Experts issue warning against Trump's $1 million 'Gold Card' visa as less than 400 people apply for it
President Donald Trump promised the Gold Card visa would be a golden ticket for wealthy foreigners looking to buy their way into the United States, but lawyers handling those clients seem to have a very different view.
A recent court filing revealed that just 338 people have applied for the Gold Card Visa since it launched, with only 165 actually paying the non-refundable $15,000 processing fee to move forward.
Just 59 have progressed to filling out paperwork with the Department of Homeland Security, a far cry from the 'significant revenue' officials promised the scheme would generate.
The Washington Post reported that immigration attorneys who represent exactly the kind of ultra-wealthy clientele the programme is designed for are actively warning people off it.
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One of those sounding the alarm is Michael Wildes, an immigration attorney who has represented Melania Trump and her parents and has also done legal work for the Kushner family.
He's about as well connected to Trump as possible, and even he's turning clients away.
"It would be unethical of me to retain them," Wildes told the Washington Post.
The concerns cited by lawyers include the absence of a congressionally established visa, active litigation against the programme and serious uncertainty around tax implications for applicants.
How much does Trump's Gold Card Visa cost?
The Gold Card Visa cots $5 million in total, a $1 million investment plus an additional $1 million for every family member, on top of a non-refundable $15,000 filing fee just to apply.
In return, Trump has promised fast track residency for wealthy foreigners.
Businesses can get in on the action too, with a Corporate Gold Card available for $2 million. A $5 million Platinum Card is apparently 'coming soon'.
The pitch was simple, pay up, get in - but the reality has been considerably messier.
How many people applied for Trump's Gold Card Visa?
Commerce Secretary Howard Lutnick told lawmakers in late April that one person had been approved, with 'hundreds' in the queue.
This left immigration attorneys baffled, as nobody in the industry could identity who that person was.
There was even speculation it could be rapper Nicki Minaj, who posted a photo of a gold card featuring Trump's face. This was however quickly shot down by the White House who said it was just a 'momento' and not a real visa.
For those pressing ahead despite the warnings, attorneys say the outlook is uncertain at best.
"They want me to say 'Yes, you are going to get it," Immigration attorney Mona Shah told the Washington Post, "and I can't say that to them."
What is the EB-5 visa?
The consistent advice from experts is to consider the EB-5 Visa instead, a congressionally established program dating back to 1990.
The EB-5 visa is a U.S. immigrant investor program that allows foreign nationals to obtain a green card by investing in a new commercial enterprise that creates at least 10 full-time jobs for U.S. workers.
Applicants must invest at least $800,000 in targeted employment areas (TEAs) or $1,050,000 elsewhere, offering a path to residency for investors, spouses, and unmarried children under 21.
Topics: Donald Trump, Immigration, Business, Nicki Minaj
Thomas Bamford