No — US Isn’t Replacing Green Cards With a $5M Gold Card

(UNITED STATES) The United States is not replacing green cards with a $5 million “Gold Card,” but the idea has moved from campaign line to an active policy push in 2025. Between February and June, President Trump and Commerce Secretary Howard Lutnick promoted a proposed “Gold Card” — also branded as a “Trump Card” — that would grant permanent residency and a path to citizenship in exchange for a one-time $5 million payment to the government.

On June 12, 2025, a waitlist opened at TrumpCard.gov, inviting people to register interest. As of late August, there is still no application, no published rulebook, and no law changing current immigration categories.

Current legal landscape: EB-5 remains in force

At the same time, the long-running EB-5 Immigrant Investor Program remains fully in force. Congress strengthened it through the EB-5 Reform and Integrity Act of 2022, and the program is protected through at least 2027. That means:

• No one has eliminated EB-5.
• No one has replaced it with a Gold Card.
• For the proposed Gold Card to exist as an immigration benefit that confers permanent residency, Congress would have to pass a law.

Legal specialists emphasize that a president cannot simply replace a statutory visa category. Any executive attempt to do so would face swift lawsuits and likely court orders stopping it.

What the Gold Card proposal would do

The outline promoted by the administration is clear in broad strokes:

• Investment amount: $5,000,000, paid directly to the U.S. government.
• Promised benefits: lawful permanent residency, work permission, and eligibility to apply for citizenship after five years.
• No job-creation requirement: unlike EB-5, there is no required creation of jobs and no obligation to invest in a specific area or project.

Tax treatment remains unresolved. President Trump has given conflicting comments on whether Gold Card holders would pay U.S. tax on worldwide income or only U.S.-source income. The IRS has issued no guidance, and state and local tax rules would still apply.

What exists now (as of late August 2025)

On the ground, the program has not launched. What currently exists is a waitlist page (opened June 12, 2025) that asks individuals and businesses to submit contact details. The page:

• Gives few specifics about eligibility, vetting, timelines, or rights.
• Does not start an application.
• Does not collect the $5 million fee.
• Has not been confirmed by any federal agency as starting issuance of Gold Cards.

Commerce Secretary Howard Lutnick claimed more than 1,000 have already been “sold,” a claim critics dispute and independent sources have not verified. For now, the Trump Card is a proposal with a marketing push but no legal teeth.

Under federal law, immigration categories and visa numbers sit inside the Immigration and Nationality Act (INA). Only Congress can rewrite statutory visa rules such as EB-5.

The EB-5 category, created in 1990, offers permanent residency to investors who place $1,050,000 (or $800,000 in targeted employment areas) in U.S. businesses and help create at least ten full-time jobs. Because Congress wrote those rules, only Congress can rewrite them. Legal experts widely agree the White House cannot erase EB-5 or create a parallel Gold Card by memo or executive order; any such move would land in court immediately.

Policy proposal and legal barriers

By the administration’s own framing, the Gold Card is an option under consideration, not a signed statute. Key facts:

• No bill has cleared Congress to authorize a new cash-for-residency lane.
• No rulemaking has set out procedures.
• Any attempt to implement sweeping changes by executive action would trigger lawsuits questioning authority under the INA.
• Attorneys say courts would likely pause the program while cases proceed.

Meanwhile, EB-5 continues to accept investors under the 2022 reforms, which added protections aimed at past fraud and improved oversight. That anchors the landscape today: EB-5 exists; the Gold Card remains a contested idea.

Arguments from both sides

Supporters inside the administration describe the Trump Card as:

• A simple way to draw ultra-wealthy newcomers.
• A revenue-raising tool that would avoid additional paperwork.
• Targeted by the $5 million price tag to attract only top-tier applicants.

Critics — immigration attorneys, policy scholars, and others — argue:

• There is no Congressional authorization.
• The plan collides with established law.
• Selling green cards risks widening inequality and raises fairness concerns.
• Price alone (e.g., $5 million) does not solve structural or oversight issues.

Analysis by VisaVerge.com and other commentators note that even backers admit the idea needs legislative action and will face pushback from legal and political corners.

Key facts and unknowns (as of August 26, 2025)

• The Gold Card is a proposal; it is not law.
• A waitlist at TrumpCard.gov is open; there is no application.
• Price: $5,000,000, paid to the U.S. government.
• Promised benefits: permanent residency, work rights, and a five-year path to citizenship.
• There is no job-creation rule, unlike EB-5.
• Tax treatment is unclear; no official IRS guidance exists.
• EB-5 continues under federal law through at least 2027.

Practical choice for families and investors

A family with global ties now faces a choice:

• Use EB-5, with its job-creation rules and established track.
• Wait for a Gold Card that may never materialize.

Considerations:

• Time matters for parents planning college timelines.
• EB-5 has known steps and 2022-added guardrails; it is a predictable, legal path today.
• The Gold Card promises speed and simplicity but lacks law, process, and tax clarity.
• For many, the calculation becomes risk versus certainty.

If the goal is a green card by a set date, EB-5 is real today; the Gold Card is still a political bet.

International experience and oversight concerns

Several countries created “golden visa” programs trading residency for investment; many were later scaled back or ended due to:

• Weak oversight.
• Limited broader economic benefits.
• Risk of illicit funds entering property markets.

That history informs U.S. caution. A cash-for-status route without job creation or geographic ties can raise hard questions about fairness and value. Supporters argue that $5 million is high enough to deter abuse; skeptics say price alone does not fix structural concerns.

Tax implications

For would-be applicants, the tax angle may be the most practical concern:

• U.S. tax law generally treats permanent residents as tax residents for worldwide income.
• If the Gold Card followed that rule, holders could owe tax on global earnings.
• If it did not, that would mark a major break from the norm.
• President Trump has given conflicting statements; no IRS notice has settled the issue.

Lawyers urge careful planning: until an enacted law or formal guidance appears, do not assume any special tax treatment applies.

Impact on investors, EB-5 stakeholders, and safeguards

From an investor’s point of view, contrasts are sharp:

• EB-5: requires investment, job creation, compliance checks; it is congressionally authorized and operational.
• Gold Card (proposed): pay $5 million to the government, no job-creation requirement, promises residency and a five-year path to citizenship — but no legal basis yet.

Regional centers and EB-5 project sponsors are watching closely. While some fear demand could shift, the legal reality moderates those worries: EB-5 remains active, so investors who want to move forward today must still use EB-5 or other existing categories.

Practical caution:

• High-net-worth programs attract brokers and middlemen claiming shortcuts.
• There is no Gold Card application, no payment portal, and no government instruction to wire $5 million anywhere.
• The only official step is adding your name to a waitlist.

Sensible steps include:

1. Confirm updates only through official sources.
2. Speak with licensed immigration and tax counsel before making plans.
3. Avoid any request to send funds that does not come from a U.S. government system.

Even if Congress warms to the idea, implementation raises many unanswered questions:

• Which agency would run the program?
• What background checks would apply?
• How would the government track funds and prevent abuse?
• Would there be annual caps or country limits?
• How would fees be used?

Without that detail, investors cannot judge timelines, risks, or documentation. That uncertainty explains why, as of late August, there is interest and chatter, but little concrete planning.

EB-5 specifics and current protections

By contrast, EB-5’s rules are known and include:

For families and employers planning ahead, EB-5’s predictability matters: projects can budget and hire based on EB-5 capital, and investors can map immigration steps to school calendars and business timelines.

Claims versus reality

When Secretary Lutnick says more than 1,000 Gold Cards have been “sold,” that does not describe issued green cards or approved applications:

• There is no application.
• There is no agency adjudication.
• There is a waitlist and a proposal.
• Outside sources have not confirmed the sales claim.

In practical terms, no one has gained permanent residency through a Gold Card, and no one has started a lawful process to do so. Until Congress passes a bill and an agency publishes rules, headlines outpace the legal footing.

Short answer to the core question

Is the U.S. replacing green cards with a $5 million Gold Card?

• Short answer: No.
• The administration has floated a new option and opened a waitlist, but Congress has not passed a law, and the EB-5 category remains active under statute through at least 2027.
• EB-5 stays in place; the Gold Card remains a proposal with no application, no regulations, and no agency processing.
• Unless lawmakers act, the proposed Gold Card cannot displace EB-5 or any other green card pathway.

What to watch next

Several markers will indicate whether the Trump Card moves beyond talk:

• Introduction of a bill in Congress spelling out authority, pricing, caps, and vetting.
• Statements from federal agencies detailing who would run the program and how.
• Formal tax guidance confirming whether worldwide income rules apply.
• Court filings, if any executive action tries to leapfrog Congress.
• Clear updates to the waitlist, including timelines and a true application process.
• Continued confirmation that EB-5 operations remain steady under the 2022 reforms.

Until those signals appear, the Gold Card remains an idea, not a functioning immigration track.

Practical recommendations for prospective applicants

• Treat the waitlist at TrumpCard.gov as a sign of interest, not a doorway to status.
• Speak with qualified immigration and tax counsel about EB-5 rules, timing, and the personal impact of becoming a U.S. tax resident.
• Keep thorough records and plan for potential currency controls in your home country.
• Make decisions based on what exists in law today.
• If Congress advances a Gold Card bill, scrutinize details: vetting, caps, tax rules, and how any revenue is used.

Until concrete legislative or regulatory action appears, the safest assumption is that EB-5 remains the primary path for investment-based green cards. Watch committee calendars and agency notices for any concrete movement.