Trump’s Gold Card Visa Program Fails to Gain Traction

President Donald Trump’s ‘Gold Card’ visa program, which promised U.S. residency in ‘record time’ for $1 million, has been dogged by delays and legal questions. The program, launched in December, aimed to attract tens of thousands of overseas millionaires and billionaires to the U.S. by offering residency in exchange for a $1 million nonrefundable gift to the government.

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However, according to the Department of Homeland Security, only 338 people have submitted requests for a Gold Card, and only 165 people have paid the $15,000 visa processing fee. The program’s slow start has raised concerns among immigration attorneys and experts, who say that the Gold Card’s lack of transparency and its uncertain legal status are major deterrents to potential applicants.

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The Gold Card program uses the existing visa categories, the EB-1 and EB-2, which are reserved for people with extraordinary abilities or of national interest. However, the program’s use of these categories has been questioned by immigration attorneys, who argue that it will crowd out EB-1 and EB-2 applicants and ‘result in qualified, merits-based applicants not being awarded visas.’

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Craig Becker, managing counsel for the Affirmative Litigation Democracy Defenders Fund, who is litigating a lawsuit against the Gold Card’s legality, said that the program’s precarious legal standing has led to confusion over the wait times and the processing of Gold Card applications. ‘We just don’t know what the real answer is because there is no transparency,’ Becker said.

Immigration attorneys who specialize in investment visas say that their high-net-worth clients are wary of the program due to its uncertain legal status and the lack of transparency. ‘Without expedited processing, the Gold Card is unlikely to be attractive to individuals from countries with backlogs,’ said Reaz Jafri, CEO of Dasein Advisors, a New York-based immigration consultancy. ‘With expedited processing, it would have been very attractive to all and a game changer.’

The troubled Gold Card program has only added to interest in the existing investment visa program, the EB-5, which has seen a surge in applications. The program provides U.S. residency in exchange for an investment of $800,000 to $1 million that creates at least 10 full-time jobs. ‘International businesspeople can already access the U.S. through nonimmigrant visas that do not automatically expose their global wealth to U.S. tax,’ said David Lesperance of Lesperance & Associates. ‘Those who are willing to become taxpayers can already gain green card status through the EB-5 program, which requires an investment rather than the donation.’