Trump Gold Card Update

By C. Matthew Schulz

On September 19, 2025, President Donald J. Trump signed Executive Order 14351, launching a new immigration initiative dubbed the “American Gold Card” program, as was widely reported (see, e.g., The Atlantic, Politico). 

The Executive Order promises a fast-track pathway to permanent residence (a green card) for individuals who make a substantial financial “gift” to the U.S. government. It sets a 90-day implementation deadline, meaning agencies are expected to begin rolling out the program by December 19, 2025. 

There is also White House Fact Sheet, but there remain more questions than answers.

$1 Million “Gift” – The Entry Ticket

The Executive Order specifies a $1 million “gift” to the United States as the core requirement for an individual to be considered for the Gold Card. 

In cases where a corporation donates on behalf of an individual, a $2 million “gift” is referenced on the official informational website, TrumpCard.gov, although this higher $2 million amount is not mentioned in the Executive Order itself.

The government has not yet announced the amount of additional fees, such as filing fees or visa processing fees, beyond the initial donation. These are likely to be established by agency regulation or rulemaking closer to the December implementation deadline.

Not an EB-5 Program (But Might Become One)

The Executive Order explicitly excludes EB-5 immigrant investors from the initial scope of the Gold Card program. 

That said, the Executive Order does instruct federal agencies to consider expanding the program to include EB-5 investors or to use the EB-5 infrastructure for future implementation.

Critical Details Still Undecided

Several major components of the program have not yet been finalized, including:

• The start date for accepting applications (only the Dec. 19 implementation deadline is set).
• Any eligibility criteria other than payment of the donation and potential fees.
• Whether a lawful source of funds must be demonstrated (as is required under the EB-5 program).
• Which agency will administer the program, although the Department of Commerce is referenced for initial implementation — an unusual choice in the immigration context.

As with most U.S. immigration processes, it is likely that standard background checks, annual numerical limits (including per-country caps), and compliance with immigrant visa allocation quotas under the EB-1 and EB-2 categories will apply. However, these have not yet been formally clarified.

Quota Waiting Periods

The Gold Card immigrants are not exempted from the annual numerical limitations imposed by law on most immigration to the US, nor was a new supply of immigrant visas created. Instead, the Executive Order has Gold Card immigrants competing with existing immigration categories.

Each year, the U.S. government allocates approximately 40,000 immigrant visas each to the EB-1 and EB-2 categories (plus any unused family-based visas, if any, from the prior fiscal year), subject to annual numerical and per-country limits. 

Under current law, EB-1 and EB-2 are used by U.S. employers (and in limited cases self-sponsorship) for individuals of extraordinary ability, outstanding professors and researchers, multinational executives (EB-1), and professionals with advanced degrees or national interest waivers (EB-2).

For many recent fiscal years, all available EB-1 and EB-2 immigrant visas have been fully used, often before the end of the fiscal year. In some years, retrogression of priority dates has occurred mid-year due to excess demand.

Immigrants born in India or China face the longest wait times due to per-country limitations. For EB-1, Indian and Chinese applicants often wait several years, with EB-2 wait times exceeding a decade or more for India and several years for China. Even for EB-2 applicants born in all other countries, wait times of several months to a few years are increasingly common due to growing global demand.

The Executive Order does not create new visa categories. Instead, it proposes placing Gold Card recipients in competition with existing EB-1 and EB-2 categories. According to the TrumpCard.gov website, the Department of Commerce anticipates issuing 10,000 Gold Cards in the program’s first year, with more than 50,000 individuals already expressing interest—suggesting a waitlist several years long for all EB-1 and EB-2 immigrants (and even longer for China and India born immigrants) unless caps are raised or new visa categories are created by Congress.

Introducing thousands of Gold Card applicants into the EB-1 and EB-2 queues will reduce visa availability for current applicants, effectively displacing individuals with exceptional qualifications, achievements, or critical skills who have already been vetted and approved under longstanding immigration categories.

This displacement would likely negatively impact sectors that depend heavily on skilled immigration, including:

• Healthcare (e.g., physicians and researchers),
• STEM fields (engineers, data scientists, AI specialists),
• Higher education and academia (professors, researchers),
• Innovation-based startups that rely on talent secured through national interest waivers or extraordinary ability petitions.

Allocating a finite number of immigrant visas to individuals based primarily on wealth—rather than skills, education, or contributions to national interest—could undermine long-term economic competitiveness and innovation capacity.

Legal and Political Risks

This program raises critical constitutional and practical questions. U.S. immigration law is established by Congress, and permanent immigration categories must typically be created through legislation. Executive Orders cannot override statutes, and any immigration benefit not grounded in law may be subject to legal challenge or reversal by future administrations.

A clear example is the DACA (Deferred Action for Childhood Arrivals) program. Created by executive action in 2012 by President Obama, DACA has been the subject of repeated legal challenges and policy reversals, resulting in over a decade of uncertainty for applicants. During his first administration, President Trump efforts to phase out DACA were ruled unconstitutional by the Supreme Court in 2017. President Biden reinstated DACA. President Trump has again taken action in his second administration to halt DACA. 

President Trump halted or decided not to renew a number of other immigration programs created by executive order, such as temporary protected status for nationals of many countries. 

President Trump has been a strong critic of the abuse of executive orders instead of Congressional action, at least when not by him.

“Why Is @BarackObama constantly issuing executive orders that are major power grabs of authority?”  (2012) LA Times. 

“President Obama, when he signed the executive order (on Deferred Action for Childhood Arrivals), actually said he doesn’t have the right to do this. You have to go through Congress.” (2018) Politifact.

All this shows how unreliable an immigration program created by executive order, rather than Congress, is unreliable.

There is also the unusual treatment of the required $1 million as a "donation" rather than a government fee, and the designation of the Department of Commerce—rather than USCIS or the State Department—to handle initial implementation. 

These deviations from standard immigration processes could raise both administrative and legal issues.

Tax and Residency Implications

Anyone granted a Gold Card would become a U.S. permanent resident—and thereby subject to:

• U.S. worldwide income taxation, including reporting on foreign financial assets;
• Potential limitations or overrides based on tax treaties; and
• Possible loss of permanent residence for remaining outside the U.S. for extended periods.

These consequences are not mentioned in the Executive Order or on TrumpCard.gov, but they are standard for all lawful permanent residents. High net worth individuals who can afford the Gold Card are most likely to have negative tax and financial reporting consequences. See SchulzLaw Tax Planning article.

Will there be any exceptions to attract the rich and excuse them from normal taxation and/or residence requirements? Maybe.

The TrumpCard website has a section labelled “What is the Trump Platinum Card?” which states:

“The Trump Platinum Card will allow individual applicants to reside in the United States for up to 270 days per year without being subject to tax on non‑U.S. income. … The … Platinum Card has not been released yet. Applicants should join the waitlist now…”

Media commentary reports that while the Gold Card is formally established via the executive order, the Platinum Card appears more aspirational or “forthcoming” with few formal details. See Economic Policy Institute.

Proceed With Caution

While the American Gold Card program may appeal to wealthy individuals seeking a faster path to U.S. residence, its legal foundation is uncertain, and its details remain incomplete. As with any major financial and immigration decision, potential applicants should consult an experienced immigration attorney to explore well-established, Congress-authorized options, such as EB-1, EB-2 NIW, EB-5, or family- or employment-based sponsorships.

Until full implementation guidance is released—and unless upheld by subsequent administrations—the Gold Card may prove to be more symbolic than secure.