Trump’s $1 Million Gold Card Flops as Wealthy Buyers Stay Away Amid Legal and Processing Chaos

When Donald Trump unveiled his $1 million Gold Card visa program last December, it came with grand claims: tens of thousands of wealthy foreigners would flock to the U.S., paying millions for fast-tracked residency. Commerce Secretary Howard Lutnick boldly predicted 80,000 Gold Cards issued and over $100 billion raised. Reality, however, is proving far less impressive.

A recent court filing from the Department of Homeland Security (DHS) reveals a program struggling to attract applicants. Only 338 have submitted requests, and just 165 have paid the $15,000 processing fee. Even worse, the filing blows apart the administration’s key selling point — rapid visa approval. DHS admitted Gold Card applicants get no faster treatment than traditional visa seekers, contradicting the “record time” promises on the official website.

“Gold Card applicants will not necessarily have their petitions adjudicated faster than any non-Gold-Card applicant,” the DHS filing bluntly states.

This contradiction is no accident. Craig Becker, managing counsel for the Affirmative Litigation Democracy Defenders Fund, which is suing to block the Gold Card, says the White House’s fast-track promise was a marketing ploy to drum up interest in a program with shaky legal footing. Facing a lawsuit that claims the Gold Card unlawfully diverts visas from existing EB-1 and EB-2 categories reserved for extraordinary ability and national interest applicants, DHS had to argue in court that Gold Card holders get no special treatment.

“We just don’t know what the real answer is because there is no transparency,” Becker told CNBC.

The Gold Card program is an executive overreach. Since only Congress can set immigration law, Trump tried to sidestep lawmakers by repurposing existing visa categories through executive order. The program automatically qualifies $1 million donors as having “extraordinary ability,” but critics argue this undercuts the merit-based immigration system and risks displacing qualified applicants.

The American Association of University Professors’ lawsuit warns the program will “result in qualified, merits-based applicants not being awarded visas.” DHS counters that there are enough EB-1 and EB-2 visas to accommodate everyone and that the Gold Card has its own processing staff — claims that remain unproven.

Legal uncertainty and lack of expedited processing have scared off the very wealthy the program aims to attract. Immigration attorneys report that high-net-worth clients prefer to wait and see how courts rule or hope Congress intervenes before risking $1 million on a dubious visa. Without the promised speed, the Gold Card loses its edge, especially for applicants from countries with visa backlogs.

“Without expedited processing, the Gold Card is unlikely to be attractive,” said Reaz Jafri, CEO of Dasein Advisors.

In the meantime, investors are sticking with the existing EB-5 program, which requires an $800,000 to $1 million investment that creates jobs and offers a more established path to residency. Unlike the Gold Card’s “donation” model, EB-5 investments come with clearer legal footing and a track record.

Trump’s Gold Card saga is yet another example of his administration’s penchant for flashy, executive-driven initiatives that promise much but deliver little, all while stirring legal battles and confusion. The wealthy remain skeptical, the courts remain skeptical, and the American immigration system remains stuck in chaos. The Gold Card’s failure is a cautionary tale about the limits of executive power and the perils of trying to buy your way into the country without congressional approval.