The US “Gold Card”: $5 Billion Raised and 1,000 Visas Sold in a Day

The United States attracted $5 billion on the very first day of its new immigration initiative. As reported by Financial Express, U.S. Commerce Secretary and presidential adviser Howard Lutnick confirmed that 1,000 Trump-backed “Gold Cards”—each worth $5 million—were sold within 24 hours. He estimates the potential market at 37 million people globally.

The “Gold Card” program was introduced in February 2025 after discussions between former President Donald Trump and investor John Paulson. Trump proposed replacing the EB-5 visa with a more flexible system. Under this model, a $5 million investment grants a foreign citizen the right to permanent U.S. residency with the option to naturalize. Gold Card holders receive the same privileges as green card holders—without the EB-5 requirements to create jobs or invest in specific sectors.

The program is aimed at directly increasing the federal budget, with many applicants viewing it as a path to legal U.S. residence without the intent of acquiring citizenship—often to avoid international taxation.

The Trump administration has emphasized that the existing EB-5 visa no longer meets economic needs. It allowed green card access for relatively small investments without delivering substantial benefits to the U.S. economy. Officials say the new program is transparent and simple, attracting wealthy individuals ready to invest legally.

The EB-5 program, created by Congress in 1990, required investments from $800,000 to $1.05 million and the creation of at least ten jobs. In 2023, 9,817 EB-5 visas were issued, with 63% going to Chinese nationals, according to previous reports.

Commerce Secretary Lutnick labeled the EB-5 program “nonsense, pretense, and fraud,” calling it a way to buy green cards cheaply. He indicated the program will be shut down in favor of the Gold Card, which offers more economic benefits. Russian oligarchs are also expected to be eligible, as noted in a Reuters article.

Interest in the Gold Card program has exceeded expectations, Lutnick said. Over 250,000 individuals have submitted preliminary applications or expressed intent to buy. With 1,000 cards sold on Day 1, the program added $5 billion to the federal budget. If scaled to one million cards, Lutnick estimates the program could bring in $5 trillion. A new digital platform will enable rapid applicant screening within seconds, reducing fraud risks.

However, the program faces legal scrutiny. As Time reports, legal experts question whether the President can introduce a new visa category without Congressional approval. Seton Hall Law Professor Lori Nessel explained that immigration categories must be legislated:

“The president cannot unilaterally create visas.”

Critics point out the contradiction between tightening policies for asylum seekers and illegal migrants—while offering the wealthy a shortcut to legal residence. Nessel called the move:

“A clear signal of who America wants.”

Congressman Jake Auchincloss denounced the initiative as “corrupt and counterproductive,” while Ro Khanna urged a focus on H1-B reform to prioritize skilled talent over extreme wealth.

The Gold Card could become the most ambitious monetization of the U.S. immigration system to date. Despite potential budgetary benefits, it raises serious concerns—from legality to morality. The coming months will determine whether the Gold Card becomes a new immigration norm or remains a controversial chapter in U.S. history.