The Gold Card Today – What is Real?

The new Gold Card, launched for high net worth individuals in 2025. | Adobe Stock

By Amber Davis, Principal Attorney at Waypoint Immigration USA

The Gold Card has been teased for several months, but the Executive Order issued September 18, 2025 formally directs the U.S. government to create this new option for high net worth individuals.

There is still significant speculation about what the Gold Card will be, and what benefits it will bring. There are lots of rumors and misinformation out there. Even the U.S. government’s own sources do not quite seem to know what it is, what it will be, or what is possible. As this new program is rolled out, it is important to understand its legal status so that opportunities can be immediately grasped, and risks can be mitigated.

The Gold Card is Not Available Yet

The news (even reputable outlets) keeps proclaiming the gold card has been “launched”, “rolled out”, “established”, and other such terms. This language can be misleading in a headline context. Most of the news outlets are explaining the program accurately in the body of their articles, but the headlines are inaccurate.

There is currently no mechanism to pay for the Gold Card. There is no application form. There is no mechanism to produce the card. There are no procedures for expediting entry based on a monetary gift to the United States, because it is not clear which existing processes need to be modified, or which processes need to be created. There is no clarification on the government’s underlying authority to issue this card. There is no clarification on whether it is actually a temporary visa or an immigrant visa that will lead to permanent residence. There is no clarification on the tax treatment of gold card holders. Do not be scammed by organizations promising that any of these things are in place.

The Executive Order states that the processes and procedures need to be set up within the next 90 days. This means that the program should launch at the end of December 2025.

Permanent Residence Through an Immigrant Visa, or a Temporary Visa?

This question matters to almost everyone who is interested in a gold card. As the Trump administration has made abundantly clear, visa holders have few rights, and are present in the United States only as guests, under privilege – not right. This system facilitates short term business trips and cultural exchange, but it does not provide the stability needed to operate business long term or make personal decisions concerning family and community.

High net worth individuals can already get B-1/B-2 visas to spend several months out of every year in the United States. Many are qualified for O-1 or L-1 visas if they need to be in the U.S. longer for work or business.

Permanent Residence is what most of these individuals are seeking. Permanent residents have more rights than temporary visa holders. They have stability in their home and personal lives, and are considered “U.S. persons” for many legal operations relevant for business.

A gold card will not sell as a temporary visa. It will only sell if it grants permanent residence, which presents a pathway to citizenship as well.

The Gold Card as an “Immigrant Visa”

You might be asking why we are including the above section, about this being a pathway to permanent residence or a temporary visa.

The Executive Order purports to establish an “immigrant visa”. An immigrant visa is issued to people who are outside of the United States, to allow them to enter the United States. Once they enter, they are automatically mailed a green card, because the entry effectuates their status as a Lawful Permanent Resident of the United States.

Immigrant visas can only be granted to individuals. However, the Executive Order states that this Gold Card is available for individuals, or for companies who are donating on behalf of individuals. The corporate donation is double the amount of the individual donation.

The existence of the corporate option begs the question – why would any corporation donate on behalf of an employee or other person, when the corporation could reimburse the person who is applying directly and only pay half? The corporation would only do such a thing if it maintained control over the person’s permanent resident status. This is not currently how the U.S. high skilled immigrant system works. Initial sponsorship for permanent residence can start with the company, and temporary visas can be company sponsored, but permanent resident status belongs to the individual.

This implies that some of the key decisionmakers on this policy intend to change the system in some way to expand corporate power and control over individuals who are residents.

How To Apply

There is no application process established yet. The Secretary of Commerce will work with the Department of Homeland Security and the Department of State to set up an application process. The timeline is uncertain.

The executive order states that the Secretary of State and the Secretary of Homeland Security will be tasked with adjudications. This means that the most likely process will be to file a petition with USCIS, and then either file an adjustment of status application (for those inside the U.S. already) with USCIS, or an immigrant visa application at a consulate abroad (for those outside the U.S.). It is a 2-step process.

The Cost

The following options might be presented when the card is officially made available:

• $1 million for an individual

• $2 million for a corporation nominating an individual

• $5 million for a special tax designation (note – this was not actually part of the Executive Order, but is instead part of the White House’s official website for the Gold Card)

The first option is the one most likely to be implemented without issues. The last two options here would likely need major structural legal changes before implementation, with the very last option requiring extensive updates to the tax code as well as immigration law.

Priority Lanes / Immigrant Visa Categories

The Executive Order proclaims that the unrestricted gift of at least $1 million will be evidence of exceptional business ability and eligibility for a national interest waiver. This means that the program is initially being set up through the “EB-2” priority lane. The EB-2 National Interest Waiver is a category that allows broad discretion from the executive branch, so we believe it is highly likely that the Gold Card can proceed in this category with minimal updates to the law, policy, and procedure.

The Executive Order references the EB-1A statute as a possibility for the Gold Card, but this statute states “an alien is described in this subparagraph if the alien has extraordinary ability in . . . business . . .” 8 U.S.C. 1153(b)(1)(A). However, the executive order says the gift will be evidence “of exceptional business ability”. In U.S. immigration law, exceptional ability is a lower standard than extraordinary ability. It is unclear whether the Executive Order provides a pathway for EB-1A classification. Under the current construction of the law, EB-1A would be impossible for Gold Card seekers. To change the law, the Department of Homeland Security might choose to promulgate new regulations through a Notice & Comment rulemaking process, but it is uncertain if these regulations would withstand scrutiny from the courts as falling under both the plain language of the law passed by Congress, and Congressional intent when passing that law. DHS has indicated that it intends to “update” the EB-1A regulations in early 2026. However, there is nothing known about what those updates might be. Whether the Gold Card will be considered part of the EB-1A priority lane in the future is a big question mark.

The Executive Order also states that the program should be considered for the EB-5 classification in the future. The current EB-5 law, which is the most recent immigration law actually passed directly by Congress, would not allow for the Gold Card program. Modifications to include the Gold Card in the EB-5 priority lane would likely require Congressional action.

Impact of Priority Lanes on Timing

While the Gold Card can likely be administered under the EB-2 NIW category, there are significant backlogs in that category that have nothing to do with processing timelines. The backlogs are created because Congress limits the number of immigrant visa numbers that are issued every year. The number is not flexible, and the scheme for allocation of the numbers across categories is also not flexible.

No matter what processes the executive puts into place to prioritize Gold Card petitions, schedule faster appointments at the consulates, and fast track every stage of the process, the wait in the queue remains unchangeable.

As of October 2025, the wait for EB-2 was officially registered as follows:

• People born in India: 12.5 years (though more likely, 90+ years)

• People born in China: 4.5 years (though more likely, 5-10 years)

• People born in any other country: 22 months (though more likely, 3-5 years)

This is why the administration is exploring EB-1A. China and India have short backlogs for EB-1A, but the rest of the world does not have any backlog at all.

If someone is spending $1 million on U.S. residency, waiting in a years long backlog is rarely worth it. Additionally, many people that have the ability to spend $1 million have already seen remarkable success in business, meaning that they can explore filing their own EB-1A petition without the need to give away so much money. EB-1A and EB-5 are currently great options for high net worth individuals, even without the Gold Card.

Tax Implications

If the Gold Card is implemented in the form outlined in the Executive Order, Gold Card holders will most likely be taxed on global income.

Since the timing is not better for the Gold Card than for EB-1A or EB-5, the main purported benefit of the Gold Card is the tax savings. However, the Executive Order does not address tax law, and it does not direct the Secretary of the Treasury (which oversees the IRS) to get involved at all. This means that likely the tax savings option will not be available for the first round of Gold Card offerings.

Significant changes to the tax code and to immigration law would be required to effectuate this kind of tax deal. Without certainty on how the tax will work, the Gold Card offers few, if any, benefits to most high net worth individuals. Most are better off applying for EB-1A or EB-5.

Avoid Scams

There are already consultancies popping up that are saying the Gold Card is an “exciting opportunity” and are purporting to outline clear steps to make an application.

Do not trust these organizations. They are lying to get ultra wealthy individuals excited and will likely end up trying to scam people out of deposits and down payments for an immigration option that does not exist yet.

More information about how the Gold Card will be rolled out, and what the application process will be, should be available in December 2025. The Gold Card will likely not be available before January 2026.