HOW TO GET A $1M AMERICAN GOLD CARD – OR PAY $5M FOR HUGE TAX PERKS
President Donald Trump has unveiled his gold and platinum cards, which offer purchasers residency and – for a higher price – substantial tax benefits.
The Gold Card costs $1m (£740,554), while the platinum card costs $5m. They work much like golden visas available in countries worldwide.
The gold-coloured card features his portrait and signature, as well as an image of the Statue of Liberty and a bald eagle, the official national bird.
For potential applicants put off by American tax rules, which require all citizens and permanent residents to pay tax on their earnings abroad, the $5m platinum card offers additional tax benefits.
Here, Telegraph Money explains how the two schemes work.
How does the Trump Gold Card work?
The scheme, which has now launched, offers foreign applicants the opportunity to achieve permanent resident status in America on the condition of a $1m “gift” to the United States Treasury.
If a business wishes to sponsor an employee, it can apply for a corporate Gold Card on the employee’s behalf. Costing $2m, this scheme also gives employers the option of ending sponsorship of one employee in favour of another at a later date without having to make another multi-million dollar payment, although a 5pc transfer fee will be levied. The corporate card also requires a 1pc annual maintenance fee.
Once approved, Gold Card holders will fall under either the existing EB-1 or EB-2 visa categories and will be able to live and work in the US. These employment-based visas are typically reserved for applicants with “extraordinary ability” or an advanced degree. Now, applicants for the Gold Card must simply pay $1m, which will show “sufficient evidence that the individual will substantially benefit the United States”.
Trump has separately imposed a $100,000 fee on new H-1B applications, which allow companies to hire skilled foreign workers in industries such as technology and engineering. Costs had previously ranged from $2,000 to $5,000 per application.
Global Citizen Solutions, an investment migration firm, stated that – with employer sponsorship costs rising – self-directed or investment-based pathways may become more attractive, particularly for those prioritising speed and predictability.
But for tax purposes, gold cardholders will be treated similarly to other permanent residents and citizens. This is where the Trump Platinum Card comes into its own.
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What is the Platinum Card and what are the tax perks?
For a fee of $5m, this visa would allow successful applicants the option to reside in America for up to 270 days a year without being subject to tax on income earned abroad.
Patricia Casaburi, chief executive of Global Citizen Solutions, said: “This would be significant because it breaks with the long-standing US principle of taxing residents on their worldwide income.
“Normally, anyone holding a green card or spending more than 183 days a year in the United States must report and pay federal tax up to 37pc on all foreign earnings.
“By contrast, the Platinum Card effectively decouples physical presence from tax residency, giving ultra-wealthy individuals the rare ability to enjoy most of the year in the US without exposing their global assets to US taxation.”
She added that ultra-wealthy individuals with $5m or more in annual overseas income would see the most dramatic benefit, recovering their upfront cost in just three years.
Those earning $10m abroad could offset the expense in under two years. “This makes the Platinum Card advantageous only for individuals with very high, recurring foreign income streams,” she said.
Dr Kristin Surak, associate professor of political sociology at LSE, said that it was unclear whether cardholders could stay in America for longer than 270 days if they were willing to forgo the tax benefits.
Those considering a Platinum Card have been advised to join the waiting list immediately, with officials warning that that there is no assurance the contribution level will remain at $5m.
American citizens and people who already hold residency are not eligible to apply for the card.
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How to apply
Applications for the Gold Card can be submitted online at trumpcard.gov. Applicants are asked to provide their name, region of origin, the scheme they are interested in and their email address.
Howard Lutnick, United States secretary of commerce, states that, for an application to progress, a processing fee of $15,000 must be paid. United States Citizenship and Immigration Services will also carry out what is described as an “in-depth background check” on the potential cardholder before a visa is issued.
Casaburi said: “Given standard US immigration and sanctions protocols, individuals from sanctioned countries or those subject to specific restrictions would likely be excluded.
“For example, a Russian oligarch would probably face significant scrutiny under existing sanctions regimes and source-of-funds requirements.”
But earlier this year, Trump said that it was “possible” Russian oligarchs could qualify for the scheme, adding: “I know some Russian oligarchs that are very nice people”.
Although the Platinum Card has not yet been released, prospective applicants can join an online waiting list through the Gold Card website.
Once the scheme is underway, applications will be processed on a first-come, first-served basis.
According to Politico, Lutnick told reporters last week that rolling out the Platinum Card would require approval from Congress.
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How does the Gold Card compare to other visa schemes?
Since the 1990s, one of the easiest ways for high-net-worth individuals to obtain permanent residency in America has been by applying for the EB-5 immigrant investor programme.
This requires applicants to invest approximately $1m to help create or preserve at least 10 permanent full-time jobs for American workers.
Casaburi said: “What sets the Gold Card apart from existing programmes such as the EB-5 visa is its simplicity, offering a more straightforward, donation-based pathway to residency.
“For wealthy applicants frustrated by the lengthy green-card backlogs or the complexity of EB-5 projects, the new programme promises an expedited route into the US immigration system.”
Susanna Uzakova, of the global investment immigration firm Astons, added that Trump’s new schemes would be among the most expensive golden visas in the world. “The figures speak for themselves,” she said. “In Europe, investment thresholds are measured in hundreds of thousands of euros.”
For example, applicants can sometimes invest as little as €250,000 (£218,000) in Greek real estate to obtain residency.
However, the price point of the platinum scheme does have precedent elsewhere. The Singapore Global Investor Programme requires a minimum investment of S$10m (£5.8m or $7.8m).
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How quickly can you get a Gold Card?
Applicants have been promised that once their processing fee has been paid, the visa process should only “take weeks”.
However, citizens of certain countries may have wait times of up to a year or more based on visa availability, according to the Gold Card website.
Casaburi said: “For individuals, it may offer a faster route once procedures are clarified. Until then, EB-5 remains the most secure and statute-backed pathway, with predictable rules and timelines.”
2025-09-24T14:20:43Z