NEW DELHI: President Donald Trump’s “Gold Card” programme offers wealthy individuals the chance to obtain permanent US residency and potential citizenship in exchange for a $5 million investment. The programme, offering a unique path to US residency for those who can afford it, has already gained significant traction, with added incentives designed to attract high-net-worth individuals from around the world. Some more details about the Golden Visa program are now available.
US Commerce Secretary Howard Lutnick said the programme has experienced strong demand, with 1,000 “Gold Cards” sold in just one day. The official rollout is set to happen in about two weeks, with Elon Musk developing the necessary software to support its operation, he said on the 'All-In Podcast'.
The “Gold Card” grants indefinite US residency, allowing holders to live in the country at their will, provided they meet legal requirements. While it doesn’t automatically grant citizenship, it offers the right to reside indefinitely with the option to pursue citizenship later. Buyers will undergo a vetting process to ensure compliance with U.S. laws, and residency can be revoked if an individual engages in criminal activity.
One of the key attractions of the “Gold Card” is its tax benefits. Only income earned within the U.S. is taxable, while foreign-earned income remains untaxed, making it especially appealing to wealthy individuals from high-tax countries who wish to safeguard their overseas wealth while enjoying the privileges of living and doing business in the US. Unlike US citizens, those who have residency don’t have to pay global tax.
Lutnick mentioned that research indicates around 37 million people globally could afford the "Gold Card", and President Trump believes the programme could sell up to one million cards, generating substantial revenue for the US government. The funds raised are expected to help reduce the US fiscal deficit and national debt.
The initial success of the programme, with 1,000 cards sold in one day and $5 billion generated, indicates its potential to reshape US residency and citizenship opportunities, the US administration believes.
Trump emphasised there will be no cap on the number of cards sold, allowing for unlimited growth and making the "Gold Card" a promising new avenue for funding US government needs.
