Expat Life & Events
May 14, 2025
Trump's new $5M Gold Card visa aims to attract wealthy investors with a path to US citizenship, but as international Golden Visa residency-by-investment programmes tighten, alternative options with lower entry points remain competitive.
In a major policy shift, Trump has unveiled plans for a "Gold Card" visa programme, which would grant a pathway to US citizenship for individuals making a $5 million investment.
This initiative aims to replace the current EB-5 visa programme, which requires a lower investment and mandated job creation.
US Commerce Secretary Howard Lutnick criticised the EB-5 programme as "poorly overseen and poorly executed," asserting that the new Golden Visa initiative would be a significant improvement.
The new Gold Card programme, which the Trump administration plans to launch in March, aims to attract affluent individuals who can contribute directly to the US economy.
"The people that can pay $5m, they're going to create jobs," Trump said. "We have to be able to get people in the country, and we want people that are productive people."
Trump also suggested that revenue from high-priced visas could be used to pay off US debt.
However, its announcement has sparked debate over its constitutional validity.
In the US, immigration policy falls under Congress's authority, not the president's. Introducing a residency-by-investment programme via executive order could face legal challenges because it bypasses congressional approval.
Trump has also said that Gold Card holders wouldn’t be subject to tax on their worldwide income. However, the full tax implications for Gold Card holders in the US remain uncertain, and with an entry point of $5m, the new visa program has limited accessibility.
Anyone considering this route would need to carefully consider not falling into becoming a US-connected citizen from a tax perspective and should consult a cross-border tax lawyer as this is likely to be a complex consideration.
The number one Golden Visa programme in the world is still Portugal’s Golden Visa residency-by-investment programme, which has raised over €7.8 billion since its inception. Portugal is also the number one relocation destination in Europe, and since the US elections in November 2024, there have been a record number of US Golden Visa applications.
Golden Visa residency-by-investment programmes worldwide are popular with high-net-worth and affluent families looking for dual citizenship/passport through investment, but they are becoming more limited.
Spain has cancelled its Golden Visa programme and is ceasing new applications, while the Greek government has increased the minimum investment to €800,000 for its key investment locations, such as Athens, Mykonos, and Santorini, whilst still requiring a 183-day minimum stay in Greece.
These options are much less attractive than the first and most established Portugal Golden Visa residency-by-investment programme, which only requires a minimum stay of just 7 days per year to maintain residency, and can be accessed with an investment of €500,000.
Portugal's Golden Visa residency programme provides Golden Visa status holders with residency in Portugal and freedom of movement across the 29 European Schengen region countries. After five years, the investor and their eligible family members can apply for permanent dual citizenship and secure an EU passport.
Additionally, investors may benefit from Portugal's newly introduced Tax Incentive for Scientific Research and Innovation (IFICI), also known as the NHR 2.0 tax regime. This regime provides tax advantages for eligible entrepreneurs and business owners, including 0% tax on non-Portugal-derived passive income such as dividends and capital gains.
A recent Ernst & Young (EY) report has also found that investor confidence in Portugal is at an all-time high, with 84% of surveyed investors intending to establish operations in the country, surpassing that of the UK, US, and the broader Eurozone.
Paul Sheedy, international advisor to the Portugal Future Fund, an alternative investment fund approved for Golden Visa residency-by-investment in Portugal, stated:
“We’ve seen an uptick in investors turning their interests to Portugal. The Golden Visa residency-by-investment programme continues to attract HNWIs looking to relocate to Portugal while also potentially benefitting from a €500,000 investment in one or more of the regulated and approved alternative investment funds for Golden Visa.
“Portugal offers not only stability but a high quality of life, low cost of living, and the opportunity to benefit from and contribute to the country’s economic growth.”
The Japan Credit Rating Agency (JCR) raised Portugal’s sovereign risk rating from ‘A’ to ‘A+’ in 2025. This recognition highlights Portugal’s diversified economy, structural reforms, and fiscal discipline, reinforcing its ability to withstand external economic pressures.
In January 2025, Portugal’s consumer price inflation fell to 2.5% from 3.0% in December 2024, demonstrating a consistent downward trend and bolstering confidence in the country’s economic policies.
Meanwhile, inflation in the US rose unexpectedly to 3% in January 2025, up from 2.9% in December 2024, significantly overshooting the Federal Reserve’s 2% target.
"With a €500,000 investment in one or more of the regulated and approved alternative investment funds for Golden Visas in Portugal, investors gain Portuguese residency in a stable, growing economy with a clear path to citizenship," said Paul Stannard, chairman and founder of Portugal Pathways and Portugal Investment Owners Club.
“Many investors have been put off from investing in the US due to recent volatility in the markets since the election. The US Gold Card’s minimum stay requirement of 183 days and investment of $5m will make this unattractive to many, along with the tax and cost of living considerations between the US and Portugal.”
"Combining Portugal's favourable Golden Visa benefits, such as potential citizenship after 5 years and access to Europe, with Portugal's low cost of living, moderate climate, high quality of life, luxury property market, and growing HNW expat community has led to a clear shift of interest in Portugal as a leading relocation destination.”
Portugal Pathways is holding an event on March 18th at 4:00 PM Lisbon Time discussing Golden Visas impact in Portugal, register now!
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About Portugal Pathways
Portugal Pathways has assisted hundreds of investors in securing Golden Visa residency-by-investment. Through its expert network, the company provides guidance on luxury property, wealth management, and tax optimisation, including post-NHR planning, private healthcare, IFICI tax incentives, money transfers, and bespoke relocation solutions.
About Portugal Future Fund
The Portugal Future Fund strategically invests in high-growth sectors to drive economic innovation. Approved for Portugal's Golden Visa residency-by-investment, it provides investors with an exclusive opportunity to participate in Portugal's ongoing development.
About Portugal Investment Owners Club
The Portugal Investment Owners Club (P Club) is an exclusive membership community for discerning investors, families, and organisations seeking to capitalise on Portugal's economic opportunities while enjoying unparalleled lifestyle experiences and exclusive events.
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice.
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