Rolled out in 2025 by executive order, the Gold Card Visa Program continues to take shape. The program has attracted significant attention by proposing a new pathway to U.S. residency for wealthy foreign nationals willing to make a substantial financial contribution. While details continue to evolve, many prospective applicants are comparing it to the long-established EB-5 Immigrant Investor Program to better understand the legal, financial and tax implications.
In September, the order described the program as one intended to “facilitate the entry of aliens who have demonstrated their ability and desire to advance the interests of the United States by voluntarily providing a significant financial gift to the nation.”
The cost to apply for the visa is reported to include $15,000 upfront, followed by $1 million, with additional multimillion-dollar fees for family members. By contrast, the EB-5 visa requires at least an $800,000 investment and provides residency for minor children and a spouse.
Citizenship by investment is not new. Golden visas and passports can provide a pathway to residency or outright citizenship for a fee in some countries. For those interested in navigating immigration to the United States, important differences exist between the Gold Card Visa and the EB-5 program.
Differences between the Gold visa and EB-5 programs
As discussed, a big difference between these two programs is the cost. Immigrants in the EB-5 program must invest funds in areas targeted by the federal government. The investments must preserve or create at least 10 full-time jobs in the U.S. For a higher fee, the Gold Card Visa does not require investment or job creation. Fees associated with the Gold Card Visa are not returned, while funds invested in a financially successful EB-5 program may be recoverable.
The EB-5 program was created by Congress in 1990, while the Gold Card Visa was established by executive order. Because it was created by Congress, the EB-5 program can only be revised through legislation. By contrast, the Gold Card Visa, created by executive order, could be modified or rescinded by a future administration.
While the Gold Card Visa has been described as a faster route to immigration than the EB-5, it is tied to processes associated with obtaining EB-1 and EB-2 visas, which apply to Priority Workers and Exceptional Ability applicants. The EB-5 program, on the other hand, is designated for those interested in immigration through investment opportunities in the U.S.
Tax considerations for prospective applicants
From a tax perspective, neither the Gold Card Visa nor the EB-5 program currently provides special tax advantages for investors seeking U.S. residency. Individuals who become U.S. tax residents generally become subject to U.S. taxation on their worldwide income. Depending on how assets are held, additional reporting obligations involving foreign bank accounts, offshore investments and other international financial interests may also apply.
As with many new immigration initiatives, the long-term structure and benefits of the program may continue to evolve.
Because immigration often changes an individual's tax obligations, many prospective investors also begin evaluating offshore asset structures and international tax planning. U.S. citizens looking to manage assets offshore can lawfully reduce tax liability and protect capital. For these investors, understanding the differences between tax avoidance and tax evasion when reporting foreign financial accounts is critical. For an in-depth review of reasons for and against holding assets in offshore tax havens, see our resource guide, Offshore Tax Matters Explained.
Although the Gold Card Visa has generated considerable attention, its future remains uncertain. Media reports have suggested that interest in the program remains limited, while legal challenges may also affect how the program develops. In the meantime, the popularity of EB-5 applications is on the upswing, with some countries, like India, already reaching capacity in the unreserved category for this year.
Whether you are considering immigration to the United States or evaluating offshore asset and tax planning strategies, it is important to understand the long-term tax implications before moving your family, business interests, or assets.
For guidance on tax matters involving immigration and international assets, contact Robert J. Fedor, L.L.C., at 440-250-9709. With offices in Cleveland and Chicago, the firm serves clients throughout the U.S. and internationally.
