The United States is poised to introduce one of the world's most expensive residency programs under the proposal of former President Donald Trump. The proposed $5 million "gold card" visa seeks to attract ultra-wealthy individuals globally, offering them a pathway to U.S. residency. This move could significantly alter the landscape of investment visas worldwide. Last year, the U.S. issued over 12,000 EB-5 visas, with Chinese nationals receiving two-thirds of them, according to the State Department.
China remains the largest source of applicants for EB-5 visas, with Taiwan, Vietnam, and India also ranking high. The United Arab Emirates and the United States typically lead as destinations for investment visa programs, drawing numerous high-net-worth individuals seeking residency options. Trump's gold card proposal stands as one of the most expensive globally, rivaling New Zealand's top investment visa program, which requires up to NZ$10 million (about US$5.7 million).
The U.S. continues to lead in private wealth creation and accumulation, presenting an attractive opportunity for global elites. Trump's gold card visa offers a significant perk: residents would not be taxed on their overseas income. This provision presents a stark contrast to the traditional U.S. tax policy on worldwide income, which has historically made American residency less appealing to international millionaires.
"The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship," remarked Dominic Volek.
Attorneys note that most investment visa programs cost less than $1 million, making Trump's $5 million proposal a considerable leap. The EB-5 program in the U.S. has faced challenges, including delays and allegations of fraud and abuse. Despite these issues, the demand for such visas remains robust among wealthy international applicants.
There are approximately 424,000 individuals globally with a net worth of $30 million or more. Out of this number, 148,000 reside in the United States, leaving about 277,000 ultra-wealthy individuals overseas who could potentially afford the gold card program. The allure of U.S. residency could attract a significant number of these global elites.
"I think it's going to sell like crazy," stated Donald Trump confidently.
The migration of millionaires is a notable trend, with projections indicating that approximately 135,000 wealthy individuals will relocate to new countries by 2025. In the previous year, the U.S. experienced a net inflow of about 3,800 millionaires, as reported by Henley.
The gold card visa could further bolster this trend by providing an attractive option for affluent individuals seeking to secure U.S. residency without bearing the burden of taxation on international earnings. This proposal aligns with Trump's broader vision of enhancing the United States' appeal as a destination for global capital and talent.