No. On the official description the fee starts an application and vetting; permanent residence follows only if the applicant passes vetting, makes the gift and qualifies under the EB-1 or EB-2 immigrant categories, including ordinary admissibility rules.
Read the fee as the price of being considered
The official FAQ describes a sequence: application and nonrefundable processing fee, vetting, a gift after successful vetting, and then permanent residence as an EB-1 or EB-2 immigrant. Each step is a place the process can stop. Vetting is described as a background review, and any immigrant must also satisfy the general admissibility grounds in the immigration statute, which cover criminal history, prior immigration violations, health and security matters. An applicant with a past overstay in the United States, a refused entry or a conviction should have that history assessed before paying, because the fee is not refunded if the answer is no. The program page also describes circumstances in which status can be revoked. None of this means the program is unsuitable for a retired professional with a clean history and the means to make the gift; it means the fee buys consideration, not an outcome, and should be treated that way.
Hypothetical example: a retired architect had a prior U.S. visitor overstay that was resolved years ago. The first review should assemble entry records, any prior applications and a clear timeline before the nonrefundable fee is paid. Those official records, rather than a recollection that the matter was minor, settle what must be assessed for admissibility and vetting. Obtain individualized advice first and decide whether the applicant can accept the risk of paying for consideration without an assured result. The Gold Card is never a conventional visa and does not erase prior immigration history.