US President Donald Trump holds “Trump Card” while speaking with journalists aboard the Air Force One on the way to Miami, Florida, United States, April 3, 2025.
Kent Nishimura | Reuters
A version of this article appeared for the first time in Inside Wealth Newsletter of CNBC with Robert Frank, a weekly guide to the investor and consumer with high shuttle. Register To receive future editions, directly in your reception box.
According to immigration lawyers, the president of $ 5 million from President Donald Trump aroused a strong interest in the rich abroad, but he faces legal challenges and the potential market size, according to immigration lawyers.
Trump launched the website in June for his new immigration plan, first called “The Gold Card”, then renamed “The Trump Card”. A brief questionnaire asked for interested parties for their name, email, region and if the Trump Card would be for “Self”, “family”, “spouse” or “other”, as well as if the request came from a business or a person.
The secretary of commerce, Howard Lungick, told the Financial Times that 70,000 people had already registered and that the card would be in real gold. In March, he said that the potential cards market was 37 million. He said that the sale of 200,000 cards would bring back $ 1 billion for the treasury and would help repay the federal debt.
The Trump Card has energized the emerging market of investments or “golden” visas, which allow the rich to buy residence or citizenship in another country in exchange for a six -digit or seven -digit investment. According to Henley & Partners, a record of 142,000 millionaires with moves to another country, leads to the increase in political and disorders. The United Kingdom is expected to lose a net of 16,500 million millionaires due to a change in its tax program, according to Henley. The United Arab Emirates, the largest winner, should add a net of 9,800 million millionaires while the United States should earn a net of 7,500.
The Trump Card would also arrive as many countries formerly favored by the rich – notably Spain, Portugal and Italy – tighten their investment visa programs in the midst of the populist opposition and political counterpou.
However, in interviews with immigration lawyers, advisers to rich and political employees involved in the program, they said that Trump Card is faced with fundamental legal and tax obstacles. In addition, even if it is approved and finally offered, the number of buyers is probably a fraction of what the White House suggested and could decrease after a first burst of buyers.
“Each week, there is something else announced that puts the steps in place to finally get there,” said Dominic Stef, group leader of private customers from Henley & Partners, who advises the rich on visas and passports. “But there are still a lot of question points in terms of success at the end of the day.”
The last question focuses on demand. While Lutnick presented the 70,000 registrations as proof of potential sales, anyone can register on the website to request more information, whatever their net value. Immigration lawyers, family offices, bankers, wealth managers and all kinds of advisers to the wealthy Worlds said they had registered to stay informed of the Trump card for their potential customers.
“I have submitted two registrations so that I can have access to more details when it becomes available,” said Theda Fisher, partner at Withers Bergman LLP, who advises rich customers.
The population of people outside the United States worth $ 30 million or more – a reasonable limit for those who wish to spend $ 5 million on a visa – is around 276,000, according to the latest figures from the Altrata data company.
Immigration lawyers have said that the most important demand is likely to come from China and the Middle East. China has around 46,000 ultra-high people (those worth $ 30 million or more), said Altrata, while the Middle East has around 19,000. US trade tensions with China and the Chinese government on capital Flight could limit the number of rich Chinese people who buy a Trump duct, said lawyers.
Stepk, who applauded the concept program, estimated that Trump Card’s request will be around 2,000 per year.
“I think a few thousand a year are achievable,” he said.
By country, he said that the request will probably reflect that of the current EB-5 program, the long-standing American visa regime which gives candidates a residence and a way to citizenship for around $ 1 million. China dominates the EB-5 program, continental Chinese investors representing up to two thirds of the 8,354 EB-5 visas issued in 2023, according to data from the State Department. The other countries in the common EB-5 candidates include Vietnam, India, Taiwan and South Africa.
Other golden advisers from the gold visit said they saw interest mainly in Mexico, the United Kingdom, Russia and Brazil. The White House did not say if the $ 5 million card covers a family or simply an individual, which could also have an impact on demand.
Companies could emerge as major Trump card buyers because they are looking for technological talents from around the world. Trump said that Apple, for example, would buy “a lot” of Trump cards, according to reports. (Apple refused to comment).
In the end, the demand will all depend on the specific terms of the Trump card, which already cause controversy. Trump and Lunick said that the Trump card would replace EB-5, which is supported by a lobbying high school and Bipartisian contributors to Congress. The EB-5 program, which links investments to the creation of jobs in the under-employment areas, has been reuthorized until 2027, so that any change or dismissal would require the approval of the Congress.
“The EB-5 program was created by the congress, and only the congress can abolish it,” said American Immigrant Investor Alliance, who seeks to increase the number of EB-5 visas available.
Screening and verification remain another open question. After the United States discovered that the Russians sanctioned after Ukraine’s invasion used its non-domestic popular program (similar to the Trump Card), it has considerably reduced the program. We do not know if the Trump administration, which fought against China for trade, would allow unhindered access to the Chinese nationals that apply. The administration also did not comment on how it plans to project links with terrorism, organized crime, money laundering or foreign intelligence agencies.
The biggest obstacle for Trump Card, however, implies taxes. The United States is one of the rare countries in the world that taxes global income, which means that American and permanent residents have to pay taxes on federal income earned outside the United States, the only way in which wealthy foreigners would buy a Cototre Trump is if they are exempt from world income taxes-giving Trump card holders. American citizens.
While Trump confirmed that Trump card holders would be exempt from income abroad, he said in a social article of truth that “wealthy people will come in our country by buying this card” and “paying a lot of taxes”, because they would always pay state and federal taxes on income in the United States.
According to IRS experts, modifying the tax code of Trump card holders will require the approval of the congress as well as the approval of the IRS. So far, there is no legislation in the major bill or other bills on change.
The unprecedented tax exemption could also lead to gaps. The rich Americans, for example, who have a double quote in another country could renounce their American citizenship, buy a Trump cotto and regain access to the United States without world income taxes.
The administration has not yet provided information on whether Trump card holders would be exempt from succession and gift tax – which are generally more important and more expensive than income taxes for ultra -rich.
“We have many questions, in particular the way in which various tax positions will be dealt with, the duration of the capacity to exempt world income tax, the implications of the inheritance tax and which will be included in a single donation,” said Fisher. “For this reason, we have asked most of our customers not to register and adopt a waiting approach.