Trump’s $5 Million 'Gold Card' Still Isn’t Real — And Why That Matters for U.S. Immigration Law

By C. Matthew Schulz

Despite repeated public mentions, flashy props, and enthusiastic promotion from President Trump and his Commerce Secretary, the so-called “Trump Gold Card” remains nonexistent in U.S. immigration law. No federal agency is authorized to offer or accept applications for such a program, and critically, no legislation has been introduced in Congress to create it.

Only Congress Creates Immigration Pathways

The United States Constitution is clear: Congress, not the President, makes immigration law. 

Article I, Section 8 gives Congress the power to “establish a uniform Rule of Naturalization.” 

That means any change to the immigrant visa system — including the creation of a new “Gold Card” visa for investors — must be enacted by Congress and signed into law.

As of June 8, 2025, no bill proposing a $5 million investment-based visa or fast-track to citizenship has been introduced in either the House or Senate. 

Without a statutory basis, federal agencies have no legal authority to implement or enforce such a program. The President cannot bypass Congress to create new visa categories — a basic tenet of administrative and constitutional law.

As such, it would be unlawful for any U.S. government agency to solicit or accept Trump Gold Card applications. Any suggestion to the contrary is misleading to potential investors.

Immigration Is DHS Territory — Not Commerce

What makes talk of the $5 Million Gold Card more unusual is who is promoting it. 

Rather than officials from the Department of Homeland Security (DHS) or the State Department — the agencies tasked with administering immigration — Commerce Secretary Howard Lutnick has been the program’s most vocal advocate.

In press interviews, Secretary Lutnick has referenced a proposed government portal (trumpcard.gov) and a vision for wealthy foreign nationals to receive residency and potentially citizenship in exchange for a $5 million investment. 

In contrast, DHS has issued no public guidance, commentary, or policy memoranda supporting this initiative — an absence that speaks volumes.

Immigration law and visa adjudications are implemented primarily through the US Citizenship and Immigration Services (USCIS - a DHS agency), not Commerce. The State Department's role typically focuses on background clearance and eligibility to receive visas after the USCIS grants the visa petition).

If a lawfully authorized visa program was in development, DHS and State would be central to planning, public communication, and rulemaking. Their silence, coupled with the absence of legal authority, reinforces the view that the Trump Gold Card is currently a political concept, not a real immigration program that exists today.

Undermining Legitimate Investor Programs

Even as a mere political concept, the Trump Gold Card may be doing real harm. 

Talk about the Trump Gold Card risks destabilizing investor confidence in established legal pathways like the EB-5 Immigrant Investor Program and E-2 Treaty Investor Visa.

The EB-5 program, first authorized by Congress in 1990 and re-authorized with substantial revisions in 2022, offers lawful permanent residence (a green card) to foreign investors who commit $1.05 million ($800,000 if in areas where the US wants to encourage job creation) into U.S. enterprises that create at least 10 full-time jobs. The E-2 visa is a temporary (not immigrant) visa that allows nationals of treaty countries to live and work in the U.S. based on a “substantial” investment in a business. These are bilaterial treaties with countries that provide similar visa benefits to U.S. citizens investing in those countries.

When public figures float the idea of an elite $5 million Gold Card — with vague promises of “privileges” and no clear legal backing — it sows confusion in the market. Investors and migration advisors may delay EB-5 petitions, hoping for better terms. U.S. developers and businesses relying on EB-5 capital for job creation may be left in limbo. 

The result is uncertainty, market disruption, and damage to programs that are legal, regulated, and job-creating.

More Details

• Fox, Trump reveals 'gold card' $5M immigration pathway with his face on it (April 4, 2025): "When asked by reporters aboard Air Force One about the number of cards that have been distributed so far, Trump responded that he was the first one to have it, according to the New York Post."  
• Fox, Commerce Secretary Lutnick Details Rollout Plan for Trump's Gold Card Immigration Program (May 22, 2025).
• Forbes, Trump's Gold Card Visa May Never Happen: Math Does not Add Up (May 29, 2025).
• The Times of India, Musk Provides Update on Donal Trump's $5 Million Gold Card, Says 'Quite Trial" Going On (May 12, 2025).
• South China Post, ‘It’s unsafe’: why Trump’s ‘gold card’ visa is failing to lure wealthy Chinese (May 23, 2025).

Conclusion

There is no such thing as a Trump Gold Card visa—at least not under current U.S. immigration law. No legislation supports it. No federal agency administers it. And no applicant should be misled into thinking such a program is legally available.

Until Congress acts — and DHS promulgates rules under law — the only lawful investor pathways available today remain the EB-5 and E-2 programs, both well-regulated and rooted in decades of legal precedent.

For reliable guidance on investor immigration, always consult a licensed immigration attorney and rely on official U.S. government sources — not political slogans.