The ‘Gold Card’ program launched by President Donald Trump with the promise of the fastest permanent residence (residency) in the United States is falling apart. This card worth 1 million dollars has failed to attract the world’s millionaires and billionaires, according to a report by the American media CNBC.
At the launch of this visa program in December last year, its official website promised to confirm the US residency within ‘record time. But a document submitted to the court recently shows that despite spending this huge amount of money, there is no guarantee of getting a visa quickly.
The number of applicants is negligible
US Commerce Secretary Howard Lutnick initially predicted that the government would issue at least 80,000 gold cards and generate more than $100 billion in revenue. However, according to data provided by the Department of Homeland Security (DHS), only 338 people have applied for a gold card so far. Only 165 of them submitted an initial fee of $15,000.
Mistakes in promises and reality
The main attraction of the gold card was the quick approval within a few weeks. However, in court documents, Homeland Security acknowledged that gold card applicants would not have any special priority or faster processing benefits than conventional visa applicants.
Lawyers say that those interested are turning away because of this shaky legal position of the gold card. Since Trump launched it through an executive order without congressional approval, its legal validity has been challenged in court. It has been alleged that it is taking away the opportunities of eligible applicants for merit-based EB-1 (EB-1) and EB-2 (EB-2) visas.
Why disinterested billionaires
Riaz Jafri, CEO of immigration consultancy firm Dadeen Advisors, said, “without fast processing facilities, this gold card will not be attractive to people in countries where there is a long tangle of visas. If approval could have been confirmed quickly, it could have been the game changer.”
On the other hand, many experts believe that the conventional EB-5 (EB-5) program is much more effective than giving $1 million to the government as a ‘grant’. Investing between $800,000 and $100,000 in the EB-5 program gives green cards and the money is likely to be returned later. But in case of gold card, 1 million dollars is completely non-refundable.
A record 165,000 millionaires are planning to change their country in 2026 due to political unrest and tax hikes around the world. Although Trump announced a gold card to capture this huge market, it has not seen success so far due to lack of transparency and legal assurance.