$5 Million Gold Card Visa

In February, President Trump unveiled a new immigration initiative aimed at the global elite: the $5 Million Gold Card Visa. This proposed visa category would grant U.S. permanent residency to foreign nationals in exchange for a $5 million payment to the federal government.

Positioned as a simplified and expedited alternative to the traditional EB-5 immigrant investor program, the Gold Card proposal is intended to attract billionaires and ultra-high-net-worth individuals, especially from countries experiencing political or economic instability. While its appeal is clear, the proposal raises major legal, financial, and compliance questions that investors must understand before considering participation.

Background and Context

The Gold Card concept is not a part of existing immigration law. It is a new proposal from President Trump, who has stated the initiative would serve as a replacement for the EB-5 visa, which requires foreign investors to commit capital to job-creating U.S. businesses.

According to recent news articles, the Gold Card visa plan was devised by investor and entrepreneur Palmer Luckey and is reportedly supported by Tesla CEO Elon Musk. Its aim is to streamline U.S. immigration for individuals willing to pay a premium for residency—specifically, a flat $5 million to the U.S. Treasury.

Key features of the proposal as publicly described include:

• No job creation requirement
• No need to invest in private U.S. enterprises
• U.S. green cards in return for a government-directed payment

Despite its headline appeal, the Gold Card proposal has not been introduced as legislation and does not have any formal regulatory structure behind it. It currently exists as a campaign promise or conceptual model rather than an enforceable program.

What Is Being Proposed

Though few details have been formally released, and based on public statements, the Gold Card would function as follows:

• Investment Threshold: A single upfront payment of $5 million to the federal government. This is significantly higher than the $800,000–$1.05 million range under the EB-5 program.
• Immigration Benefit: Recipients would receive U.S. permanent resident status (i.e., a green card) for themselves and qualifying immediate family members.
• No Business or Employment Requirements: Unlike EB-5, the Gold Card would not require job creation or oversight of how the funds are used to support economic development.
• Fast-Tracked Approval: Though unverified, it is implied that Gold Card applications would be processed more quickly than standard green card petitions.
• No Official Legal Infrastructure (Yet): The program does not currently have the backing of federal law, defined terminologies, or established immigration regulations.

Real-World Impact

For ultra-wealthy foreign nationals, the appeal of the Gold Card is clear: a clean, straightforward exchange of money for U.S. residency, without the complexity of investing in and monitoring job-creating projects.

However, significant legal and financial questions arise:

• Lack of Legal Basis: As of now, there is no statutory authority or regulatory mechanism for the Gold Card visa. Without Congressional approval, the proposal cannot be implemented through executive action alone.
• Risk of Misunderstanding or Misuse: Foreign investors may mistakenly believe this offer is already available or equivalent to current pathways like EB-5. This misunderstanding could lead to wasted resources or legal exposure.
• Tax Exposure: Any foreign national granted U.S. permanent residency will become a U.S. tax resident, subject to global income taxation, FATCA reporting, and estate and gift tax obligations. The lack of a business structure in the Gold Card path offers fewer opportunities for pre-immigration tax planning.

Compliance and Reporting

If enacted, Gold Card recipients would need to comply with all standard U.S. tax and immigration obligations associated with green card status. These include:

• Filing IRS Form 1040 to report worldwide income
• Disclosing foreign financial assets via Form 8938 (FATCA) and FinCEN Form 114 (FBAR)
• Potential estate tax exposure on global assets
• Long-term U.S. tax residency status, triggering exit tax rules under IRC §877A if expatriation is later considered

Without a structured investment vehicle, Gold Card holders may also lack the professional advisement and compliance support often built into EB-5 Regional Center investments.

Considerations and Caveats

There are several important caveats to this proposal:

• Uncertain Legal Future: Until this proposal becomes codified by Congress, it remains a political idea, not a legal pathway.
• Potential for Misleading Promotion: There is a risk that unauthorized brokers, developers, or overseas consultants could market the Gold Card concept prematurely, exposing investors to fraud or noncompliance.
• State-Level Tax Implications: Depending on where an investor resides in the U.S., they may face additional tax burdens and filing requirements beyond federal obligations.
• Lack of Economic Oversight: Without job creation or project scrutiny, the program could face opposition from policymakers concerned about national economic benefit.

Conclusion

The proposed $5 million Gold Card visa is a bold and unconventional idea designed to attract elite investors to the United States. While it promises simplicity and exclusivity, it currently lacks the legal foundation and regulatory clarity of established programs like EB-5.

Until Congress acts, this initiative remains speculative. High-net-worth individuals interested in U.S. immigration should proceed cautiously and consider working with qualified immigration attorneys and tax advisors to understand the full implications.

The RJS LAW tax and trust teams have deep experience helping individuals and businesses with strategic guidance on cross-border tax planning and EB-5 residencies and we are actively monitoring the Gold Card proposals. To schedule a free and confidential consultation regarding the Gold Card initiative and differing options contact RJS LAW today.

Written by Ronson J. Shamoun and John Powers