Just after unleashing his tariffs on around 60 countries in retaliation to the tariffs they impose on US products, President Donald Trump pulled out his gold card which will place the richest people of the world on their way to get US citizenship in exchange for $5 million. Trump annopinced that the card which features his photo, his name and his signature with the price tag on it will be out in less than two weeks.
Trump's gold visa program is intended to replace the EB-5 visa program which allows foreign investors to become permanent residents. The EB-5 program gives green cards to non-residents who invest around $1 million in the US for job creation. Over time, the EB-5 program started gathering backlogs and did not even raise much money as the Trump administration alleged that the program was filled with fraud and nonsense.
Major tax benefits for gold card holders
Donald Trump earlier suggested that those who purchase his gold card would only be subjected to tax on their US earnings and not on their overseas income. This is believed to be a major upside of the gold card and many wealthy people avoid moving to the US because green card holders have to pay global tax.
In the current EB-5 program, one must have a business that would employ people in the US. But going by the details revealed so far, Trump's gold card does not require any such pre-requisite, apart from $5 million.
How to buy Donald Trump's gold card
Commerce secretary Howard Lutnick earlier said 1,000 cards were sold in a day though the program is not yet launched. Lutnick said 37 million people globally have the means of buying a gold card. Elon Musk has been building the software for this, Lutnick said earlier.
Trump is the first one to buy gold card though the program is not for Americans
Trump said he became the first person to buy the gold card and had no idea who would be the second. However, the program is not meant for Americans.
Trump's gold visa program is intended to replace the EB-5 visa program which allows foreign investors to become permanent residents. The EB-5 program gives green cards to non-residents who invest around $1 million in the US for job creation. Over time, the EB-5 program started gathering backlogs and did not even raise much money as the Trump administration alleged that the program was filled with fraud and nonsense.
Major tax benefits for gold card holders
Donald Trump earlier suggested that those who purchase his gold card would only be subjected to tax on their US earnings and not on their overseas income. This is believed to be a major upside of the gold card and many wealthy people avoid moving to the US because green card holders have to pay global tax.
In the current EB-5 program, one must have a business that would employ people in the US. But going by the details revealed so far, Trump's gold card does not require any such pre-requisite, apart from $5 million.
How to buy Donald Trump's gold card
Commerce secretary Howard Lutnick earlier said 1,000 cards were sold in a day though the program is not yet launched. Lutnick said 37 million people globally have the means of buying a gold card. Elon Musk has been building the software for this, Lutnick said earlier.
Trump is the first one to buy gold card though the program is not for Americans
Trump said he became the first person to buy the gold card and had no idea who would be the second. However, the program is not meant for Americans.
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