President Donald Trump‘s $5 million “Trump Card” immigration program has attracted 70,000 initial registrations but faces significant legal and tax obstacles that could limit its appeal to ultra-wealthy investors, according to immigration attorneys and wealth advisors.

What Happened: Commerce Secretary Howard Lutnick announced the registration milestone for the premium visa program launched at TrumpCard.gov in June.

The gold-plated card, featuring Trump’s face and signature, promises a pathway to U.S. residency for foreign nationals willing to invest $5 million.

The program targets the global investment visa market, where a record 142,000 millionaires are expected to relocate internationally this year due to political instability and tax changes, according to Henley & Partners data, reported CNBC.

The United Arab Emirates leads destination countries with 9,800 net millionaire gains, while the U.S. expects 7,500.

“There are many questions we have, including how various tax positions will be treated,” said Theda Fisher, partner at Withers Bergman LLP, according to the report. “Unless this program really makes sense from a long-term tax and estate perspective, many high-net-worth individuals will not apply.”

See Also: Microsoft Shifts Top Security Role to AI War Room, Says Future Cyber Battles Will Be Fought in the Cloud With Bots, Not Firewalls

Why It Matters: The Trump Card would replace the Congressional-authorized EB-5 program, which requires $1.05 million investments tied to job creation. The EB-5 program runs through 2027 with bipartisan support and heavy lobbying backing.

“The EB-5 program was created by Congress, and only Congress may abolish it,” stated the American Immigrant Investor Alliance.

Dominic Volek of Henley & Partners, which advises wealthy clients on global visas, said the concept energizes the golden visa market but faces execution challenges. “There are still a lot of question marks in terms of how successful it will be at the end of the day,” Volek said.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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