Since early 2024, the Trump administration has been promoting a bold new idea — a “gold card” visa that would allow wealthy foreigners to get U.S. residency in exchange for a $5 million investment. The plan was marketed as a fast-track for rich individuals to enter the U.S., with promises of an easy rollout.
A Golden Promise That May Never Be Fulfilled
At one point, President Trump even held up a golden-colored prototype on Air Force One and said the visa would be ready “in less than two weeks.” A website was also launched where people could sign up for a waiting list.
But behind the flashy announcements, legal experts say there’s one big problem: the gold card visa likely can’t happen without a new law from Congress. And so far, no such law has even been proposed.
Even though thousands have signed up to learn more, immigration lawyers are warning people not to get their hopes up. They say this kind of visa can’t legally be created by the president alone. That power lies with Congress, which hasn’t created a new visa type in over three decades.
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Legal Experts and Lawmakers Say It’s Not Possible Without Congress
U.S. immigration law is complex and controlled mainly by Congress, not the president. According to legal specialists, the president does not have the authority to invent a new visa on his own.
In this case, the Trump administration has not introduced any legislation to Congress to make the gold card visa legal. That means there’s currently no official path to make this plan a reality.
Immigration attorneys are advising clients to avoid joining the waiting list or submitting any personal data for now. Some have noted that it’s not even clear if this visa would be completely new or just a replacement for the existing EB-5 visa, which already allows wealthy people to apply for U.S. residency by investing in job-creating projects.
Some of the experts pointed out that the courts have made it very clear: immigration policy must go through Congress. Even past presidents who tried to make changes without Congress, like offering legal status to some immigrants, faced strong pushback and legal challenges.
The Republican-led Congress also doesn’t seem interested in making any changes that would allow more people, even rich ones, to move to the U.S. Lawmakers have instead been asking for stricter visa policies, not looser ones.
Flashy Ideas, But No Applications and No Clear Rules
Even though the gold card visa has been talked about in podcasts, interviews, and public events, there are still no clear rules, no legal documents, and no official forms.
A team inside the Department of Homeland Security had been asked to set up a system to collect data from applicants — including private information like names, birth dates, and addresses — but as of late June, not a single application had been received. The actual application webpage hasn’t even gone public yet.
The Commerce Department, which is promoting the visa idea, says the plan will bring in a lot of money to the country. Some supporters have even said it could help reduce the national debt. But to reach that goal, millions of wealthy people would need to buy the visa — and there is no evidence yet that anywhere near that number is interested.
Other countries that once offered similar “golden visas” have backed away after facing criticism. Some programs were blamed for rising housing prices and were seen as unfair ways for the rich to buy their way into a country.
While interest in the gold card may seem high — with tens of thousands of people signing up to learn more — many experts believe that unless Congress acts, the visa is unlikely to become real. The flashy launch, shiny gold prototypes, and exciting headlines have so far not been backed by the legal action needed to turn the idea into a functioning program.
As of now, the $5 million Trump gold card visa remains more of a promise than a policy.