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Trump's $5 mn 'gold card' visa on trial, Elon Musk confirms rollout soon
Billionaire Elon Musk has said the US government is quietly trialling the new $5 million 'gold card' immigration visa programme, with a wider rollout expected once internal tests are complete.
In a post on X, formerly Twitter, Musk said, 'Once it is fully tested, it will be rolled out to the public with an announcement by the president.' He was responding to influencer and CEO of International Blockchain Consulting (IBC Group), Mario Nawfal, who had shared details about the new visa, including its dedicated government website and digital backend built by the Department of Government Efficiency (DOGE).
The programme has drawn attention for its unusually flashy branding. Unveiled in April by US President Donald Trump aboard Air Force One, the 'Trump Card' features Trump's image alongside the Statue of Liberty and the words 'United States of America' across the top.
$5 million visa in, EB-5 out?
The new scheme could replace the EB-5 investor visa, which currently requires a minimum investment of $800,000 and the creation of at least ten American jobs. Applicants under EB-5 also pay between $100,000 and $200,000 in government and processing fees.
Commerce Secretary Howard Lutnick said the new visa had already drawn strong interest. 'Over 1,000 gold cards have already been sold,' he said in April. According to him, the administration raised $5 billion from those sales in a single day.
He added that an estimated 37 million people globally could afford the new visa, which costs $5 million. 'The programme could help reduce the $36.5 trillion US national debt,' Lutnick said.
Lutnick also claimed that the government had already received around 250,000 applications. The card reportedly comes with tax perks, including an exemption on US taxes for income earned abroad.
'No woke quotas, no backlogs'
Nawfal described the scheme as 'the high-roller fast lane to US residency: no woke quotas, no endless backlogs – just cash, credentials, and country club-level vetting.'
He added that the Trump administration wants to issue up to 1 million gold cards, creating what he called 'elite access' for 'elite minds' at an 'elite price.'
The Biden-era debate over H-1B visas and legal immigration backlogs has continued under Trump's second term, though the administration has now shifted its attention to wealthy investors and fast-tracked residency.
Impact on Indian investors
The announcement may come as a blow to Indian nationals who had been using the EB-5 visa to sidestep long H-1B queues and green card waiting lists.
'The increase from $1 million to $5 million may be the most obvious difference between the EB-5 programme and Trump's 'golden visa,' but it is definitely not the most dramatic change,' said Russell A Stamets, partner at Circle of Counsels.
'If Trump gives golden visa holders an exemption on their worldwide income outside of the US, it will make the $5-million price tag look like chaar anna for rich people who might otherwise be subject to US global taxation,' he told Business Standard.
Stamets also said the reduced regulatory checks could appeal to a certain set of investors. 'Paired with Trump's dial back on anti-bribery and anti-corruption laws and oversight, the golden visa may prove very attractive for a certain set of the global wealthy.'
Varun Singh, managing director at XIPHIAS Immigration, said the changes could redirect Indian investment elsewhere.
'The removal of the EB-5 visa programme would be a severe blow to Indian investors, the US economy, and bilateral ties,' Singh said. 'It has been an economic driver, with Indian investors contributing billions of dollars to real estate, infrastructure, and technology sectors in the US.'
He added that many wealthy Indians may now explore alternative residency schemes. 'Indian investors may now turn to other global residency programmes such as Greece's Golden Visa, Portugal's Golden Visa, and investor schemes in the UAE and Canada,' he said. 'These countries provide attractive residency options with lower investment thresholds and faster processing times.'
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