms, benefits, and legal authorizations remain pending — leaving its future uncertain.
