U.S. President Donald Trump unveils the $5 million “Trump Card” during a press conference onboard Air Force One on April 3, 2025, sparking both curiosity and skepticism among the wealthy elite.
Kent Nishimura | Reuters
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
The $5 Million Trump Card: A Golden Opportunity or a Legal Minefield?
President Donald Trump‘s ambitious initiative, the $5 million Trump Card, has captured the attention of wealthy individuals around the globe. While initial interest is promising, legal questions and market limitations loom large, leaving potential investors in a state of uncertainty.
Unveiling the Trump Card
Launched in June, the Trump Card aims to streamline a new immigration pathway originally dubbed the “Gold Card.” Interested parties fill out a brief questionnaire, providing basic information like name, email, and intent—whether for themselves, family, or business purposes.
Commerce Secretary Howard Lutnick noted that over 70,000 individuals have expressed interest, particularly emphasizing that the card will be crafted from real gold. He speculates that the potential market could encompass an impressive 37 million people, predicting that sales of 200,000 cards could generate a jaw-dropping $1 trillion for the U.S. Treasury, which would in turn help alleviate the federal debt.
Investment Visas on the Rise
The Trump Card taps into the growing trend of “golden” visas—investments that grant residency or citizenship in exchange for hefty sums. Henley & Partners reports a record-breaking surge of 142,000 millionaires relocating internationally, fueled by destabilizing political climates. Countries like the U.K. could see a net loss of 16,500 millionaires, while the UAE anticipates an influx of 9,800 new affluent residents. The U.S. itself is projected to gain 7,500 millionaires.
Legal Hurdles and Market Limitations
Despite the intrigue surrounding the Trump Card, a chorus of legal experts and immigration attorneys raises caution. In interviews, they voiced that the card may encounter significant legal and tax challenges that could hinder its success. Even if launched, the buyer numbers are expected to fall short of expectations, particularly after an initial marketing burst.
“Each week brings new details that pave the way,” stated Dominic Volek, head of private clients at Henley & Partners. “Yet, many uncertainties remain about the program’s ultimate success.”
Demand Versus Reality
While Lutnick’s claims of 70,000 interested individuals seem optimistic, it’s crucial to note that the sign-ups are open to anyone, regardless of financial capability. Many immigration advisors and family offices have registered merely to stay updated on potential developments.
Recent data from Altrata identifies approximately 276,000 individuals globally with a net worth exceeding $30 million—an indicator of potential Trump Card purchasers. The highest demand is anticipated from China and the Middle East, yet geopolitical tensions and regulatory restrictions could deter investors from these regions.
Potential Buyers and Market Dynamics
Volek observes that demand could stabilize around 2,000 cards annually, comparing it to the current EB-5 visa program, which remains dominated by Chinese applicants. Countries such as Mexico, the U.K., and Russia are also noted as focal points of interest.
Corporate interest in the Trump Card may emerge as a means to attract global tech talent, with suggestions that major companies, like Apple, might invest heavily in the program.
Taxation Woes: The Biggest Challenge
Perhaps the most daunting obstacle for the Trump Card involves tax implications. The U.S. uniquely taxes worldwide income, which complicates the appeal for foreign investors unless they receive exemption from such taxes.
Trump has hinted at such a tax exemption, stating that “wealthy people will be coming into our country by buying this card.” However, experts emphasize that any alterations to the tax code will necessitate congressional approval, and no relevant legislation currently exists.
The Road Ahead
The Trump administration faces pressing questions about how to structure the Trump Card effectively and responsibly. Critics warn that lax oversight could open doors to potential loopholes, allowing wealthy U.S. citizens to exploit tax benefits not extended to ordinary Americans.
“Until comprehensive details are disclosed, many high-net-worth individuals are adopting a cautious approach,” noted Theda Fisher, a partner at Withers Bergman LLP. “A wait-and-see strategy may be the most prudent course for potential applicants.”
In Conclusion: The Future of the Trump Card
As the Trump Card program endeavors to shake up the immigration landscape with its high-priced offering, the blend of opportunity and legal complications creates a complex narrative. With many questions remaining about its feasibility, the coming months will unveil whether this ambitious initiative can indeed overcome its daunting hurdles and find solid ground in a competitive market.
