The U.S. government has begun accepting applications for the "Trump Gold Card" visa program, announced by President Trump on Wednesday. The initiative requires individuals to pay $1 million and businesses $2 million for U.S. residency and expedited citizenship pathways, plus an additional $15,000 in processing fees. However, experts remain doubtful about its economic impact.

Launched via executive order in September, the program replaces the EB-5 investor visa, which previously mandated minimum investments of $1.8 million (or $900,000 in high-unemployment areas). Trump claims the billions generated will fund Treasury initiatives to "do positive things for the country." Commerce Secretary Howard Lutnick emphasized attracting "top talent to build America," questioning why lower-tier applicants should be considered.

Yet immigration specialists highlight legal uncertainties. Natalia Polukhtin of Global Practice notes the Gold Card repurposes existing EB-1A (extraordinary ability) and EB-2 NIW (national interest waiver) categories without congressional approval—unlike EB-5's requirement to create 10 jobs per investor. Key differences include the Gold Card's non-refundable "donation" structure and lack of industry-specific or employment mandates.

Research casts further doubt. IMF studies show investment migration programs primarily benefit small island nations through government fees, while often inflating local real estate prices by up to 3%. Comparatively, the Gold Card's $1 million individual cost exceeds EB-5's $800,000 threshold for targeted employment areas.

Apex Capital's Nuri Katz calculates even 4,000 annual applicants would yield just $4 billion—a "drop in the bucket" against U.S. debt. With no proven economic multiplier effect, experts question whether the program delivers meaningful value beyond its symbolic branding.