Is the Gold Card Visa Legal?

A proposed immigration initiative known as the “Gold Card Visa” has attracted both support and controversy on Capitol Hill. This high-net-worth visa program would provide lawful permanent residency in exchange for a $5 million investment in the U.S. economy. Modeled loosely on programs in countries such as Portugal and Singapore, the proposal raises significant legal, policy, and tax planning questions—particularly for trust and estate professionals advising global families. So, is the Gold Card Visa legal?

As of April 2025, the Gold Card Visa remains a proposal without statutory authority. This blog examines the legislative progress, political headwinds, and what individuals, fiduciaries, and tax professionals should consider with regard to the Gold Card Visa proposal.

Background and Context

Golden visa programs offer foreign nationals residency or citizenship in exchange for significant financial contributions. While the U.S. currently operates the EB-5 Immigrant Investor Program, which requires a $800,000 to $1,050,000 investment depending on location and job creation, the Gold Card Visa proposal would set a substantially higher investment threshold of $5 million with fewer job creation requirements.

The proposal first appeared as part of the “High Net Worth Immigration Reform Act,” introduced in draft form in early 2024; however, the proposal has not yet been formally introduced as a bill in the House or Senate. Notably, it is distinct from the EB-5 Regional Center Program authorized and would be administered by U.S. Citizenship and Immigration Services (USCIS).

Unlike EB-5, the Gold Card Visa aims to streamline residency for investors while potentially generating revenue without burdensome oversight. Of course, the “devil is in the details” and numerous legal and political complexities remain unresolved.

What Has Changed or Been Clarified

While the proposal is not law, the following developments clarify the contours of the program:

• Investment Threshold: A minimum $5 million investment in approved U.S. assets or projects, with discretion over asset class and project type given to the Department of Commerce.
• No Job Creation Requirement: Unlike EB-5, there is no requirement to create or preserve U.S. jobs, a major shift that would reduce oversight and compliance burdens.
• Fast-Tracked Permanent Residency: A proposed 12-month adjudication period and immediate path to a green card.
• Annual Cap: The program would be capped at 10,000 visas annually.
• Residency Requirement: A minimal physical presence requirement—just 30 days per year in the U.S.—raises questions about tax residency and planning for foreign investors.

Again, no official legislation has been initiated, and the program remains in the policy discussion stage with heavy scrutiny from bipartisan lawmakers.

Real-World Impact

If introduced and passed, the Gold Card Visa could significantly impact estate planning, especially for non-resident aliens seeking to establish U.S. connections or mitigate future U.S. estate tax exposure. Consider the following:

• Tax Residency Planning: A green card holder is considered a U.S. tax resident. This has substantial consequences, including worldwide income reporting and estate tax on global assets.
• Trust Structuring Needs: High-net-worth individuals may require foreign non-grantor trusts or pre-immigration trusts to mitigate exposure to U.S. gift and estate taxes.
• Step-Up in Basis Opportunities: U.S. tax residents may benefit from a basis adjustment, which could become a planning consideration post-residency.
• FATCA Compliance: Green card holders must report foreign assets via Form 8938 and potentially FBAR, adding complexity for investors with offshore wealth.

For fiduciaries, this proposal presents both opportunity and risk: assisting clients in relocating wealth legally under U.S. jurisdiction, while having to navigate trust classification rules under the dual test (court and control test) for trust residency.

Compliance and Reporting | Gold Card Visa

Should the Gold Card Visa become law, new compliance obligations would emerge for investors and their advisors:

• Tax Filing: Holders would likely be subject to Form 1040 filings and estate tax obligations on Form 706.
• Foreign Trust Disclosures: Investors with interests in foreign trusts must disclose and comply with Forms 3520 and 3520-A.
• FIRPTA Exposure: Nonresident investors acquiring U.S. real estate under this visa would face potential Foreign Investment in Real Property Tax Act (FIRPTA) consequences, though a green card may change that exposure.

Trustees and tax counsel must be prepared for heightened scrutiny and ensure their clients are aware of both immediate and long-term tax obligations.

Considerations and Caveats | Gold Card Visa

Several uncertainties cloud the proposed future of the Gold Card Visa:

• Legal Standing: Without formal introduction as a bill, the proposal carries no legal weight as of this writing. It may face constitutional challenges regarding equal protection and immigration quotas.
• Political Resistance: Both parties have voiced concern. Some view it as selling citizenship, while others criticize the perceived preferential treatment of the ultra-wealthy.
• Overlap with EB-5: Legal integration or replacement of EB-5 remains unclear, with the Department of Homeland Security unlikely to support duplicative programs.
• State Tax Issues: States such as California impose their own residency and tax rules which could conflict with minimal federal presence requirements, adding further complexity for estate and tax advisors.

Conclusion

While the Gold Card Visa remains speculative, its potential to reshape high-net-worth immigration and related tax planning is considerable. For estate planners, trustees, and global investors, now is the time to evaluate pre-immigration strategies, cross-border trust implications, and tax compliance readiness.

RJS LAW stays current on legislative developments and planning strategies for global families and high-net-worth individuals, and we can offer guidance to those interested in taking part of the Gold Card program. Contact RJS LAW for a free, no-obligation consultation.

Written by Ronson J. Shamoun and John Powers