Trump Golden Card: Ambition and reality

In recent weeks, the immigration and investment world has been abuzz with the newly announced “Trump Golden Card’ and “Trump Platinum Card’ programmes by President Trump. With bold headlines and even bolder promises, this initiative has sparked intense speculation, particularly among global investors exploring pathways to US residency.

But how does this new “donation-based’ visa concept actually compare to the well-established EB-5 Immigrant Investor Programme?

This article features a discussion and insights from three experts at CanAm, including Pete Calabrese, Charlie Oppenheim, and Joey Barnett.

Detailed article on the Trump Card.

Presidential Executive Order on the Trump Golden Card

The Trump Golden Card Executive Order, signed on September 19, 2025, directs several federal agencies – the Department of State, the Department of Commerce, and the Department of Homeland Security – to design an entirely new visa category.

The concept is unprecedented: Instead of investing in job-creating businesses, participants will make a non-refundable donation under the Trump Golden Card to the US Department of the Treasury to reduce the national debt.

• US$1,000,000 donated by an individual
• US$2,000,000 if made by an employer on behalf of an employee

The order also hinted at a “Trump Platinum Card,’ although even its inclusion is based more on social media speculation than official policy. This is a government donation, not a risk investment. There is no return of capital.

The Trump Golden Card Executive Order leaves important questions unanswered:

• Will these donations count towards EB-1 or EB-2 visa numbers, creating new backlogs?
• What happens if an applicant’s petition is denied after making the donation – is a refund possible?
• Are family members included, or must each person make a separate contribution?
• Could future administrations revoke or modify the programme via a new Executive Order?

Previously, no administration had ever created an entirely new visa category solely through executive action: “This is completely uncharted territory and how Congress will feel about that is anyone’s guess.’

EB-5 risk investment

The contrast with EB-5 could not be clearer.

For over three decades, the EB-5 Immigrant Investor Programme has provided foreign investors with a clear, legislated pathway to permanent residency in the US – a pathway that requires actual job creation and the return of capital upon project success.

Barnett explains that EB-5 is a “bipartisan immigration success story,’ reauthorised repeatedly since 1992 and responsible for billions of dollars of investment into the US and hundreds of thousands of jobs. Today, the EB-5 Regional Centre Programme Authorised until 2027, with ongoing Congressional efforts to expand protections.

Under EB-5, investors place capital into job-creating enterprises, not government funds. Their funds remain “at risk” for the purpose of job creation but are expected to be repaid when the project performs as planned. That distinction — investment versus donation — is not merely semantic: it is what provides the legal foundation, transparency, and accountability for EB-5.

When structured correctly, EB-5 regional centres achieve immigration benefits consistently and predictably. That predictability is a virtue when making such decisions.

Why EB-5 remains the trusted pathway

While the concept of a Golden Visa grabs headlines, the lack of a legislative framework, undefined refund policies, and questions regarding visa allocation leave potential applicants in a state of uncertainty. Even if implemented, participation would require extraordinary financial confidence — essentially writing a seven-figure cheque to the US Treasury with no expectation of a return.
EB-5, by contrast, is:

• Established — codified in US law and repeatedly extended by Congress.
• Proven — thousands of families have achieved permanent residency through it.
• Predictable — governed by published regulations, processing data, and defined visa allocations.
• Dual benefit — driving both US economic growth and the immigrant’s success story.

That is why, even amidst the political noise surrounding a Golden Visa, seasoned immigration professionals continue to view EB-5 as the only legislated, investment-based route to a US Green Card.

Looking ahead

As the 90-day regulatory window of the Executive Order progresses, further details regarding eligibility, priority date allocation, and refundability may emerge. But for now, EB-5 remains the proven, legislated route for investors seeking US permanent residency through capital investment and job creation.

A Trump Golden Visa remains a sound, well-informed, and clear decision. But reality can become more difficult when there is so much uncertainty during this phase. In that case, EB-5 remains the programme with clear rules, transparency, and a supportive history.