Policy Alert: Administration Proposes “Gold Card” Visa Program

Action: The President has announced a plan for a “gold card” visa program that would provide permanent residency and a “path to citizenship” that would cost $5 million; he said both individuals and companies would be eligible.

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The Administration stated that the new visa program would replace the EB-5 program, though the Administration does not have that authority without authorization from Congress. Many details, such as whether the investments would be required to increase jobs or other conditions, are unclear, even though the President suggested the program will start in mid-March.
Congress created the EB-5 visa program in 1990, which offers lawful permanent residence to individuals and their immediate families if they invest at least $1,050,000 (or $800,000 in certain areas) in a new business that creates at least 10 permanent full-time jobs. In 2023, about 10,000 EB-5 visas were issued, which is capped by a variety of limitations.
In 2022, Congress reauthorized the program until 2027 and included a “grandfather” clause for those filing until September 30, 2026, keeping the current statutory requirements. Any changes to the EB-5 program would thus require Congressional approval; however, the Administration is reportedly determined to introduce the new program without Congress. The Administration will also have to issue formal regulations to establish the new program.
Commerce Secretary Lutnick claimed that “250,000” people “waiting in line” for the program to start and promised they would be “[d]eeply vetted” before being approved. An education expert noted that the program could attract interest from wealthy families for their children to study in the US and likely be able to stay here after graduation.
As part of the announcement, the President said that holders of the card would be exempt from taxes on their overseas income. US taxpayers, including US permanent residents, are generally subject to taxation on “all income from whatever source derived,” which includes income earned both in the US and from foreign sources. While it is true that nonresidents are “generally taxed on U.S. source income and income effectively connected with U.S. trade or business” alone, if the new card comes with the right to enter and reside in the US, it would be a significant change in US tax law to exempt those residing here from taxation of income outside the US, one that would require Congress’ approval.
Many countries have programs that grant visas based on business or financial investments. For example, individuals who start certain businesses in Canada or United Kingdom may qualify for a visa. Hong Kong also offers visas to qualifying individuals who invest about $4 million in a Hong Kong business while Portugal offers visas to those who invest €500,000 in a Portuguese business, start a business that creates at least 10 jobs, donate €250,000 to the arts or a national heritage site, or provide €500,000 to fund scientific research at a qualifying institution. The US card, at $5 million, is likely to be the most expensive in the world, which could limit its reach.

Policy Alert: Administration Proposes “Gold Card” Visa Program

March 06, 2025

Key Insights

The Administration stated that the new visa program would replace the EB-5 program, though the Administration does not have that authority without authorization from Congress. Many details, such as whether the investments would be required to increase jobs or other conditions, are unclear, even though the President suggested the program will start in mid-March.

Congress created the EB-5 visa program in 1990, which offers lawful permanent residence to individuals and their immediate families if they invest at least $1,050,000 (or $800,000 in certain areas) in a new business that creates at least 10 permanent full-time jobs. In 2023, about 10,000 EB-5 visas were issued, which is capped by a variety of limitations.

In 2022, Congress reauthorized the program until 2027 and included a “grandfather” clause for those filing until September 30, 2026, keeping the current statutory requirements. Any changes to the EB-5 program would thus require Congressional approval; however, the Administration is reportedly determined to introduce the new program without Congress. The Administration will also have to issue formal regulations to establish the new program.

Commerce Secretary Lutnick claimed that “250,000” people “waiting in line” for the program to start and promised they would be “[d]eeply vetted” before being approved. An education expert noted that the program could attract interest from wealthy families for their children to study in the US and likely be able to stay here after graduation.

As part of the announcement, the President said that holders of the card would be exempt from taxes on their overseas income. US taxpayers, including US permanent residents, are generally subject to taxation on “all income from whatever source derived,” which includes income earned both in the US and from foreign sources. While it is true that nonresidents are “generally taxed on U.S. source income and income effectively connected with U.S. trade or business” alone, if the new card comes with the right to enter and reside in the US, it would be a significant change in US tax law to exempt those residing here from taxation of income outside the US, one that would require Congress’ approval.

Many countries have programs that grant visas based on business or financial investments. For example, individuals who start certain businesses in Canada or United Kingdom may qualify for a visa. Hong Kong also offers visas to qualifying individuals who invest about $4 million in a Hong Kong business while Portugal offers visas to those who invest €500,000 in a Portuguese business, start a business that creates at least 10 jobs, donate €250,000 to the arts or a national heritage site, or provide €500,000 to fund scientific research at a qualifying institution. The US card, at $5 million, is likely to be the most expensive in the world, which could limit its reach.

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