Trump’s ‘Gold Card’ Would Offer Tax Benefit Unavailable to Americans.
President Donald Trump‘s proposed Gold Card visa for the rich could offer a tax incentive that other immigration pathways currently don’t, experts say.
The $5 million “Green Card plus,” as Trump and his Commerce Secretary Howard Lutnick touted in the Oval Office last week, would allow holders to avoid paying U.S. tax on their overseas income—an option not currently open to citizens or immigrants in the country.
The president’s announcement was the first legal immigration policy announcement of his second term in the White House. It is solely aimed at the world’s wealthiest businesspeople. Some experts have been skeptical about how popular the Gold Card could be among investors if they don’t see their $5 million fee ever again.
The Internal Revenue Service (IRS) lists only a few exemptions for paying taxes on foreign income, including U.S. citizens who have lived in a foreign country for an uninterrupted period and immigrants from countries that have an agreement with the U.S.
Research by Henley & Partners, a firm that helps investors with immigration, found the U.S. was expected to attract upward of 3,800 millionaires in 2024. The country was already home to over 5.4 million.
Offering a tax incentive not even open to American citizens could make the $5 million price tag more bearable than the current cheaper EB-5 investor visa, which requires between $800,000 and $1 million in investment and fees charged by the U.S. Citizenship and Immigration Service (USCIS). Those who are granted an EB-5 still need to pay foreign income tax.
Source: NEWSWEEK
