The Trump Gold Card: A Green Card Alternative for the Ultra-Wealthy?

President Trump proposes a new Gold Card as an alternative to the traditional green card, but tailored specifically for the ultra-wealthy. While the details remain unclear, one key claim that stands out in President Trump's February 25, 2025 announcement is that these gold card holders wouldn’t have to pay taxes on their overseas earnings.

As an immigration attorney, I immediately have questions— What does this mean for hiring high-net-worth foreign nationals? And how does this fit into to the existing U.S. tax and immigration legal systems?

Let’s break it down.

How U.S. Tax Law Works for Green Card Holders

Under current law, when someone obtains a green card (lawful permanent residency) in the United States, they must pay U.S. taxes on their global income—not just the money they earn within the country. This is a crucial distinction between U.S. immigration programs and some other countries' investor visas, like Portugal's, which may provide tax incentives for foreign investors.

In fact, the tax burden is one of the top reasons that wealthy permanent residents voluntarily give up their green cards when they are no longer primarily living in the U.S.

While the U.S. does have some exclusions for foreign income, those typically apply to lower thresholds—about $100,000 in exclusions, which is negligible for someone wealthy enough to qualify for a $5 million green card. The IRS has broad powers to reach into international finances, and anyone holding U.S. permanent residency is subject to worldwide taxation.

Why This Could Attract—or Deter—Wealthy Immigrants

If the so-called Trump Gold Card truly exempts foreign income from U.S. taxation, it would mark a significant departure from existing law. This could make the U.S. more attractive to ultra-rich investors who, in the past, may have opted for programs in Europe or elsewhere.

However, there are concerns about how this would actually work in practice. Would Congress actually legislate to change the tax code? Or would the Trump administration try to jerry-rig the tax policy through executive action?

About the Author

Loren Locke is the Managing Attorney of Locke Immigration Law and a former U.S. Foreign Service Officer who adjudicated approximately 12,000 visa applications at the U.S. Consulate in Mexico. She holds a J.D. from William & Mary Law School and a B.A. summa cum laude from the University of Richmond. Loren is regularly quoted on immigration policy by major publications including Newsweek, Condé Nast Traveler, and The Daily Mail, and specializes in EB-1A extraordinary ability petitions, O-1 visas, and National Interest Waivers.

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