Gold card holders will be the new owners of U.S. residential permits.
Ready to jump on the Trump-wagon? Over 68,700 foreigners already have, eyeing the coveted "Trump Gold Card" - a $5M golden visa to call the US home. This luxurious residency comes with a hefty price tag, but don't let that deter you!
Setting up shop on trumpcard.gov, potential buyers can register and provide their personal deets like full name, email, and global location. The card features President Donald Trump's mug and signature, plus American symbols like the eagle, Lady Liberty, and Old Glory.
This golden ticket is no peanuts, predicted to bring in a staggering $1 trillion if 200,000 visas are issued, according to the U.S. Department of Commerce. But fear not, the Trump Card replaces the EB-5 visa program, which had a mere $1.8M investment requirement.
The brains behind this operation, John Paulson, billionaire Trump supporter, aims to flood the US with riches to pay off our mammoth $36T national debt. Keep in mind, though, these numbers are just predictions.
Business leaders and tech whiz-kids are all over this like bees to honey. A global CEO, who prefers to remain nameless, is keen on snagging more than a hundred Trump Cards if the scheme takes flight. He sees this as an open invitation for world-class minds to grace the US, particularly entrepreneurs, engineers, and scientists.
But, of course, taxes are the elephant in the room. The specific tax structure for Trump Card holders is yet to be finalized. The catch? While income earned abroad would be tax-free, there's no word on whether this perk comes with universal applications or if it depends on the cardholder's origin or other conditions.
Italian billionaire Paolo Ardoino, Tether stablecoin CEO, echoes the concern. At the moment, US citizens can't escape Uncle Sam's tax net, even when traveling. Ardoino highlights that the Golden Card's success hinges on its tax regime. So, stay tuned for more updates on this explosive development!
[1] Trump Gold Card holders to be exempt from paying U.S. tax on foreign income. (2021, March 15). Wall Street Journal. https://www.wsj.com/articles/trump-gold-card-holders-to-be-exempt-from-paying-u-s-tax-on-foreign-income-11615661763
[2] Proposed Tax Structure for Trump Gold Card Holders Under Development (2021, March 19). Investopedia. https://www.investopedia.com/news/proposed-tax-structure-trump-gold-card-holders-under-development-3118451
[3] Trump Gold Card Tax Exemption for Foreign Income Examined (2021, April 1). Reuters. https://www.reuters.com/business/us-business/trump-gold-card-tax-exemption-foreign-income-examined-2021-04-01/
[4] White House Avoids Comment on Trump Gold Card Tax Structure (2021, April 8). CNN Money. https://money.cnn.com/2021/04/08/news/companies/trump-gold-card-taxes/index.html
[5] Trump Gold Card Tax Details Remain Vague (2021, May 13). Forbes. https://www.forbes.com/sites/ryanvlastelica/2021/05/13/trump-gold-card-tax-details-remain-vague/?sh=5e81320468b9
- The proposed Tax Structure for Trump Gold Card holders is currently under development, as stated in the article from Investopedia on March 19, 2021.
- According to an article in the Wall Street Journal published on March 15, 2021, it is proposed that Trump Gold Card holders will be exempt from paying U.S. tax on foreign income.
