Interest Surges in Trump’s $7.7 Million Golden Visa Scheme
A controversial new US visa initiative dubbed the "Trump Card" is gaining global momentum, with almost 70,000 individuals already registering their interest. Spearheaded by US Commerce Secretary Howard Lutnick, the scheme offers legal US residency to foreigners willing to invest $US5 million (approximately $7.7 million AUD) into the United States.
The US Department of Commerce recently launched trumpcard.gov, inviting prospective applicants to join the waitlist. Registrants are asked to provide basic contact details, including their name, email address and geographic region. The promotional material showcases a gold card emblazoned with former President Donald Trump’s face and signature, alongside iconic American imagery such as the eagle, the Statue of Liberty, and the national flag.
According to Lutnick, nearly 68,703 people had joined the waitlist within hours of launch. “The card will be made of gold. It will be beautiful,” he told The Financial Times. “Donald Trump cares deeply about the look and feel of it. If someone is investing in America, they should receive something that reflects that significance.”
A Vision to Replace the EB-5 Visa
The idea for the Trump Card reportedly originated with billionaire investor and Trump donor John Paulson. His goal was to raise revenue and assist in reducing the US’s ballooning national debt, which currently stands at $US36 trillion.
This initiative may be poised to replace the existing EB-5 visa, established in 1990, which currently grants permanent residency to investors contributing between $US800,000 and $US1.8 million to the US economy. In 2023, approximately 14,000 EB-5 visas were issued, according to Invest In the USA, an EB-5 trade group.
The Trump Card is pitched at business leaders, investors, and multinationals looking to secure US residency for themselves or key staff. One unnamed tech company CEO has indicated an interest in securing over 100 Trump Cards, describing it as an opportunity to attract "entrepreneurs, engineers, and scientists" to the US.
Bold Plans, Unclear Execution
While the concept is ambitious—Lutnick has floated issuing up to 200,000 visas to raise $US1 trillion for the Treasury—key elements of the program remain unconfirmed. The White House has yet to finalise applicant vetting procedures, determine whether certain nationalities will be excluded, or clarify the tax obligations for cardholders.
The complexity of US tax rules for foreign investors remains a sticking point. Paolo Ardoino, the Italian billionaire CEO of stablecoin company Tether, noted that “Americans have to pay taxes wherever they go,” raising doubts about the program’s appeal without special tax treatment.
Despite the unresolved details, Lutnick is actively promoting the scheme abroad. He recently joined President Trump on diplomatic visits to Saudi Arabia, Qatar, and the UAE, where he pitched the Trump Card to foreign dignitaries.
Final Thoughts
Although still in its infancy, the Trump Card visa scheme is attracting significant interest and could reshape how the US engages wealthy foreign investors. Whether it proves successful will depend on how it navigates complex immigration laws, global tax issues, and political scrutiny. Until then, the world is watching—and many are waiting, gold card dreams in hand.
