President Donald Trump has announced a new $5 million “Gold Card” visa program. He suggested that if a million people buy in, the program could generate $5 trillion.
Exclusive Tax Benefits for Gold Card Holders
Immigration attorneys are already fielding calls from interested clients, particularly due to a significant tax loophole.
Unlike U.S. citizens and permanent residents who must pay taxes on their worldwide income, Gold Card holders would only be taxed on their domestic U.S. income, with overseas earnings exempt.
Replacing the EB-5 Investment Program
The Gold Card is designed to replace the EB-5 investment program, which requires investments between $900,000 and $1 million and mandates job creation, typically in rural areas. In contrast, the Gold Card program would have no job or investment requirements.
Currently, over 60 countries offer some form of investment visa, and a record 135,000 millionaires are expected to move abroad this year, with the U.S. and UAE being top destinations.
However, the $5 million figure for the Gold Card is not final. Some experts believe the price could rise, arguing that the market value of such a visa might be even higher.
Potential Demand and Market Concerns
Trump’s assertion that a million people would purchase the visa is met with skepticism. Globally, only about 270,000 individuals have a net worth of $30 million or more, making it unlikely that a million would meet the criteria.
Similar programs in the UK and Australia, priced at half the cost, attracted fewer than 1,000 applicants annually, despite offering comparable tax benefits.
Advisors to wealthy clients predict the program could attract thousands of applicants but not tens or hundreds of thousands.
They note that if the process is truly fast-tracked and offers permanent residency with minimal requirements, demand could justify a higher price tag.
Interest is expected to come primarily from China, Russia, and the Middle East, particularly from individuals who might struggle to obtain U.S. visas through existing programs.
Corporate Interest and Potential Risks
A key concern is the vetting process. In past programs, such as the UK’s, many participants were individuals sanctioned by other nations, particularly Russians.
Questions remain about whether the U.S. would accept applicants sanctioned by other countries, including Venezuela.
Trump has also suggested that corporations might use the Gold Card program to secure U.S. residency for key executives.
Immigration attorneys report significant interest from major companies, particularly in the semiconductor industry, where businesses struggle to obtain visas for talent from Taiwan and China.
Companies may be willing to pay the fee to bypass bureaucratic hurdles, though it’s unclear if they would pay even higher fees or cover the cost for employees’ families.