Lawyers Warn Wealthy Clients Not to Touch Trump's Gold $5M Visa [View all]
Source: Daily Beast
Updated Jul. 7 2025 9:56AM EDT
Published Jul. 7 2025 9:53AM EDT
Immigration lawyers have warned clients that the Trump administration’s efforts to create a bizarre $5 million “Gold Card” visa for wealthy foreigners may well be illegal and would face significant hurdles if forced into law.
“There’s no lawful basis to do this, and if they do it anyway, they’re going to get sued, and they’re almost certainly going to lose,” Doug Rand, a former Citizenship and Immigration Services adviser under President Joe Biden, told the Washington Post Monday.
Resident-by-investment programs, otherwise known as “Golden Visas,” aren’t uncommon among other nations around the world, typically granting the right to live and work in exchange for a significant injection of capital into a country’s real estate or business sectors, or the purchase of government bonds.
They’re also a source of significant controversy. Critics argue these schemes often have harmful consequences for domestic populations—offering preferential treatment to wealthy foreigners and displacing local communities by driving up the price of housing—while a general lack of transparency and oversight has also made them prime targets for corrupt officials and organized criminals looking to launder dirty money and evade tax in their home countries.
Read more: https://www.thedailybeast.com/lawyers-warn-wealthy-clients-away-from-president-donald-trumps-gold-5m-visa/
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