US President Donald Trump announced the “Gold Card” Visa Program in the Oval Office on Tuesday, February 25, 2025. The Trump administration has announced plans to open the path to permanent residency and citizenship for high-net-individuals with the Gold Card in exchange for investing at least $5 million in the United States.
Stating that the government could sell 10 million Gold Cards, which would help reduce the budget deficit, Trump said the Gold Card would be a more “high-level Green Card”. He argues that the Gold Card program does not require congressional approval as the Congress determines the criteria for US citizenship. Therefore, this has led to comments that Congress could be bypassed to implement the program.
On the other hand, US Secretary of Commerce Howard Lutnick announced that the visa program, which he calls the “Trump Gold Card“, will replace the EB-5 visa. In this context, EB-5 visa currently allows you to obtain residency with a Green Card through an investment of 900 thousand or 1.8 million dollars. Calling the EB-5 program “nonsense and fraud,” Trump also signaled that the “minimum 10 employment requirement” on EB-5 visas could be removed from the Gold Card program.
What Does the EB-5 Visa Cover, What Is Planned to Change?
- The EB-5 Visa requires an investment of $800,000 to $1 million. In contrast, the Gold Card requires $5 million.
- The target audience of the EB-5 Visa is a wide range of investors while Golden Card consists of ultra-wealthy individuals.
- The EB-5 Visa needs at least 10 full-time jobs, but the Gold Card Visa’s job creation rules are unclear.
- The EB-5 application is complex and lengthy. The Trump administration claims that the Gold Card provides an easier process for investors.
The Gold Card: A Big Change for the Investment Immigration Industry
While the details of the Gold Card visa are still unclear, this program is notable for its significant changes for the US and immigration by the immigration visa investment industry. In current programs, individuals who want to obtain permanent residency or citizenship in the USA have to go through a series of rigorous programs and wait for many years. In contrast, the Gold Card accelerates this process and offers the opportunity to purchase directly.
In the coming period, the Trump administration is expected to announce more details about this program. However, predictions and expectations are already being expressed that this policy change will have major implications for global investment migration to the United States.
In this report, we will discuss the significant impacts and dynamics that the Golden Card visa program can have, considering global investor visas and international migration decisions. This insight evaluates the sectoral effects of the program and examines how it can transform the industry in terms of investors, investor visas, and processes.
Tax Burden Flexibility for Foreign Investors with the New Visa Program
Another feature of the Golden Card that draws attention is that it offers foreign investors a tax advantage that US citizens cannot benefit from. By using “his parole authority”, Trump announced that individuals with Gold Card visas will be granted citizenship. However, it will exempt them from the US citizenship-based tax regime and not taxing their international income.
Currently, US citizens, permanent residents, and Green Card holders must pay taxes on their income in both the US and abroad, while the Golden Visa program provides that foreign investors will not be taxed on their external income. The exemption that comes with the Golden Card on tax brings the speculations of ‘hidden tax advantage for rich investors’. Thus, it eliminates one of the main factors that make it difficult for wealthy investors to transition to US citizenship.
General Framework of the Golden Card Visa Program
This system, which is planned to replace the current EB-5 program, aims to provide investors an access to obtain permanent residency and citizenship in the United States. According to Trump’s statements:
- It will strengthen the US budget,
- The high-net-individuals will enter the country,
- Investors will contribute to the real estate and job markets.
Key Points
- Gold Card holders will receive permanent residency, similar to Green Card holders. The program offers a pathway to US citizenship. However, details of the process are not announced.
- Gold Card holders will have opportunities to start a business and invest in the US There is no detailed information based on the employment requirement.
- The US economy will benefit from this program through tax revenues and consumption spending.
- From Gold Card sales aims to reduce the national debt and attract capital to the US economy.
- The Gold Card program creates a two-tier system in the US immigration system based on wealth.
- The US imposes the highest financial entry requirement ever in the immigration process. The Trump administration argues that this program will grow the US economy.
Key Differences of Gold Card and EB-5 Visa
- Required Investment Amount: 900 thousand-1.8 million dollars is required for the EB-5 visa, and at least 5 million dollars is required for the Gold Card visa.
- Citizenship Process: It is possible for the EB-5 visa after 5 years of legal residency. In the Gold Card program, it was announced that there will be an accelerated citizenship process. (The details have not yet been announced)
- Employment Requirement: For the EB-5 visa, the investor must employ at least 10 full-time American employees. However, there is no obligation to create a job in the Golden Card visa.
- Focus: The main focus of the EB-5 visa is investment and employment. The Gold Card program is aimed at direct capital inflows.
- Application Process: The EB-5 visa is subject to intensive inspections and long waiting times (some applications can take more than 5 years). It is stated that the Golden Card visa will follow a faster and more direct process.
- Advantages of the Program: The EB-5 visa directly contributes to the US economy with the obligation to create jobs. The Gold Card, on the other hand, aims to attract ultra-wealthy investors quickly and directly.
- Scope: The EB-5 visa is open to a wider audience of investors. However, the Gold Card visa is only aimed at ultra-wealthy individuals.
- Regulatory Approval Process: The EB-5 visa has been approved by Congress and in effect since 1990. It is unclear whether the Gold Card program will be able to go into effect without congressional approval.
- General Criticisms: The EB-5 visa has been criticized for its long wait times, fraud risks, and lack of supervision. The Gold Card visa, on the other hand, has been criticized for selling US citizenship to the wealthy, and the prospect of removing the requirement to create jobs for investors is causing a backlash.
- Tax Policy: Green Card holders who obtain EB-5 visas must pay taxes on their income both in the US. and abroad. However, it was stated that Golden Visa holders will not pay taxes to the US on their income abroad.
How Do ‘Golden Visa’ Programs Work in the World?
There are ‘Golden Visa’ programs that provide residency by investment in many countries such as Portugal, Greece, Spain, and Australia. These programs allow investors to gain residency by putting capital into a fund or buying real estate outright.
Comparison of the USA’s New Gold Card Visa and Golden Visa Programs in Europe
There are ‘Golden Visa’ programs that provide residency by investment in many countries such as Portugal, Greece, Spain, and Australia. By comparison, the Gold Card Visa is positioned as the most expensive investor visa in the US., with an investment requirement of $5 million, while European countries and other investment immigration programs offer accessible options with lower investment thresholds. On the other hand, unlike other Golden Visa programs, the Golden Card Visa program stands out by offering a flexible tax regime that eliminates the tax burden on foreign income.
Let’s consider in detail the differences between the high investment requirement and the tax exemption advantage of the USA:
- US – Gold Card Visa: $5 million investment
- Portugal: Residency with €500,000 investment or €250,000 cultural heritage support
- Greece: Residence permit with real estate investment worth €250,000
- UAE: 10-year residency with a real estate investment of AED 2 million (approximately $545,000)
- Malta: €600,000 donation + €700,000 real estate investment (Direct citizenship)
While the US targets only ultra-wealthy investors with the highest investment requirement, programs in Europe can attract investors with much lower budgets. This makes the US program attractive only to high-end investors, while European Golden Visa programs cater to a wider range of investors.
Will the ‘Speed’ of the Gold Card Overcome the Delays of the EB-5 Visa?
The $5 million program could attract more people to the US Wealthy individuals may opt for the fast track using a $5 million Gold Card. Meanwhile, many others may invest in the EB-5 program. They view it as a slower, yet strong way to enter the US market. Either way, the demand for US residency solutions may increase.
The EB-5 visa gives Green Cards to those who invest $800,000 or $1 million. Investors recognize it for its heavy red tape and long wait times. Many of the delays in the current EB-5 program are due to the slow progress of asset source verification. On the other hand, the speed of the Gold Card visa model’s progress is a curiosity as the Trump administration has not announced the details yet.
