Wealthy families eye US residency as Trump slashes Gold Card price

Trump signed an executive order last week formally launching the Gold Card, which costs US$1 million and grants residency in "record time," he said. When first introduced in February, the price was $5 million.

With its lower cost and promise of quick approvals, the Gold Card is already being called one of the most competitive "golden visas" worldwide, pricing below many rivals, according to CNBC.

U.S. President Donald Trump seen next to an illustration of the "Trump Gold Card" at the White House on Sep. 19, 2025. Photo by AP

Singapore’s scheme costs nearly $8 million, New Zealand’s just under $3 million, and Samoa requires about $1.4 million.

"The Gold Card is almost too cheap," said Reaz Jafri of international law firm Withers.

"You get access to the U.S. education system, health-care system, banking system and financial markets, all for $1 million," he added.

"It’s a pittance for many of these families. I think they should have kept it at $5 million to make it special."

Companies can also purchase the card to sponsor employees, though at a higher cost of $2 million, according to Forbes. This version gives businesses the option to transfer sponsorship to another employee in the future without incurring an additional fee.

Next on the way is the Trump Platinum Card, priced at $5 million. The card will permit holders to live in the U.S. without paying U.S. taxes on income earned overseas.

Designed to appeal to affluent foreign nationals, the Platinum Card offers a way to protect global earnings from American taxation. For wealthy individuals, the Platinum tier shifts the program from simply securing residency to serving as a tax strategy.

Family offices, which are entities set up to manage the large assets of the world’s richest, are looking to purchase the cards.

Jafri said three families – two from China and one from India – have expressed interest. He expects his firm alone to process "hundreds" of applications once the initiative proves viable.

Commerce Secretary Howard Lutnick said the government plans to issue 80,000 Gold Cards, projecting $100 billion in revenue with combined with other visa schemes.

The rollout, however, faces legal hurdles. Since immigration law lies with Congress, the White House used existing EB-1 and EB-2 visas as the basis, with the $1 million labeled an "unrestricted gift" rather than a standard fee change.

"These things always take a little bit of time to ramp up," said Dominic Volek of Henley & Partners, as reported by CNBC.

"People don’t want to be the first one to try it." He noted clients usually wait three to six months to see results.

Still, he expects at least 5,000 to 10,000 applications annually. "From a price point perspective, it’s definitely more attractive at $1 million instead of $5 million. And if it’s as quick as they say, it becomes even more attractive."

Trump’s new visa policy is not unique. Many countries offer so-called "golden visas," while some go further by granting full citizenship through "golden passports."

Access to these visas, however, is becoming more restricted. Across Europe, several nations are rolling back such programs amid concerns from law enforcement that they enable criminal activity and corruption, according to Bloomberg.

Critics argue the schemes deepen inequality by granting privileges to the wealthy that are unavailable to others, insisting that citizenship and residency are fundamental rights that should not be sold to the highest bidder.