David Lesperance, an international tax and immigration advisor, has offered his assessment of the much-publicised “Trump Card” proposal and its potential implications for investors and high-net-worth families.
For months, the Trump Card was repeatedly referenced before the One Big Beautiful Bill Act (BBB) legislation passed, despite the absence of any supporting framework. Lesperance suggests the strategy was deliberate. “They wanted to keep the narrative alive without committing to detail. It kept attention focused, even though nothing concrete was on the table,” he said.
Howard Lutnick, CEO of Cantor Fitzgerald, also brought up the Trump Card in a television appearance, but without the usual promises of imminent delivery. Instead, he said, “we are working on it.”
One area of contention has been the claimed market size for the Trump Card compared with actual global eligibility. Lesperance described the figures as inflated. “I honestly think it was just salesman ‘puffery’ and that someone told Trump and Lutnick an unrealistic figure and in typical fashion they exaggerated these numbers beyond reason. Par for the course,” he explained.
This, he said, reflects a wider problem where political marketing collides with financial decision-making.
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The Trump Card debate raises questions about the precedent for fiscal policy announcements tied to speculative or unlegislated instruments. According to Lesperance, “My clients retain me to tell them what is real and what is just noise. It is possible Trump does try to just sign an Executive Order to implement the Trump Card with territorial taxation, and enjoy the bump until a court declares this ultra vires his authority. I would advise my UHNW clients NOT to proceed. The financial stakes are just too high to take DJT’s word for it.”
Lesperance is critical of how the media handled the coverage. “Major media outlets took the Trump Card announcement and claims at face value. This added unwarranted credibility to the puffery. In a ‘flood the zone’ media environment they have not yet gone back over prior statements and declared them false. DJT and Lutnick are hoping they forget about it,” he said.
For international investors and advisors, the episode highlights the importance of assessing political risk beyond announcements. “Watch what the Trump administration ‘DOES’, not what they say. Unfortunately too many ‘immigration advisors’ are simply salespeople who will tout whatever they think might bring them a commission. Whether it is ‘Honorary Citizenship’ or a non-existent Trump Card,” Lesperance said.
When asked if the episode signals a shift towards branding-based governance, he warned of risks to clients. “If clients rely on the advice of commission driven salespeople and pay money for vapourware, then they will suffer the financial consequences. This makes proper independent experienced legal advice all the more important in such a world.”
The Trump Card debate also raises questions about the credibility of U.S. residency or citizenship-by-investment programmes. “I laugh at current headlines pushed by salespeople on uninformed journalists that the US is the #1 destination for HNW families fleeing the UK,” Lesperance said.
He referenced a June 2024 webinar where he and leading UK and U.S. tax lawyers addressed integrated immigration and tax planning. “Despite being one of the top advisors for UHNW Non Doms leaving the UK I have not had a single client (from anywhere) decide they wanted a US Green Card in the last two years. However, I am NOT driven by a commission derived from the sale of an EB5 visa, so I would have no motivation to push this false narrative,” he added.
