A $1 million 'gift' and legal fears: Why are wealthy foreigners not liking Trump's gold card?
Trump's Gold Card visa program is struggling to attract wealthy foreigners, with immigration lawyers calling it risky and advising clients to stay away.
President Donald Trump's much-touted Gold Card visa plan in the US is failing to take off as expected. Launched with the promise of providing fast-track US residency to wealthy foreign investors, the program is now facing growing legal, financial, and ethical concerns. Several prominent immigration lawyers have advised their clients to avoid the scheme.
The Trump administration had presented this scheme as a premium immigration route, promising foreign nationals special residency benefits for investing between $1 million and $5 million.
However, recent government data shows that interest in the scheme has been extremely limited.
Reports indicate that only 338 requests have been submitted so far, with only 165 people paying the $15,000 non-refundable processing fee. Only 59 applicants have progressed to the next stage of the process.
Why are people keeping distance?
Immigration law experts say the plan's biggest weakness is its legal basis. Unlike the traditional EB-5 investor visa program,
it wasn't approved by Congress but was implemented through executive action. This is why many lawyers fear it could be struck down by a future administration.
Renowned immigration lawyer Michael Wildes publicly stated that he would refuse to take cases involving Gold Card applicants. He argued that there is so much uncertainty about the program's validity and future that it would be unethical to involve clients in it.
Experts say the current EB-5 program is considered a much safer and more reliable option for investors. Under this program, foreign nationals can obtain a green card by investing at least $800,000 in American projects, provided they create jobs.
Changing prices increase confusion
Confusion surrounding the Gold Card scheme has been exacerbated by its varying pricing. Different administration officials have sometimes quoted investment amounts of up to $1 million and sometimes up to $5 million. Additional fees for family members and processing fees have also raised investor concerns.
The Trump administration claims the plan could generate billions of dollars in revenue for the United States,
but data so far undermines this claim. Despite this, wealthy citizens of some countries are still showing interest in the program, especially those from countries with strict immigration rules.