No buyers for Trump’s gold card? Why wealthy foreigners are hesitant about the visa scheme

Concerns have been rising around cyber security risks with new AI models like Anthropic’s Claude Mythos, prompting discussions and advisories from regulators worldwide.No Takers for Trump’s ‘Gold Card’? Immigration Lawyers Call $1 Million Visa Plan ‘Unethical’ 

US President Donald Trump’s ambitious “Gold Card” visa programme — pitched as a fast-track residency route for wealthy foreigners — appears to be struggling to attract serious buyers, with immigration attorneys warning clients to avoid the scheme over legal, financial and ethical concerns. 

The programme, launched through executive action, was marketed as a premium immigration pathway for high-net-worth individuals willing to invest between $1 million and $5 million in exchange for US residency benefits. However, recent court filings and immigration data suggest interest has been far below the Trump administration’s projections. 

According to government filings cited in multiple reports, only 338 requests for the Gold Card had been submitted, with just 165 applicants paying the non-refundable $15,000 processing fee. Of those, only 59 reportedly moved forward to the next stage of paperwork. 

Immigration lawyers raise red flags 

Several prominent immigration lawyers — including attorneys who previously worked with Trump-linked clients — have publicly distanced themselves from the programme. 

Michael Wildes, a well-known immigration attorney who has represented First Lady Melania Trump and members of the Kushner family, told The Washington Post he would refuse to take on Gold Card applicants. 

“It would be unethical of me to retain them,” Wildes said, citing uncertainty around the programme’s legality and future. 

Other lawyers echoed similar concerns. Immigration attorney Rosanna Berardi said the lack of congressional approval for the programme creates significant legal uncertainty, making it risky for wealthy clients to invest large sums without guarantees. 

Legal experts have also questioned whether a future US administration could simply terminate the programme, leaving applicants without residency benefits despite paying large non-refundable fees. 

Why the ‘Gold Card’ faces skepticism 

A major criticism of the scheme is that it was created through executive action rather than legislation passed by Congress. Attorneys argue that unlike the long-established EB-5 investor visa programme, the Gold Card lacks a clear statutory framework. 

The existing EB-5 programme allows foreign nationals to seek residency by investing at least $800,000 into projects that create American jobs. Lawyers say that route remains legally safer and more predictable than Trump’s new proposal. 

Another point of confusion has been the programme’s shifting price structure. Different statements from administration officials have referenced figures ranging from $1 million to $5 million, alongside additional charges for family members and processing fees. 

Some lawyers also warned clients that promises of expedited approvals and tax advantages may not hold up in practice. Court filings reportedly clarified that Gold Card applicants would not receive priority over traditional employment-based visa applicants. 

Administration’s big claims vs reality 

Commerce Secretary Howard Lutnick had earlier claimed the initiative could generate more than $100 billion in revenue and attract tens of thousands of wealthy investors. 

But the latest numbers suggest the programme has fallen well short of those expectations. 

The administration also claimed at one point that at least one Gold Card had already been approved, though officials provided little information about the recipient. Speculation online linked rapper Nicki Minaj to the programme after she posted a photo of a gold-themed card featuring Trump’s face, but the White House later clarified it was merely a souvenir. 

Despite the controversy, a handful of immigration lawyers said some wealthy clients continue to explore the programme, particularly applicants from countries facing stricter immigration barriers.