Apr 29, 2026
With the U.S. sitting on nearly $39 trillion in national debt and more than $1 trillion a year just going to interest payments, Washington has been entertaining an unconventional way to bring in cash.
The $5 million “Gold Card” would let wealthy foreigners essentially buy their way into U.S. residency, and President Donald Trump floated it as a potential multitrillion-dollar revenue fix.
Advertisement
But more than a year later, the price of the Trump Gold Card (1) has been reduced to $1 million, with only one application that has been approved so far (2), according to a recent MSN report.
A $5 million visa with trillion-dollar expectations
The Trump Gold Card was originally pitched as a luxury fast track into America, a premium immigration deal aimed at ultra-wealthy foreigners. It would offer green-card-style residency and a path to citizenship in exchange for a $5 million buy-in (1).
At the time, Trump explained his dubious math. He suggested that if one million cards were sold, it could bring in $5 trillion (3). Push that to ten million, he argued, and the program could theoretically generate enough, in his view, to reduce the deficit.
Despite the early buzz, real-world uptake has been minimal since applications went live in December 2025. According to CBS News, Commerce Secretary Howard Lutnick told a congressional committee that only one application has been approved so far, while “hundreds” remain under review. He added that officials are still refining the process, emphasizing the need to “make sure they did it perfectly.” (4)
And then there’s the market reality check.
Knight Frank’s Wealth Report estimates there are about 626,000 ultra-high-net-worth individuals globally, those with $30 million or more in assets. While wealth is rising in parts of the Middle East and Asia, the largest share of ultra-wealthy individuals remains concentrated in North America, home to 42.6% of the world’s ultra-high-net-worth individuals, and Europe, with just over 22%.
Advertisement
So the pool of people who could actually afford a Trump Gold Card is not only limited, but a significant portion of them are already living in the country that would be selling it.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — are you doing the same?
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Debt solution or symbolic experiment?
The Gold Card’s sluggish start underscores the difficulty in translating flashy revenue ideas into meaningful progress on federal finances. With the Gold Card proposal struggling to gain traction, attention shifts to a much bigger Trump revenue bet: tariffs.
Tariffs have become a significant source of federal revenue. A Yale Budget Lab analysis estimated that tariffs introduced in 2025 generated about $214.7 billion in additional annual customs revenue compared to recent historical averages, making them one of the more reliable, if controversial, tools in the fiscal toolbox (5).
But gains from tariffs can be offset by tax cuts, increased spending, or broader economic effects tied to trade policy. The Committee for a Responsible Federal Budget recently estimated the One Big Beautiful Bill Act could add roughly $4.2 trillion to the national debt through 2034, even accounting for economic growth effects. Uncertainty around tariff policy has raised questions about how much deficit reduction they can realistically deliver over time (6).
With that in mind, the Trump Gold Card looks less like a serious debt solution and more like a symbolic experiment. So far, its impact appears to match its uptake: attention-grabbing but barely moving the numbers in reality.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Trump Gold Card (1); MSN (2); AP News (3); CBS News (4); Yale Budget Lab (5); Committee for a Responsible Federal Budget (6)
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- Inside a $1B real estate fund offering access to thousands of income-producing rental properties — with flexible minimums starting at $10
- Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Jessica is a freelance writer with a professional background in economic development and small business consulting. She has a Bachelor of Arts in Communications and Sociology and is completing her Publishing Certificate.
