U.S. Offers Trump’s “Gold Card” For Rich Immigrants
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President Trump has launched a new path to U.S. residency for wealthy wanna-be Americans. Is the Gold Card worth the hype?
Last month, the U.S. government launched President Trump’s “Gold Card” initiative, an immigration program established by executive order in September to enable foreign nationals to apply for permanent residency through, frankly, large donations to the American Treasury.
According to the administration’s official website, TrumpCard.gov, the program is designed to deliver decisions in “record time.” The Gold Card program allows both individual applicants and employer sponsors to pursue permanent residency under the existing EB-1 Extraordinary Ability and EB-2 National Interest Waiver (NIW) categories. Allegedly, the program does not seek to replace or modify these statutory pathways but directs the U.S. government to treat qualifying financial contributions as additional evidence that “may support eligibility within these categories.”
EB-5s were created in 1990 as a method for investor immigrants to obtain green cards; in 2024, more than 12,000 EB-5 visas were issued. Traditionally under the EB-1 Extraordinary Ability and EB-2 NIW classifications, applications are required to demonstrate eligibility through professional accomplishments, academic credentials, publications, recognition in their field and evidence of contributions to the national interest.
Under the Gold Card framework, the Department of Homeland Security is meant to continue applying these statutory standards “but may consider the required donations as part of the overall evidentiary showing when adjudicating EB-1 Extraordinary Ability and EB-2 NIW petitions.”
What it costs
The Trump administration claims the Gold Card, marketed as “green card on steroids,” has already generated more than $1.3 billion in sales, which Trump claims flows directly to the U.S. Treasury to whittle the national debt.
Individuals can secure U.S. residency by contributing $1 million plus a $15,000 processing fee (for individual applicants, including spouses and children younger than 21, each). The administration has also introduced a “Trump Corporate Gold Card,” which allows companies to assign residency eligibility to employees, transfer that benefit internally and pay ongoing maintenance fees (a 1% annual maintenance fee on the $2 million donation, some $20,000 per year). For beneficiaries from heavily backlogged countries, these fees may accrue for multiple years; and a 5% transfer fee (approximately $100,000) if an employer reassigns its donation to a different foreign national employee.
About 1,000 units have been sold, according to the latest figures.
Gold Card Applicants or sponsoring employers begin by submitting personal and biographical information through TrumpCard.gov. The non-refundable $15,000 fee must be submitted via Pay.gov for each applicant and derivative beneficiary. Applicants must also create a U.S. Citizenship and Immigration Services (USCIS) online account and file IRS Form I-140G (this verifies that donation funds originate from a lawful source). Paper filings are not accepted.
After preliminary vetting – enhanced procedures that U.S. Commerce Secretary Howard Lutnick has emphasized as key differentiators to older U.S. immigration policies – applicants receive instructions for submitting the required donation via ACH or wire transfer. Form I-140G approval follows confirmation of payment. A visa meeting is required.
(The federal government hasn’t yet clarified whether applicants already in the United States will be permitted to adjust status domestically instead of undergoing consular processing abroad.)
Are Gold Cards worth the hype?
Speed: The Gold Card program promises expedition to permanent American residency, but right now the Trump Administration statements are vague about processing speed. “Weeks” seems to be the best estimate. Conventional channels of immigration can take up to a year – a wait time backlogged countries may encounter anyway with the Gold Card program.
Future: The current U.S. presidential administration seems keen on using the most unconventional methods possible to achieve aims, and the President isn’t stopping with the gold: Supposedly in the works is the “Trump Platinum Card” would allow also foreign nationals to remain in the United States for up to 270 days per year without U.S. taxation on foreign-sourced income, in exchange for a $5 million contribution.
Crosses a line?: Observers say monetizing U.S. residency “injects financial-contribution-based benefits into immigration categories long defined by merit, which creates serious questions about legal authority and regulatory consistency.” Some 37 million people globally can afford a Gold Card, estimates say. Will U.S. immigration eventually become pay-to-play only, similar to the systems of Portugal, Greece, Panama, Latvia, Thailand, Spain, Italy and the United Arab Emirates?
For now, there’s a new unlocked door for the wealthy who wish to come to the United States.
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About the Author
Alicea Castellanos is the CEO and Founder of Global Taxes LLC. Alicea provides personalized U.S. tax advisory and compliance services to high-net-worth families and their advisors.
Alicea has more than 20 years of experience. Prior to forming Global Taxes, Alicea founded and oversaw operations at a boutique tax firm, worked at a prestigious global law firm and CPA firm.
Alicea specializes in U.S. tax planning and compliance for non-U.S. families with global wealth and asset protection structures which include non-U.S. trusts, estates and foundations that have a U.S. connection.
Alicea also specializes in foreign investment in U.S. real estate property, and other U.S. assets, pre-immigration tax planning, U.S. expatriation matters, U.S. persons in receipt of foreign gifts and inheritances, foreign accounts and assets compliance, offshore voluntary disclosures/tax amnesties, FATCA registration, and foreign companies wanting to do business in the U.S.
Alicea is fluent in Spanish and has a working knowledge of Portuguese.
Alicea is an active member of the Society of Trusts & Estates Practitioners (STEP), the New York State Society of Certified Public Accountants (NYSSCPAs), the American Institute of Certified Public Accountants (AICPA), the International Fiscal Association (IFA), a member of Clarkson Hyde Global, a world-wide association of accountants, auditors, tax specialists and business advisors and the Global Referral Network (GRN).
Distinctly, in 2020, Alicea was awarded with a prestigious NYSSCPA Forty Under 40 Award. She was selected as someone that has notable skills and is visibly making a difference in the accounting profession.
In 2021 and 2022, Alicea was the Gold and Silver Winner, respectively, of Citywealth’s Powerwomen Awards in the category USA – Woman of the Year – Business Growth (Boutique). In 2023, she continued her winning streak by receiving the Gold award for Company of the Year Female Leadership (Boutique) and the Silver award for Accountancy Firm of the Year at the Magic Circle Awards. Furthermore, Alicea has consistently secured her position in the Global Elite Directory for four consecutive years, being recognized as a Private Client Global Elite Advisor and is currently listed for 2024 as a Non-Legal Adviser. This exclusive directory annually highlights the world’s elite lawyers and outstanding wealth advisors serving ultra-high net-worth clients.
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