On February 25, 2025, President Donald Trump announced from the Oval Office that the United States would sell a “gold card” to wealthy foreigners for about $5 million. He said sales would begin in roughly two weeks. That did not happen, and the program that eventually opened looks different from the one first described.
What was announced
At the announcement, Commerce Secretary Howard Lutnick said the card would replace the EB-5 investor visa, a program created by Congress that offers permanent residency to people who invest in U.S. businesses and create jobs. EB-5 has not been abolished.
Timeline
- February 25, 2025: the gold card is announced at about $5 million.
- June 2025: a waitlist website opens.
- September 19, 2025: Executive Order 14351, “The Gold Card,” is signed. The price is set at $1 million for an individual and $2 million for a corporate sponsor.
- December 2025: applications open.
- February 3, 2026: the American Association of University Professors and a group of immigrant professionals file a lawsuit challenging the program.
- April 23, 2026: Secretary Lutnick tells a House subcommittee that one person has been approved, with hundreds in the queue.
How it works
Under the executive order, the $1 million is described as a gift to the Department of Commerce, and applicants also pay a $15,000 non-refundable processing fee to the Department of Homeland Security. Cases are processed through the existing EB-1 and EB-2 employment-based categories rather than through a new visa category.
In a court filing in April 2026, the government reported 338 requests, 165 processing fees paid and 59 petitions filed.
What each side said
The administration says the program raises revenue and attracts highly accomplished people, and that applicants go through serious vetting.
Critics, including the groups that sued, argue that only Congress can create visa categories and that the program lets people pay to move ahead of applicants who qualify on merit.
Where things stand
As of the most recent reporting we found, from mid-2026, one application had been approved, the government had asked the court to dismiss the lawsuit, and no court had blocked the program. Figures about how many people signed up for the waitlist come from the administration and have not been independently verified.
Sources
This article is a summary of publicly reported events, prepared for general information. It is not legal advice and does not take a position on the matters described. Immigration rules and court rulings change often, and every situation is different. For advice about your own circumstances, please speak with a licensed immigration attorney.
