Within the first two months of his second term, President Trump introduced a proposal for a new investment-based immigration option known as the “Gold Card.” Although this program is still in the conceptual phase, the program has drawn significant attention. Questions have been raised about how this program differs from the EB-5 program and what legal changes would be required to make it viable under U.S. immigration law.
Overview of the Proposed “Gold Card” Program
In February 2025, the Trump campaign announced a proposal for a new investment-based residency option called the “Gold Card.” According to public statements, this program would allow individuals to pay a $5 million non-refundable fee in exchange for optional U.S. residency and favorable tax treatment.
In June 2025, a promotional website– www.trumpcard.gov– was launched to gather interest. While the site is not currently accepting applications or payments, it allows users to sign up for email notifications. Within 15 hours of the site’s launch, approximately 25,000 individuals joined the waitlist.
EB-5 Immigrant Investor Program
The EB-5 program was created by Congress in 1990 under Section 203 (b)(5) of the Immigration Nationality Act. The program provides a pathway to lawful permanent residency for foreign nationals who invest in a U.S. business and create at least 10 full-time jobs for U.S. workers.
Applicants must invest a minimum of $800,000 to $1,050,000 and the creation pf at least 10 full-time U.S. jobs as defined by the EB-5 Reform and Integrity Act of 2022. In addition to the investment, applicants typically pay $100,000 to $200,000 in government and legal processing fees. The program is generally used by families who wish to establish permanent ties in the United States, often with the expectation of a future return on their investment.
Key Differences Between the Programs
While both programs are investment-based, the structure and requirements differ significantly. The EB-5 program is based on economic development and job creation, while the Gold Card seems to be focused on offering residency access to individuals with an ultra-high net worth. The Gold Card proposal does not indicate that investing in a business or creating jobs is a mandatory requirement.
Tax treatment is another distinction between these two programs. EB-5 green card holders are considered U.S. tax residents under the Internal Revenue Code (26 U.S.C. § 7701(b)) and are taxed on their worldwide income. The Gold Card proposes a new category of resident who would only be taxed on U.S.-source income, though this would require statutory changes.
Legal Requirements for Implementation
The proposed Gold Card program would require significant changes to U.S. immigration and tax law. First, it would require an amendment to the Internal Revenue Code to create a new taxpayer classification not currently recognized under existing categories such as citizens, lawful permanent residents, or individuals who meet the substantial presence test.
Second, implementation would require an amendment to the Immigration and Nationality Act to authorize a new visa category or modify an existing one. This would involve changes to visa eligibility, numerical caps, and classification procedures. These changes cannot be made through executive order alone and would require approval from both chambers of Congress.
Conclusion
The Gold Card remains a proposal and is not currently an authorized immigration pathway. Implementing such a program would require significant legislative changes to both the Internal Revenue Code and the Immigration and Nationality Act. Until such changes are enacted, the Gold Card has no legal effect.
Here at Berardi Immigration Law, we monitor developments in immigration policy and can assist clients in evaluating their legal options under current law. Contact us today to work with our experienced team of immigration professionals.