For decades, the United States has been a top destination for wealthy investors seeking residency through investment. Now, Donald Trump is proposing a major change with the introduction of a Gold Card visa, which would replace the long-standing EB-5 program. With a $5 million investment requirement, this visa aims to attract only the ultra-wealthy. But will it succeed, or will investors turn to more affordable and tax-friendly alternatives?
The End of EB-5: What’s Changing? Since 1990, the EB-5 visa has allowed foreign investors to obtain U.S. residency by investing at least $800,000 in a high-unemployment area or $1.05 million in a general business, provided the investment created 10 full-time jobs.
Trump’s $5 Million ‘Gold Card’ Visa
Under the proposed Gold Card visa, the job creation requirement would be removed, but the minimum investment would increase to $5 million. This move signals a shift toward a more exclusive program designed to attract only the wealthiest investors. However, experts caution that this increase may reduce demand, especially when considering alternative investment-based residency programs worldwide. According to an analysis by IMI Daily, the proposal oversimplifies the complexities of investor migration and may struggle to attract applicants. (Read more)
How the U.S. Compares to Other Investor Visas The United States is entering an already competitive market for residency-by-investment programs. Many countries offer cheaper and more flexible options:
- Portugal grants residency with a €500,000 real estate purchase or €280,000 in designated low-density areas. Investors can apply for citizenship after five years. Proper tax planning can exempt foreign income from taxation.
- The United Arab Emirates offers long-term residency with a $545,000 real estate investment and does not impose income tax.
- Singapore requires a $7.5 million business investment or $14 million in a government-approved fund but does not tax capital gains.
- Turkey grants citizenship immediately with a $400,000 real estate investment, making it one of the most accessible programs.
With these alternatives in mind, some investors may question whether U.S. residency is worth the significantly higher price tag. IMI Daily experts also point out that investor migration programs succeed when they offer a balance of affordability, flexibility, and tax benefits—areas where the U.S. program may fall short.
The Tax Burden: A Hidden Cost of U.S. Residency The investment requirement is not the only factor wealthy individuals will consider. The United States is one of the few countries that taxes residents on worldwide income, which could make this visa far less attractive.
- All global earnings, including passive income, dividends, and capital gains, are subject to U.S. taxes.
- The U.S. estate tax can impose up to 40 percent on U.S.-based assets after death.
- The Foreign Account Tax Compliance Act (FATCA) requires individuals to disclose offshore bank accounts and financial assets, increasing compliance burdens.
Many high-net-worth individuals prioritize tax efficiency when choosing a residency-by-investment program. With lower-tax options available elsewhere, some may hesitate before committing to the U.S. As IMI Daily highlights, taxation remains one of the most significant deterrents for investor migrants, making programs in tax-friendlier jurisdictions more appealing.
Trump has hinted at not taxing foreign assets under this visa, which could make it more attractive to global investors. However, such a move would require a major change to the U.S. tax code, which typically requires congressional approval. Some experts speculate that this could be more of a sales tactic than a realistic policy shift, as implementing such an exemption would face significant legislative hurdles.
Will the Gold Card Visa Succeed? The key question is whether ultra-high-net-worth individuals will see value in paying $5 million for U.S. residency despite the tax implications. The United States remains an attractive destination for business opportunities, elite education, and global mobility. However, for those primarily seeking financial advantages, other countries may offer better value.
There is also political uncertainty surrounding this visa. U.S. immigration policy changes typically require congressional approval, and previous attempts to reform the EB-5 program have faced delays and complications. Until there is more clarity, investors may wait before making any commitments. Additionally, experts in the IMI Daily article argue that successful investor programs require predictability and stability, something the U.S. has struggled to provide in recent years.
The Bottom Line Trump’s Gold Card visa is a bold attempt to position the United States as a premium residency destination. However, with competing programs offering lower costs, fewer restrictions, and lighter tax burdens, global investors may choose more accessible options instead. As IMI Daily’s analysis points out, the proposed visa simplifies investor migration dynamics and may not be as successful as Trump suggests. (Read the full expert analysis)
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