Trump Card Faces Legal Challenges

Introduction to the Trump Card

U.S. President Donald Trump holds "The Trump Card" as he speaks with journalists onboard Air Force One en route to Miami, Florida, U.S., April 3, 2025.
President Donald Trump’s $5 million Trump Card has attracted strong interest from the overseas wealthy, but it faces legal challenges and questions about the potential market size, according to immigration attorneys.

The Trump Card Program

Trump launched the website in June for his new immigration plan, first called "the Gold Card" and then renamed "the Trump Card." A brief questionnaire asked interested parties for their name, email, region and whether the Trump Card would be for "self," "family," "spouse" or "other," as well as whether the application came from a business or individual.
Commerce Secretary Howard Lutnick told the Financial Times that 70,000 people had already signed up and that the card would be made from real gold. In March he said the potential market for the cards was 37 million. He said selling 200,000 cards would net $1 trillion for the Treasury and help pay down the federal debt.

The Market for Investment Visas

The Trump Card has energized the burgeoning market for investment or "golden" visas, which allow the wealthy to buy residency or citizenship in another country in exchange for a six-figure or seven-figure investment. A record 142,000 millionaires will move to another country this year, according to Henley & Partners, driven by rising political turmoil and unrest. The U.K. is expected to lose a net 16,500 millionaires due to a change in its tax program, according to Henley. The UAE, the biggest gainer, is set to add a net 9,800 millionaires while the U.S. is expected to gain a net 7,500.

Challenges Facing the Trump Card

Yet in interviews with immigration attorneys, advisors to the wealthy and political staffers involved in the program, they said the Trump Card faces fundamental legal and tax obstacles. What’s more, even if it’s approved and eventually offered, the number of buyers is likely to be a fraction of what the White House has suggested and could taper off after an initial burst of buyers.
"Each week there is something else announced that’s putting the steps in place to eventually get there," said Dominic Volek, group head of private clients at Henley & Partners, which advises the wealthy on visas and passports. "But there are still a lot of question marks in terms of how successful it will be at the end of the day."

Demand for the Trump Card

The latest question centers on demand. While Lutnick touted the 70,000 sign-ups as proof of potential sales, anyone can sign up on the website requesting more information, regardless of their net worth. Immigration attorneys, family offices, bankers, wealth managers and all manner of advisors to the global wealthy said they signed up to stay informed on the Trump Card for their potential clients.
"I submitted two registrations so I can have access to more details when it becomes available," said Theda Fisher, partner at Withers Bergman LLP, who advises wealthy clients.
The population of people outside the U.S. worth $30 million or more – a reasonable cut-off for those willing to spend $5 million on a visa — is around 276,000, according to the latest numbers from data firm Altrata.

Potential Buyers

Immigration attorneys said the largest demand is likely to come from China and the Middle East. China has around 46,000 ultra-high-net-worth individuals (those worth $30 million or more), Altrata said, while the Middle East has around 19,000. U.S. trade tensions with China and restrictions by the Chinese government on capital flight could limit the number of wealthy Chinese who buy a Trump Card, attorneys said.
Volek, who applauded the program in concept, estimated that demand for the Trump Card will be around 2,000 a year.
"I think a couple thousand a year is achievable," he said.

Tax Implications

The biggest hurdle for the Trump Card, however, involves taxes. The U.S. is one of the few countries in the world that taxes worldwide income, meaning American citizens and permanent residents have to pay federal income taxes on income earned outside the U.S. The only way wealthy foreigners would buy a Trump Card is if they’re exempted from worldwide income taxes – giving Trump Card holders a massive tax benefit not available to U.S. citizens.
While Trump confirmed that Trump Card holders would be exempt from overseas income, he said in a Truth Social post that "wealthy people will be coming into our country by buying this card" and be "paying a lot of taxes," since they would still pay state and federal taxes on U.S.-sourced income.

Conclusion

The Trump Card program faces significant challenges, including legal and tax obstacles, and its success is uncertain. While there is interest in the program, the demand is likely to be lower than expected, and the tax implications are complex. The program’s fate will depend on how these challenges are addressed and whether the benefits outweigh the costs for potential buyers.

FAQs

Q: What is the Trump Card program?
A: The Trump Card program is a new immigration plan that allows wealthy individuals to buy residency or citizenship in the U.S. for $5 million.
Q: How many people have signed up for the Trump Card program?
A: According to Commerce Secretary Howard Lutnick, 70,000 people have already signed up for the program.
Q: What are the potential tax implications of the Trump Card program?
A: The Trump Card program would exempt holders from worldwide income taxes, giving them a massive tax benefit not available to U.S. citizens.
Q: How many people are expected to buy the Trump Card?
A: Demand for the Trump Card is estimated to be around 2,000 a year, according to Dominic Volek, group head of private clients at Henley & Partners.
Q: What are the main challenges facing the Trump Card program?
A: The program faces significant challenges, including legal and tax obstacles, and its success is uncertain.