Research suggests Russian oligarchs are eligible for Trump's $5 million "Gold Card" visa, offering U.S. residency and a path t...
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- Research suggests Russian oligarchs are eligible for Trump's $5 million "Gold Card" visa, offering U.S. residency and a path to citizenship.
- It seems likely that the program is still in the registration phase, with no confirmed recipients as of June 16, 2025.
- The evidence leans toward potential controversy over eligibility and legal challenges, given the need for congressional approval.
Program Overview
President Donald Trump proposed the "Gold Card" or "Trump Card" visa in February 2025, allowing wealthy foreigners to pay $5 million for permanent U.S. residency and a potential path to citizenship. This program aims to replace the existing EB-5 investor visa, focusing on attracting affluent individuals to contribute to the U.S. economy.
Eligibility and Russian Oligarchs
Trump has stated that Russian oligarchs could "possibly" be eligible, noting, "I know some Russian oligarchs that are very nice people," and suggesting they might afford the fee despite reduced wealth due to sanctions . This has raised concerns about vetting and the sources of their wealth.
Current Status
As of June 16, 2025, the program is in the registration phase, with a website TrumpCard.gov launched on June 12, 2025, for interested individuals to sign up. Over 25,000 people registered within 15 hours, but actual applications have not yet been accepted, and there are debates about whether it requires congressional approval.
On February 25, 2025, President Donald Trump announced plans for a new visa program, dubbed the "Gold Card" or "Trump Card," offering wealthy foreigners a path to U.S. residency and citizenship for a $5 million payment. This initiative has sparked significant interest and controversy, particularly regarding the eligibility of Russian oligarchs, as Trump suggested they could apply. This survey note provides a comprehensive examination of the program, focusing on its details, eligibility criteria, current status, and implications, with a focus on the current date of June 16, 2025.
Program Details and Background
The Gold Card program is designed to replace the EB-5 immigrant investor visa program, which has been in place since 1990 and requires a $1 million investment (or $800,000 in targeted employment areas) creating at least 10 jobs. In contrast, the Gold Card requires a direct $5 million payment to the U.S. government, offering permanent residency and a route to citizenship without the job creation requirement. Trump described it as attracting "wealthy and successful" individuals who will spend money, pay taxes, and employ people, with proceeds aimed at reducing the national debt.
Commerce Secretary Howard Lutnick has been a key figure in promoting the program, claiming in March 2025 that 1,000 Gold Cards were sold in a single day, raising $5 billion, though it's unclear if this refers to actual sales or registrations . The program also promises tax benefits, with cardholders taxed only on U.S.-earned income, potentially attracting high-net-worth individuals.
Eligibility and Russian Oligarchs
Trump explicitly addressed the eligibility of Russian oligarchs during a February 25, 2025, Oval Office press conference, responding, "Yeah, possibly. I know some Russian oligarchs that are very nice people," and adding, "They're not as wealthy as they used to be. I think they could afford $5 million" . This statement has raised concerns, given Western sanctions on many Russian oligarchs due to geopolitical tensions, particularly with Russia's actions in Ukraine. Articles like those from Rolling Stone and The Guardian highlight this, noting potential national security risks.
Lutnick mentioned that applicants would be vetted to ensure they are "wonderful world-class global citizens," but details on the vetting process remain sparse . Critics, such as Abul Rizvi, a former Australian immigration official, expressed concerns about verifying the legality of funds, especially from countries like Russia and China, where money laundering risks are high.
Current Status and Implementation
As of June 16, 2025, the Gold Card program is in the registration phase. On June 12, 2025, Trump launched the website TrumpCard.gov, allowing interested individuals to register their names, regions, emails, and whether they are applying as individuals or businesses, with a promise to notify when access opens . Reports indicate 25,000 people signed up within 15 hours, suggesting strong interest.
However, the program has not yet begun accepting actual applications. Immigration experts, such as those from the American Immigration Lawyers Association, argue that creating a new visa category requires congressional approval, which has not been obtained. Trump insists it's "totally legal" without such approval, but legal challenges are anticipated.
Earlier claims by Lutnick of selling 1,000 cards in March 2025 appear to be premature, as subsequent reports suggest these were likely expressions of interest rather than actual sales. The website's launch in June for registrations aligns with this, indicating the program is still in development.
Controversies and Concerns
The Gold Card program has faced significant criticism. Critics argue it commodifies U.S. residency, potentially exacerbating economic inequality by prioritizing wealth over other immigration criteria like family ties or skills . There are also concerns about attracting "unsavory characters," as seen in similar programs in Malta, Spain, and the UK, which were shut down due to issues like money laundering and housing price spikes.
The eligibility of Russian oligarchs adds another layer of controversy, given U.S. sanctions and past efforts to target Kremlin-linked figures. The program's lack of a cap on cards issued, as stated by Trump, could lead to significant immigration shifts, with potential security implications.
Broader Implications
This program reflects Trump's broader immigration strategy, focusing on merit-based and wealth-based immigration amidst crackdowns on other pathways. It could generate significant revenue, with Trump suggesting sales of up to 1 million cards ($5 trillion), though experts like Nuri Katz from Apex Capital Partners doubt its feasibility due to legal and logistical challenges.
Key Citations
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