US Gold Card Visa: A Game Changer for Foreign Investors?

For years, the EB-5 Visa has been the primary path for individuals seeking US residency through investment. Still, the EB-5 Visa is often best known for its challenges — lengthy processing times, job-creation mandates, and complex compliance requirements. A US Gold Card Visa could provide an appealing alternative. 

How the US Gold Card differs from EB-5

The Gold Card Visa will aim to address many of the EB-5 pain points. While the EB-5 program requires investors to commit at least $800,000 to a U.S.-based business and create at least ten jobs, the Gold Card Visa promises a more straightforward approach. A minimum investment of $5 million — likely in government bonds, infrastructure, or other federally approved projects — could secure permanent residency without the burden of providing job creation.  

Many EB-5 applicants face multi-year backlogs due to the complex regulatory requirements surrounding job creation and investment validation. The Gold Card Visa, with streamlined requirements, would have a shorter application period.  

US global taxation: What investors must consider

While the Gold Card Visa investment structure sounds appealing, the taxation structure is unclear. US tax law imposes a global taxation framework on all residents; those who obtain permanent residency through either the EB-5 (or, presumably, the Gold Card Visa) could be subject to taxes on their worldwide income. 

If the Gold Card Visa follows the traditional US green card model, investors could face income tax on their global earnings, estate tax exposure of up to 40% on worldwide assets, and reporting requirements under FATCA and FBAR regulations.

Still, while there is a (political) will, there is probably a (tax-friendly) way.

In his recent speech to a joint session of Congress, President Trump proposed a program that would exclude participants’ foreign income from U.S. taxes. This exception would likely require congressional approval. Still, it would be a significant departure from current tax law. There is speculation that the US could implement a non-resident investor status to limit tax liability to U.S.-sourced income. If that were the case, the Gold Card Visa would become a game-changer for investors who view US residency as too tax-heavy.  

The pitfalls of Golden Visa programs: Lessons for US policymakers

The experience of other countries’ Golden Visa programs should give US policymakers pause. From real estate speculation to security risks and public backlash, these programs have often failed to balance investment incentives with national interests.  Though no one knows how a US Gold Card Visa will get rolled out, there are lessons to be learned from abroad.

Here are four problems policymakers will look to avoid in a US Gold Card visa:

Driving up real estate prices and reducing housing affordability

Allowing foreign investors to qualify for residency through real estate purchases has often led to a surge in housing prices. More than €6 billion flowed into the real estate market in Portugal through its Golden Visa program; house prices soared in Lisbon and Porto. The government ended its real estate-based visa in 2023 as public frustration grew over affordability issues. Spain followed a similar path. In 2024, it announced the closure of its Golden Visa program due to mounting concerns that it was worsening social inequality. Greece has also faced these challenges, prompting the government to increase the minimum investment threshold in significant cities to slow down price inflation. 

Attracting questionable wealth and security risks

Golden Visa programs have been used as an entry point for individuals looking to move large sums of money into stable economies, sometimes with minimal scrutiny. The United Kingdom’s Tier 1 Investor Visa, which required a £2 million investment, became a significant concern for financial crime regulators. Reports revealed that the program had been exploited by individuals using it to launder illicit funds; the UK government abruptly terminated it in 2022. 

Going back a little further, the Pacific Island nation Nauru ran a citizenship-for-sale scheme in the 1990s, selling passports to criminals and fugitives without proper background checks. The program was widely abused for money laundering and financial fraud, ultimately leading to Nauru being blacklisted by the Financial Action Task Force (FATF). The international community’s reaction forced the country to abandon its passport-selling model and seek financial stability elsewhere. 

Prioritizing wealthy investors over long-term economic growth

While Golden Visa programs often succeed in attracting high-net-worth individuals, many have failed to channel investments into sectors that drive sustainable economic growth. The 10-year Golden Visa for the United Arab Emirates is a tax-free benefit without a pathway to citizenship. As a result, investors use it as a temporary residency solution rather than making long-term economic contributions. Portugal and Spain’s programs around real estate investment primarily benefited property developers but did little to create jobs or fuel innovation.  

Meanwhile, Curaçao has taken a different approach. Rather than focusing on passive investment, it launched the “@Home in Curaçao” initiative to attract remote workers, entrepreneurs, and professionals. By prioritizing skilled individuals over pure wealth, the program seeks to stimulate the local economy through ongoing economic participation rather than a one-time financial transaction.

Structuring the program to avoid international reputational risks

Countries that properly structure their residency or citizenship-by-investment programs risk severe reputational damage. Nauru’s lax approach to vetting its passport buyers led to international condemnation and forced it to abandon the program altogether. Similarly, countries that have allowed Golden Visas to become vehicles for tax evasion, fraud, or political corruption have suffered diminished credibility in international financial and diplomatic circles. 

Should you ditch the EB-5 for the promise of a Gold Card Visa?

The Gold Card Visa could become a landmark program for investors seeking US residency. If it simplifies the investment process, mitigates tax exposure, and delivers on fast-track residency, it could become the go-to option for global investors. However, it may not live up to its promise if it merely serves as an expensive green card with added bureaucracy.  

Regardless of its final shape, now is the time to start planning for the Gold Card Visa. With the right financial and tax strategy, the Gold Card Visa could provide a gateway to residency and long-term financial growth. If you are considering this move, consulting with an expert wealth advisor can help ensure your investment aligns with your broader financial goals. 

This content is provided for informational purposes only and should not be construed as individualized advice. For individualized advice, please consult with your adviser.