In February, former U.S. President Donald Trump unveiled a proposal to introduce a $5 million “Golden Card” immigration pathway aimed at replacing the existing EB-5 investor visa program. The plan, marketed as offering green card privileges and a route to citizenship, appeared to target ultra-high-net-worth individuals. However, immigration experts and wealth advisors are now casting doubt on its viability, arguing that the steep price tag may alienate its intended audience while inadvertently boosting interest in the more affordable EB-5 alternative.
Dominic Volek, Private Client Group Head at investment migration consultancy Henley & Partners, revealed a surprising trend: “Approximately 80% of prospective clients we’ve engaged with since the announcement have rushed to expedite EB-5 applications, viewing it as a closing window of opportunity.” Data from Henley & Partners and New World Wealth indicates EB-5 inquiries surged 168% quarter-over-quarter in early 2025, with April consultations alone accounting for nearly half of 2024’s total application volume.
The original EB-5 program requires minimum investments of $1.8 million (or $900,000 in targeted employment areas) for residency rights. Trump’s Golden Card proposal quintuples the entry threshold to $5 million—a move initially estimated to attract over 1 million applicants. Commerce Secretary Howard Lutnick later revised projections downward to 250,000 interested parties, announcing that an official portal, Trumpcard.gov, would launch within a week to process expressions of interest.
Yet market realities paint a starkly different picture. Volek warns that the proposed pricing fundamentally misjudges billionaire psychology: “High-net-worth individuals rarely allocate more than 10% of liquid assets to discretionary purchases—whether yachts, art, or residence rights.” He calculates that only those with $50+ million in liquid wealth could comfortably justify the $5 million outlay, leaving a global pool of fewer than 100,000 eligible candidates—most already U.S. residents.
The tax implications further dent the proposal’s appeal. Unlike competitor residency programs offering tangible returns through investments, the Golden Card represents pure capital outflow. Moreover, the U.S. taxes global income for green card holders—a structure Volek calls “fiscally punitive compared to jurisdictions like Portugal or Malta that couple investment with tax incentives.”
As industry analysts watch the rollout unfold, the paradoxical outcome highlights a broader truth: in the high-stakes world of investment migration, pricing isn’t just about fiscal clout—it’s about perceived value. For now, the EB-5’s relatively modest threshold appears to strike that balance far more effectively than its glittering but exclusionary successor.
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