How is Howard Lutnick ‘83 Involved in Trump’s “Gold Card” Visa Program?

Howard Lutnick ’83, now serving as U.S. Secretary of Commerce, is spearheading one of the Trump administration’s most controversial proposals: the “Gold Card” visa program. Announced in late February and expected to launch by the end of April, the initiative offers wealthy foreign nationals a pathway to U.S. residency—and eventually citizenship—in exchange for a $5 million payment. From its conception to rollout, Lutnick has played a pivotal role in shaping and promoting the program.​

Since President Trump introduced the plan on February 25, Lutnick has actively defended it through media appearances and public statements. He claimed on the “All-In Podcast” that over 1,000 Gold Cards had already been sold, generating approximately $5 billion in a single day. Additionally, on Fox Business, he estimated that around 250,000 high-net-worth individuals are interested in the opportunity. 

As Commerce Secretary, Lutnick has overseen efforts to replace the EB-5 visa program—a long-standing pathway that grants green cards to foreign investors who invest between $800,000 and $1.05 million in U.S. job-creating projects—with a more exclusive alternative. He argues that the Gold Card is designed to attract “world-class global citizens” who will drive U.S. economic growth through investment, job creation, and tax contributions. He has also framed the program as a tool to help reduce the national debt. However, a USA Today article noted that terminating or replacing the EB-5 program would require congressional approval, as it was established by federal law. David Bier, an immigration policy analyst at the Cato Institute, told the outlet that “only Congress can create new green card categories” and that the president “cannot add or eliminate a green card category via executive order.”

A key provision is the program’s tax structure. Gold Card holders would be taxed only on U.S.-based income, while income earned abroad would be exempt. The administration views this as a strategy to appeal to international investors with global business interests. However, critics argue it extends disproportionate benefits to the wealthy. 

Despite backlash—including concerns that the program commodifies immigration—Lutnick has remained its most vocal defender. “It’s not about selling citizenship,” he told Fox Business. “It’s about inviting the best to build here.” During the first meeting of his second-term Cabinet, Lutnick also theorized that “If we sell a million, that’s 5 trillion dollars. I think we will sell a lot because I think there’s really a thirst.” The promotional campaign has coincided with a broader campaign on immigration, including mass deportations and Trump’s public endorsement of sending U.S. citizens convicted of violent crimes to prisons in El Salvador. The administration’s dual-track approach—harsh punitive measures for the poor and expansive incentives for the ultra-wealthy—has only deepened criticism of the Gold Card’s timing and priorities.

He has also estimated that up to 37 million people worldwide could afford the Gold Card’s $5 million buy-in, which could help pay off the country’s debt. The administration has used this projection to justify the program’s scale and urgency. While some Trump supporters believe there’s potential for large-scale revenue, economic critics doubt whether that interest would translate into equitable economic benefit. 

On April 3, the rollout took a surreal turn when Trump unveiled an image of the Gold Card: a shiny, gold-embossed membership-style card featuring his face and signature, with design elements resembling U.S. currency. The release, widely mocked online, came as economists warned of an impending global recession—largely triggered by Trump’s escalating trade war and tariff policies. As markets react and global leaders voice concern, the White House has shifted focus to promoting the president’s newest immigration product, with Lutnick again appearing on national media to defend the timing. 

According to administration officials, the Gold Card is expected to become available to foreign investors by the end of April. Full application details and eligibility criteria have not yet been released.

As one of Haverford’s most prominent government alums and wealthiest donors, Lutnick has donated over 60 million dollars to Haverford College over the past two decades, including a 25-million-dollar donation that funded the renovation of the campus library. In 2019, the building was renamed Lutnick Library to recognize his contributions. Lutnick now champions a policy whose priorities—wealth-based access, privatized immigration, and global elite mobility—stand in stark contrast to the values embraced by much of Haverford’s student body. His central role in the Gold Card’s development marks a striking divergence from the College’s prevailing emphasis on equity, social responsibility, and access rooted in need rather than privilege.