The Trump Gold Card: What we know and what’s to come

Executive Order launches exclusive pathway to permanent residence in the U.S.

On Sept. 19, 2025, President Trump signed Executive Order (EO) 14351, launching the Trump Gold Card —an immigration initiative marking an exclusive pathway to permanent residency in the U.S. for individuals and corporations capable of making a “significant financial gift.”

According to the EO, the program prioritizes “the admission of aliens who will affirmatively benefit the Nation, including successful entrepreneurs, investors and businessmen and women.” The EO outlines the launch timeline of the gold card program, directing U.S. Department of Commerce, Department of Homeland Security (DHS) and State Department to have it implemented within 90 days of the EO.

Designed to attract high-net-worth individuals and corporate sponsors who can demonstrate “exceptional business ability,” the Trump Gold Card is expected to further the administration’s goal of promoting national commerce and industry and bring “prosperity to America.”

The cost of the Trump Gold Card

Eligibility for the Trump Gold Card requires that individual applicants make a $1 million gift to the U.S. Department of Commerce along with a non-refundable processing fee (and an additional $1 million per accompanying dependent family member). The program is not limited to individual contributions.

Corporate sponsors can contribute $2 million to sponsor an eligible employee (and $1 million per accompanying dependent family member) for permanent residency and may apply for multiple employees in the same application. For a fee, corporate sponsors can transfer sponsorship to another vetted employee without requiring a new donation.

The Gold Card seekers must also undergo an in-depth background check and vetting by U.S. Citizenship and Immigration Services.

Currently, the administration is also promoting a waitlist for the Trump Platinum Card which requires a $5 million gift and after successful DHS vetting allows “the ability to spend up to 270 days in the United States without being subject to U.S. taxes on non-U.S. income.”

A global snapshot of golden visa programs

Although the Trump Gold Card eligibility criteria define contributions as a gift and not a formal investment, the broad outline of the program shares similarities with golden visa programs offered by other countries.

Historically, residence-by-investment programs, often referred to globally as “golden visas,” allow qualified individuals to obtain residency rights in exchange for a defined economic contribution to the host country. Unlike citizenship-by-investment programs, which grant full citizenship, certain golden visas provide legal residency with rights to live, work, study and access healthcare.

These programs are particularly attractive to high-net-worth individuals seeking flexibility to relocate now or in the future, often as part of retirement or global mobility planning. Investment and contribution thresholds vary widely across these programs depending on certain criteria, ranging from thousands of U.S. dollars to several million.

Trump Gold Card and processing logistics

Pursuant to the executive order, President Trump ordered implementation of the Gold Card program by Dec. 18, 2025. USCIS recently sent the draft of Form I-140G to the Office of Management and Budget (OMB) for federal review. The proposed application fee for Form I-140G is $15,000 per applicant, and it is nonrefundable. Stakeholders should anticipate further clarification as implementation approaches.

The EB-5 visa as an alternate residency pathway for high-net-worth individuals

The EB-5 Immigrant Investor Program offers high-net-worth individuals (HNWIs) a well-established pathway to U.S. permanent residency through investment and job creation. Under this program, eligible investors must make a qualifying investment—currently set at $1,050,000, or $800,000 for projects in targeted employment areas—into a new commercial enterprise in the United States.

In addition to the capital requirement, the investment must result in the creation or preservation of at least ten full-time jobs for qualified U.S. workers. Investors may choose to invest directly in a business or participate through a USCIS-designated regional center, which allows for pooled investments and can count indirect job creation toward the requirement.

The EB-5 process involves filing a petition demonstrating an investment into a U.S. project evidentially anticipated to create requisite jobs and the lawful source of investment funds, followed by adjustment of status or consular processing, and ultimately results in conditional permanent residency for the investor and eligible family members. For many foreign nationals, the EB-5 visa serves as a viable alternative to employment-based or family-based immigration routes, particularly for those who may not qualify under traditional categories.

While the EB-5 pathway involves a multi-step process and rigorous documentation of investment funds, it provides the opportunity for investors, their spouses and unmarried children under the age of 21 to obtain lawful permanent residence.

Recent updates to the EB-5 program, including fee adjustments and integrity reforms, aim to streamline processing and enhance program oversight, making it an increasingly attractive option for HNWIs seeking permanent residency in the United States.

BAL’s Gold Card practice group is the expert on exclusive visas

BAL has been at the forefront of immigration policy developments, spanning 12 presidential administrations. We have more than 45 years of extensive experience guiding employers’ immigration programs and supporting the immigration journey of exceptional employees and private individuals.

Our Gold Card practice group experts have successfully secured exclusive visas for Fortune 10 executives and high-net-worth individuals including EB-5 investor visas, O-1 visas and National Interest Waivers. They continue to closely monitor the Trump Gold Card program implementation while developing proactive strategies for interested applicants.

Close collaboration with BAL’s renowned Government Strategies team allows our experts to leverage deep cross-government agency relationships and help ensure real-time government policy updates for clients — whether an individual applicant or a corporate sponsor.

Schedule a consultation with BAL’s Gold Card practice group and learn how they can help develop your Gold Card strategy.