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      On September 19, 2025, U.S. President Donald J. Trump signed an Executive Order to establish the “Gold Card” visa program, which is aimed at expediting immigration for foreign nationals making significant financial contributions to the United States.1  (For related coverage, see GMS Flash Alert 2025-179, September 30, 2025.)

      The administration has also proposed a “Platinum Card” that comes with potential tax advantages, although this program has not been launched yet and would require congressional approval.2

      WHY THIS MATTERS

      The Trump administration’s proposed Gold Card visa program presents an expedited pathway for companies to relocate top talent to the United States, offering fast-track access to U.S. working rights and lawful permanent residency.  

      However, it is important to note that Gold Card holders would be subject to U.S. taxation on their worldwide income, similar to U.S. citizens and other permanent residents.  This exposure to global tax obligations, along with the US$2 million contribution required from sponsoring companies, should be carefully evaluated by both employers and prospective employees.

      Additionally, the proposed Platinum Card program could be particularly attractive to wealthy individuals – bearing in mind the up-front cost for the applicant is US$5 million – as it may offer more favorable tax treatment.  It would not provide a pathway to citizenship.

      Gold Card

      The Gold Card program would grant immigrant visas to individuals “gifting” US$1 million to the U.S. government, with companies able to fast-track visas for workers by gifting US$2 million.  The program would serve as a pathway to lawful permanent residency, with the result that recipients would be subject to U.S. taxation on their worldwide income, similar to U.S. citizens.  Notably, the requisite “gift” amount for individual applicants has been decreased from the previously proposed US$5 million to US$1 million (and there is a US$15,000 vetting fee).  

      The Executive Order requires the secretary of commerce to deposit the gifts contributed in relation to Gold Card applications in a separate fund in the Department of the Treasury and use them to “promote commerce and American industry,” according to the Executive Order.

      The secretary of commerce is further directed by the Executive Order to take all necessary steps to implement the Gold Card Program within 90 days of the date of the Executive Order (September 19).

      Platinum Card

      Under the proposed Platinum Card program, nonresidents would be able to pay US$5 million to spend up to 270 days per year in the United States without incurring U.S. tax liability on income earned outside the United States.  Details about the Platinum Card remain limited, and its implementation would require legislative action from Congress to enact the proposed tax exemption.

      KPMG INSIGHTS

      The Gold Card visa program promises expedited immigration processing, but specific details on how much faster the process will be compared to existing pathways have not yet been released.  Applicants and sponsoring companies should monitor official updates for clarity on expected timelines.

      Regarding the Platinum Card, further details are awaited.  While the proposal would allow holders to spend up to 270 days per year in the U.S. without being subject to U.S. tax on their foreign income, this benefit is not defined under current U.S. Internal Revenue Code provisions, and the mechanism for granting such tax relief remains unclear.  As noted earlier, legislative action would be required to implement these changes.

      Tax Implications

      For now, the Gold Card primarily offers an easier route to lawful permanent residency in the U.S., but recipients would still be subject to U.S. taxation on worldwide income, just like other permanent residents and citizens.

      The Platinum Card’s proposed tax benefits are still undefined, and it is uncertain how or if the program would provide exemption from U.S. tax on foreign income.  Further guidance and legislative approval are needed before any tax advantages can be confirmed. 

      FOOTNOTES:

      1  The White House, Executive Order, “The Gold Card Visa,” September 19, 2025, at: https://www.whitehouse.gov/presidential-actions/2025/09/the-gold-card/.

      2  "The Trump Gold Card is Here," an official website of the United States government.  At this website there is basic information on the Platinum Card.  See: https://trumpcard.gov/.

      Contacts

      John T. Seery
      John Seery

      Principal, Washington National Tax – Global Mobility Services

      KPMG in the U.S.

      Ben Francis
      Ben Francis

      Director, Washington National Tax – Global Mobility Services

      KPMG in the U.S.

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      The above information is not intended to be “written advice concerning one or more federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.

      The information contained in this newsletter was submitted by the KPMG International member firm in the United States.

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