Category Archives: Gold Card

Trump Gold Card: Pay Off The National Debt By Ending US Citizenship Taxation!

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Introduction:

We live in interesting times. This morning I awakened to postings about a new announcement from President Trump. Apparently, the Trump government plans to introduce a new immigration and citizenship opportunity for the millions of people wanting permanent residence and/or citizenship status in the United States. It is called “The Gold Card” (presumably – like American Express Cards – an upgrade from the Green Card). It is NOT replacing the Green Card. It appears to be replacing the EB-5 program which is a “Green Card by investment program”. The beauty of the “Gold Card (should it be called “The Trump Card”) is that it is purely transactional. Pay the USA 5 million USD and you shall have a Green Card with a path to U.S. citizenship. In this respect, the USA is simply catching up with many other countries (including Canada) that offer (or have offered) citizenship by investment and residency by investment programs.

Interestingly, in his announcement, the President suggested that the new “Gold Card” would solve a gap in the U.S. immigration system. For example, corporations could buy residence status (and eventually citizenship) for any non-U.S. citizen. (Presumably the expenditure would be an expenditure for income tax purposes, which would reduce the cost of the “Gold Card” by the amount of the tax savings.)

An interesting idea indeed. Perhaps it’s time that the USA join the club of nations that simply sell their citizenship on a purely transactional basis.

The idea becomes ever more interesting when (as the President points out) there might be enough people that might each pay 5 million dollars for US citizenship or resident status. Could this be enough to wipe out the national debt! Now, this would surely make it worth it for the United States!

At a cost of 5 million dollars, the “Gold Card” will be one of the most expensive Plan B programs in the world. Will the demand be as high as the President suggests? Will wealthy “foreigners” be prepared to pay 5 million for U.S. citizenship?

Of course, some will and some won’t. I suspect that those who understand what U.S. citizenship and having a Green Card (or equivalent tax residency status) really means, will say NO THANKS. It’s not because of the 5 million dollars. It’s because that to become a U.S. citizen or Green Card holder means that one becomes subject to U.S. citizenship taxation.

In simple terms, those lucky “Gold Card Holders”, will be subject to U.S. “worldwide taxation” whether they live in the United States or not. “Worldwide taxation” means that their non-U.S. assets and income streams will instantly become subject to punitive U.S. taxation and reporting. Those moving to the United States will (without expensive and early planning) will learn that any assets, pensions or businesses in their “home country” will be subject to U.S. taxation and reporting.

The “tax issue” has of course not yet been a subject of discussion (very worrying).

The following tweet from X.com includes interesting commentary about taxation, but also includes the excerpts from the announcement.

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