NextFin News - U.S. President Trump’s "Gold Card" visa program, once heralded as a $100 billion revenue engine that would reshape American immigration for the ultra-wealthy, is facing a stark reality check. Despite promises of residency in "record time" for a $1 million price tag, the program has attracted only 338 applicants since its launch last December, according to a Department of Homeland Security (DHS) filing revealed this week. Of those, only 165 individuals have paid the mandatory $15,000 processing fee, a figure that represents a rounding error compared to the 80,000 participants Commerce Secretary Howard Lutnick predicted just months ago.
The program’s struggle to gain traction among the global elite stems from a widening gap between the administration’s marketing and the legal reality of the U.S. immigration system. While the official Gold Card website continues to promise visas in "a matter of weeks," the DHS legal filing explicitly states that applicants will not receive special treatment or expedited adjudication over traditional visa seekers. This admission has severely undermined the primary value proposition for millionaires who are often more sensitive to time than to the $1 million entry fee.
The legal foundation of the program is also under intense scrutiny. A federal lawsuit filed in February 2026 by groups including Public Citizen and the Democracy Defenders Fund argues that the executive branch lacks the authority to effectively "sell" EB-1 and EB-2 visas, which Congress originally designated for individuals with extraordinary ability or advanced degrees. Craig Becker, managing counsel for the Democracy Defenders Fund, has characterized the initiative as an unlawful "pay-to-play" scheme that bypasses statutory merit-based criteria. Becker, whose organization has a history of challenging executive overreach, maintains that the program is on precarious legal footing, a view that has likely contributed to the hesitation among potential investors.
While the administration remains publicly optimistic, the market’s response suggests a preference for established, albeit slower, pathways. The Gold Card essentially asks investors to donate $1 million to the federal government—or $2 million for corporations—without the equity stake or potential return on investment found in the traditional EB-5 regional center program. For the world’s wealthy, the lack of a financial upside combined with the risk of the program being struck down by the courts has made the "Gold Card" a hard sell. Even as gold prices reached $4,720.62 per ounce today, the allure of a namesake card has not translated into the anticipated flood of capital.
Some immigration attorneys suggest the program is merely in a "wait-and-see" phase. If the administration can secure a track record of approvals or legislative backing from Congress, interest could theoretically rebound. However, the current data suggests that the global elite are prioritizing legal certainty over political branding. Without a clear speed advantage or a settled legal status, the Gold Card remains a high-priced experiment that has yet to find its market.
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