Trump’s “Gold” and “Platinum” Cards and Why EB-5 Still Wins
On September 19, 2025, President Donald Trump signed an executive order introducing two new investor-focused immigration initiatives — the Gold Card and the Platinum Card.
Both proposals aim to attract ultra-high-net-worth individuals willing to make large, non-refundable financial gifts to the U.S. government in exchange for special residence rights.
Federal agencies have been directed to release implementing regulations within ninety days. Yet even before the details are published, both initiatives face significant legal, financial, and practical challenges — especially when compared to the established and legislatively protected EB-5 Immigrant Investor Program.
1. The Gold Card: A Donation-Based Path to Permanent Residency
The Gold Card is positioned as a fast-track route to permanent residency by leveraging existing employment-based visa categories. It is built around a non-refundable “gift” to the U.S. Department of Commerce — a critical distinction from EB-5’s investment model.
Two Tiers Under the Proposal
- $1 Million Individual Gold Card: An individual contributes $1 million to the U.S. Treasury. After paying a proposed $15,000 administrative fee (non-refundable), undergoing security checks, and confirming an available immigrant visa number, the applicant could apply for a Green Card through an existing employment-based category such as EB-1 or EB-2 (National Interest Waiver).
- $2 Million Corporate Gold Card: A corporate version would allow U.S. companies to sponsor high-skilled foreign employees by making a $2 million gift per sponsored worker, plus ongoing maintenance fees. The benefit could be transferred to another employee if the original beneficiary leaves the company.
While both models appear to promise accelerated processing, no specific timeline for approval, visa issuance, or adjudication has been defined. Until regulations are released, the Gold Card remains a conceptual framework rather than a functioning immigration pathway.
2. The Platinum Card: A Tax Residency Play
The Platinum Card is the higher, more conceptual tier, requiring a $5 million contribution. Early reports suggest it would allow the holder to spend up to 270 days per year in the United States while maintaining long-term residency status.
The Congressional Hurdle
The Platinum Card’s primary appeal lies in a proposed tax benefit — letting a holder remain in the U.S. for 270 days without triggering global taxation under the “substantial presence” test.
However, this would require Congress to amend both immigration and tax law. Without new legislation, the Internal Revenue Code’s existing 183-day rule remains binding, making the Platinum Card’s promised tax advantage legally impossible under current law.
Legal observers note that the Platinum Card would almost certainly face judicial challenges and may not survive court scrutiny if implemented by regulation alone.
3. Critical Challenges and Uncertainties
Despite the publicity surrounding these proposals, both the Gold and Platinum Cards face significant barriers that make them uncertain and high-risk alternatives compared to established visa programs.
A. Legal Instability and Court Challenges
The initiatives are based solely on a Presidential Executive Order, which allows agencies to design procedures but cannot rewrite immigration or tax law.
- Revocation Risk: As an executive action, the program can be revoked by any future administration — or even limited within the current term — leaving investors exposed to potential policy reversals.
- Litigation Risk: Existing EB-1 and EB-2 applicants waiting for years could challenge any new priority processing for Gold Card donors. The administration would need to justify how a $1 million “gift” qualifies as a legitimate basis for “national interest” or “extraordinary ability” under existing statutes.
B. The Retrogression Bottleneck
Because the Gold Card relies on existing employment-based visa categories, it inherits their systemic backlog issues.
Both EB-1 and EB-2 are heavily retrogressed for nationals of India and China. Even if a Gold Card application is “approved,” a visa number must still become available under the State Department’s Visa Bulletin — which could mean years of waiting.
Thus, the Gold Card does not actually overcome retrogression; it simply adds a donation layer to an already congested process.
C. Donation vs. Investment: The Fatal Financial Challenge for Families
Perhaps the most critical flaw lies in the financial design of the Gold Card. The executive order explicitly frames the $1 million as an individual gift, with no mention of derivative family members.
This omission creates a significant financial risk: that each immediate family member — including spouse and dependent children — must make a separate $1 million contribution.
Feature | Trump Gold Card ($1M) | EB-5 Program ($800k TEA) |
Commitment for Family of Four | (Potentially $1M per individual; no derivative benefits defined) | $800,000 (single investment includes investor, spouse, and all unmarried children under 21) |
Capital Return | $0 (non-refundable gift) | $800,000 (returnable investment; typically repaid in 4–5 years) |
Job Creation Requirement | None | Minimum 10 full-time U.S. jobs created |
Legal Foundation | Executive Order (revocable) | Federal Law (EB-5 Reform and Integrity Act of 2022) |
In other words, a family of four could face a non-refundable $4 million cost for the same residency outcome that an EB-5 investor achieves through a $800,000 returnable investment. That fivefold higher outlay — with no capital preservation or job creation — makes the Gold Card program financially unviable for most serious investors.
4. Conclusion: EB-5 Remains the Only Tested, Stable Path
Until formal regulations are issued — and in the case of the Platinum Card, until Congress enacts new tax and immigration laws — both new proposals remain opportunities on paper rather than actionable pathways.
The EB-5 Immigrant Investor Program, by contrast, continues to operate as a stable, legislatively protected route to U.S. permanent residency.
Under the EB-5 Reform and Integrity Act of 2022, investors who file before September 30, 2026, are “grandfathered” and remain protected from future policy changes, ensuring continuity and security of process.
For serious investors seeking both U.S. residency and capital preservation, EB-5 remains the only tested, legally grounded, and economically rational choice.
Dinesh Goel
Global Managing Director
+91-98932-70281 |Dinesh’s LinkedIn
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