On Friday, September 19, President Trump issued a proclamation announcing the Gold Card program to facilitate the entry of people who have demonstrated their ability and desire to advance the interests of the United States by voluntarily providing a significant financial gift to the United States (The Gold Card – The White House). The proclamation instructs the Secretary of Commerce to implement the program in 90 days.
Key highlights announced as part of the program include:
- The requisite gift amount for an individual donating on his or her own behalf is $1 million, whereas the gift amount for a corporation or similar entity donating on behalf of an individual is $2 million.
- It appears that the gift would establish eligibility for an immigrant petition or visa on the basis of exceptional ability (EB-1A) and national interest (EB-2).
- The Commerce Secretary will establish a process for application, payment, and adjudication of gold card petitions. This will include “visa” issuance and ultimately adjustment of status to permanent residence. The timeline on when these details will be shared has not been announced.
- Gold card recipients will be subject to normal public safety and national security screening.
- The proclamation itself does not make any reference to preferential or unique tax status for gold card recipients, though the Gold Card website provides additional information regarding a “platinum” option that would provide tax benefits.
Separately, the Trump Administration’s website explains that there are two types of gold cards: (i) the $1M or $2M gold card which provides “residency’; and (ii) a $5M platinum card that provides residency and the ability to spend up to 270 days in the United States without being subject to U.S. taxes on non-U.S. income.
The website also notes than an employer can “transfer” access from one employee and grant it to another with the cost of a transfer fee, in addition to a “small” annual maintenance fee. This additional information is not included in the proclamation, and it is therefore unclear whether this aspect will ultimately be incorporated as part of the program.
The short and long term impacts of the Gold Card Program are uncertain. The proclamation will likely face legal challenges, as the program ostensibly creates another green card category outside of the legislative process. As of now, the Administration has provided information and guidance to those seeking to apply on the Trump Card website available at trumpcard.gov/.
Baker McKenzie’s Global Immigration & Mobility team will provide additional information regarding the gold card as it is released.