Trump’s ‘Gold Card’ no golden ticket for global investors
As speculation grows around Donald Trump's proposed 'Gold Card' scheme for foreign investors, international property consultancy, Astons, explores whether the initiative offers genuine value, or whether tried and tested alternatives in Europe present a better proposition for international clients.
An unclear proposition at a high price
The Gold Card, first mentioned in the context of Trump's 2025 campaign trail, is said to offer wealthy investors a fast-tracked route to U.S. residency in exchange for a substantial financial contribution. While official details remain limited, initial reports outline three potential tiers:
- The Gold Card: Requires a $1 million contribution. In return, the applicant receives permanent residency in the United States. However, this option does not provide any tax exemptions, meaning holders would still be subject to full U.S. worldwide income taxation.
- The Platinum Card: Requires a $5 million contribution and offers a unique provision — up to 270 days of residence per year in the U.S. without being considered a tax resident. Under this model, only U.S.-sourced income would be taxable. This appears to create a new class of 'residency without tax residency' not currently recognised under U.S. law.
- The Trump Corporate Gold Card: Allows a U.S. business to contribute $2 million to sponsor the transfer of a foreign employee to the U.S. The benefit may be transferred to another employee for an additional fee.
These proposals signal a significant shift in U.S. immigration thinking, moving towards premium, pay-to-reside pathways for high-net-worth individuals (HNWIs) and bypassing many of the bottlenecks of traditional systems like EB-5, which require job creation, complex due diligence, and often multi-year wait times.
Proven alternatives in Europe
In contrast, Europe has long been home to well-established Golden Visa programmes that offer investors a mix of legal certainty, tangible benefits, and financial flexibility. Countries such as Greece, Portugal, Hungary, Italy, and Cyprus offer residency through investment in real estate or qualifying financial assets.
These schemes confer EU residency rights, access to local financial systems, and the freedom to travel across the Schengen Area (excluding Cyprus), alongside the ability to conduct business and access services as a resident.
Minimal residency requirements
A defining strength of European schemes lies in their flexibility. Investors are not generally required to relocate to retain their status, and residency obligations are often minimal or non-existent. This makes European Golden Visas popular with HNWIs who value having a strategic foothold in Europe - as a lifestyle backup, business base, or future relocation option - without needing to commit to immediate physical presence.
Trump's proposed model appears to target those who actively wish to live and work in the U.S., making it less suitable for those seeking a low-commitment 'Plan B' or asset-backed option.
A questionable path to citizenship
Another key difference lies in citizenship eligibility. In Europe, an investor who chooses to relocate to Greece, for example, may apply for citizenship through naturalisation after seven years of continuous residency. While not automatic, the process is clearly defined and well-documented.
The U.S. Gold Card, as currently proposed, does not appear to offer a path to citizenship. Unlike the EB-5 visa, which leads to a Green Card and eventual naturalisation, the Gold and Platinum Cards are reportedly structured as non-immigrant or special status visas. This would limit their long-term appeal for investors seeking a full U.S. passport.
The cost of residency: Europe vs the United States
European investment thresholds remain considerably lower and offer better capital retention. Greece offers options starting from €250,000 in real estate (if converting commercial property into residential). Cyprus requires €300,000, Italy €500,000 in qualifying funds, and Hungary €250,000 in state-approved financial instruments. Importantly, these are not donations. Investors retain their assets, benefit from potential income or capital appreciation, and are free to divest after securing citizenship, if desired.
In stark contrast, the Trump cards operate on a donation model, with non-refundable contributions ranging from $1 million to $5 million, and early reports suggesting processing fees of around $15,000. With no guaranteed route to citizenship, no asset retention, and uncertain timelines, the Trump options appear among the most expensive in the world. For comparison, El Salvador offers immediate citizenship for a $1 million cryptocurrency donation.
Residency without tax residency? The Platinum Card twist
The proposed Trump Platinum Card introduces a radical new concept: U.S. residency without U.S. tax residency. Under current U.S. law, all Green Card holders are tax residents by default, subject to taxation on their global income. The Platinum Card, however, is set to allow investors to spend up to 270 days in the U.S. while only paying tax on U.S.-sourced income.
If enacted, this would resemble non-dom regimes seen in other countries, creating an entirely new tax residency category in the United States. It would likely appeal to ultra-high-net-worth individuals seeking to enjoy the benefits of the U.S. - such as security, education, healthcare, lifestyle, and business opportunities - without being subject to U.S. tax on their global earnings.
Still, such a departure from established tax law would likely require congressional approval, and implementation remains far from guaranteed.
Processing times and uncertainty
Processing times for the new Trump cards have not yet been confirmed. However, early estimates suggest the Gold Card could take between 12 and 18 months for initial applicants, with the potential to settle at 6 to 12 months once the programme is operational. This compares favourably to the EB-5 visa, where wait times can stretch beyond two years.
By contrast, European schemes such as Greece and Portugal typically take between three and twelve months, depending on the specific pathway and applicant profile. The Trump Platinum Card, with its tax implications, may face further delays or legislative hurdles.
Suzanna Uzakova, Senior Consultant for Residency and Citizenship Programmes at Astons, commented:
"There's no doubt the Trump Card proposals have sparked global interest, particularly among investors frustrated by the complexity of existing U.S. pathways. But for now, the proposals raise more questions than they answer. The cost is extremely high. The benefits are not yet fully defined. And the legal basis, especially around tax residency, remains uncertain.
Until further detail is confirmed, we advise clients to look to established, asset-backed programmes in Europe and beyond. These offer lower costs, greater flexibility, and a proven track record of delivering results."
