Trump's proposed 'gold card' visa comes with a hidden tax break for the wealthy

[mahatmakanejeeves]

Last edited Thu Feb 27, 2025, 02:02 PM - Edit history (1)

Source: CNBC

Inside Wealth
Trump’s proposed ‘gold card’ visa comes with a hidden tax break for the wealthy

Published Thu, Feb 27 20259:07 AM EST * Updated 3 Hours Ago
Robert Frank
@robtfrank

Key Points
* President Donald Trump’s proposed $5 million “gold card” for U.S. residency would be one the most expensive in the world, according to experts.
* It also includes a tax loophole that would give the new card-holders a lucrative benefit not available to American citizens
* Trump said gold card-holders would not be subject to taxes on their overseas income.

President Donald Trump’s proposed $5 million “gold card” for U.S. residency would be one the most expensive in the world, according to experts. ... Yet it also includes a tax loophole that would give the new card-holders a lucrative benefit not available to American citizens, experts say.

Trump this week announced the creation of a new investment visa that gives the overseas wealthy permanent residency and a path to citizenship in return for $5 million. Attorneys who advise the wealthy on migration and investment visas say demand is already strong. ... “The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship,” said Dominic Volek, head of private clients at Henley & Partners. “The U.S. remains the undisputed leader in private wealth creation and accumulation.”

While the details remain unclear, the proposal would radically change the U.S. residency path for the global rich, who currently have to navigate a patchwork of programs with tight restrictions to stay in the country. It would also mark a major potential tax change for the global rich living in the U.S., carving out a new loophole for gold-card holders. ... Currently, U.S. citizens, permanent residents, and green-card holders are required to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.

Trump said gold card-holders would not be subject to taxes on their overseas income. The provision means that gold card residents will be able to purchase a tax benefit not available to U.S. citizens. Advisors say they’re waiting on clearer directives, since the program could create dual-classes of taxpayers among the American wealthy. ... Yet the international income carve-out makes it far more attractive to the world’s ultra-wealthy. ... “This would be a big departure” in tax treatment, said Laura Foote Reiff, an attorney at Greenberg Traurig who specializes in business immigration. “There are many wealthy individuals who are invested in U.S. companies or have families here that do not become permanent residents because they don’t want the tax consequences.”

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Read more: https://www.cnbc.com/2025/02/27/trump-gold-card-visa-hidden-tax-benefit.html

[lapfog_1]

1. this gold card does TWO things

1. It would allow foreign governments to insert spies into the USA very easily. Tech worker shows up... pays $5M ( from, say, FSB accounts ), and can now work legally on software or hardware projects labeled NOFORN as in no foreign citizens allowed. My company has many of these types of restricted projects.

2. It would allow Oligarchs to more easily funnel cash directly to the PACs for American politicians. Instead of the 10s of millions currently being funneled in to the dark money slush funds, they can now funnel billions much more directly.

Mostly to benefit China, India... Arab states... and especially Russia.

[Irish_Dem]

2. US sold to our enemies. Serious threat to national security.

[underpants]

6. This would give them more capital to invest I'd think.

Bezos Musk et al have to pay on foreign income. Okay they can absorb it but this would be a big advantage in peer situations.

[sinkingfeeling]

3. Let's hear a big shout-out to "America First".

[underpants]

5. America (Now) First!

[snowybirdie]

4. Couldn't that

Make the USA a tax haven for foreigners? And wouldn't it discourage them from trying to earn money here? Doesn't look like a sound plan at all

[FakeNoose]

7. I'm pretty sure Chump's entire family already have those cards

[Solly Mack]

8. Shocker

[slightlv]

9. I see this

As a play to get foreign oligarchs to mive here, but stay out of trouble with the foreign country. Oligarchs move here, pay taxes on US holdings, but keep original capital in home country. Meanwhile trump and Musk offer a one stop shop for money laundering. Seems to be what rump does best.

[lostnfound]

10. Bring in those hateful russian oligarchs