Global wealthy are lining up for Trump’s $1 million Gold Card

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.

By slashing the price of the Gold Card from $5 million to $1 million, President Donald Trump has created one of the most coveted deals in the global visa market, with demand already surging among the world’s wealthy, according to immigration attorneys.

Last week, Trump signed an executive order announcing the official launch of the Gold Card, which will cost $1 million and grant residency in “record time,” he said. When he first announced the Gold Card in February, the price was $5 million. While the Gold Card website also touts a future $5 million Platinum Card, with added tax benefits, the Platinum Card wasn’t in the executive order and wasn’t mentioned in the press event.

With its new discounted price and promise of speedy approvals, the Gold Card has instantly become one of the most sought after “golden visas” in the world, with a price below many other countries. Singapore’s investment visa program, for instance, costs nearly $8 million, while New Zealand’s new program is just under $3 million. Even Samoa is more expensive, requiring a $1.4 million investment.

“The Gold Card is almost too cheap,” said Reaz Jafri of international law firm Withers. “You get access to the U.S. education system, health-care system, banking system and financial markets, all for $1 million. It’s a pittance for many of these families. I think they should have kept it at $5 million to make it special.”

The global wealthy are ready to write the checks. Jafri said he was speaking at a family office conference in Singapore this week and was approached by three families — two based in China and one based in India — who immediately expressed interest in buying a Gold Card. He said he expects his firm alone will help process “hundreds” of applications once the program is off the ground and proven.

Commerce Secretary Howard Lutnick said the government plans to issue 80,000 Gold Cards. Together with potential Platinum Card and the new H-1B fees, which were raised to $100,000, he said the programs are expected to raise $100 billion in federal revenue.

The Gold Card still faces obstacles. Despite the announcement at the White House last Friday, there is no way to apply for the visa yet. The website announcing the Gold Card that went live in June asks for basic information from potential applicants, including their name and country of residence. So far, people who registered on the site said they haven’t received any updates.

The program is also likely to be challenged in the courts and potentially by Congress. Because immigration law is set by Congress, the president created the Gold Card through several legal workarounds, including using the existing EB-1 and EB-2 programs as the infrastructure or basis for the Gold Card. The $1 million fee is officially labeled an “unrestricted gift” to the government rather than an official fee change.

The tentative legal status may also give the overseas wealthy pause at first, according to immigration attorneys. Many applicants will likely wait to see the first Gold Cards awarded and granted before spending the $1 million. And some may wait even longer.

“These things always take a little bit of time to ramp up,” said Dominic Volek group head of private clients at Henley & Partners. “People don’t want to be the first one to try it. The majority of our clients like to see the program up and running for three to six months and see the outcomes before they commit.”

Volek said he’s already had a number of inquiries from clients and expects the program to attract at least 5,000 to 10,000 applications a year.

“From a price point perspective, it’s definitely more attractive at $1 million instead of $5 million,” Volek said. “And if it’s as quick as they say, it becomes even more attractive.”

The Gold Card also comes at an opportune moment in the global visa market. As geopolitical uncertainty, wars and political tensions rise across the world, the ultra-wealthy are buying alternative citizenships and residencies for a “Plan B” or hedge against their home countries.

An estimated 142,000 millionaires are expected to relocate to another country in 2025, according to a report from New World Wealth and Henley & Partners. The U.S. is one of the top destinations, with 7,500…