The $5 million Trump Card faces legal challenges, limited market

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

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.

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 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. 

The Trump Card would also arrive as many countries once favored by the wealthy — including Spain, Portugal and Italy — are tightening their investment-visa programs amid populist opposition and political backlash.  

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.”

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.

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.

By country, he said demand will likely mirror that of the current EB-5 program, the longtime U.S. visa regime that gives applicants residency and a pathway to citizenship for about $1 million. China dominates the EB-5 program, with mainland Chinese investors accounting for up to two-thirds of the 8,354 EB-5 visas issued in 2023, according to State Department data. Other countries in the common EB-5 applicant pool include Vietnam, India, Taiwan and South Africa.

Other golden-visa advisors said they’re seeing interest mainly from Mexico, the U.K., Russia and Brazil. The White House hasn’t said…