In early 2024, a proposal surfaced to encourage the migration of entrepreneurs and high-net-worth individuals to the United States. Positioned as a fast-track pathway to residency or citizenship, the so-called Gold Card program carried a $5 million price tag and the promise of no taxes on foreign bank accounts or offshore holdings.
As discussed earlier, the original plan was seen as a potential replacement or alternative to the longstanding EB-5 visa program, though it was met with resistance and raised questions about legal authority and long-term feasibility. To date, implementation has stalled, and the program remains under consideration.
In June, the British Reform UK party introduced the idea of a Britannia Card, priced at £250,000 and offering 10 tax-free years for wealthy investors. Under the plan, cardholders would not pay tax on assets or income earned abroad, and inheritance tax would also be waived. Regular tax obligations within the U.K. would still apply. One notable twist in this plan is redistributing proceeds to low-income workers in the U.K.
Despite early buzz, neither proposal has gained significant traction. The Gold Card continues to face legislative hurdles and broader questions about its alignment with existing immigration law. Meanwhile, the Britannia Card may face pushback after reports estimated a potential £34 billion tax revenue loss for the U.K. government.
So-called “golden passports,” whether they are cards or citizenship grants, are not a new concept. A number of countries—such as Malta, Turkey, and various Caribbean nations—already offer citizenship or residency in exchange for qualifying investments or donations.
Some of these offers may seem too good to be true—and they might be. Incentives tied to government policies can change with political cycles or leadership transitions, leaving investors exposed. Others may involve hidden costs or long-term tax consequences.
If you’re considering acquiring a second citizenship or exploring offshore tax options, it’s wise to speak with a qualified tax attorney who understands your financial goals and global obligations.
If you're exploring a citizenship offer or offshore account, the tax attorneys at Robert J. Fedor, Esq., L.L.C. can help. Contact us at 440-250-9709 or set up a consultation for reliable counsel. We offer services to clients in Northeast Ohio, Chicago, New York, and internationally.
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