Trump to roll out $5M gold card visa to attract rich migrants. The countries they're leaving and where they're going
'The people that can pay $5 million, they're going to create jobs,' said Trump when he unveiled his plans at the first cabinet meeting of his term.
'It's going to sell like crazy. It's a bargain.'
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Trump also suggested that revenue from these gold cards would help pay down the nation's deficit.
The current EB-5 visa program allows investors to apply for permanent residency if they invest at least $1.805 million in a U.S. business in an economically depressed area and 'plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.'
While there have been cases of fraud and misuse of funds under the EB-5 program, oversight has improved since former president Joe Biden signed the EB-5 Reform and Integrity Act in 2022. Some proponents say there's no reason why the U.S. couldn't keep both the EB-5 visa and the gold card.
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It's not yet clear what will happen to current EB-5 visa holders, but some prospective applicants are not happy with the idea of forking over $5 million to the U.S. government rather than investing their money in a business.
According to Henley & Partners, a global consultancy firm specializing in investment citizenship, 128,000 millionaires migrated to a new country in 2024 — more than double the 57,000 who migrated in 2014. The firm projects that growth will continue, with an expected 135,000 millionaire migrants in 2025.
As geopolitical tensions persist in several regions of the globe and threaten to expand, some millionaires are moving for safety and security. Others are moving for lower taxes, a better standard of living or work and business opportunities.
The Henley Private Wealth Migration Report 2024 reveals that millionaire immigrants were most likely to come from China, the U.K., India, South Korea and Russia.
While it may seem obvious why people are leaving regions engaged in ongoing conflict, it may be less obvious why millionaires are leaving the U.K. in droves.
High taxes, including a new VAT on private schools and proposed changes to taxes on non-domiciled residents are driving U.K. millionaires to move to lower-tax jurisdictions.
'Since Labour came to power, one millionaire left the U.K. every 45 minutes,' the Independent reports.
The United Arab Emirates (UAE) was the No. 1 destination for millionaires, followed by the U.S. in second place. Singapore, Canada and Australia rounded out the top five destinations.
The UAE is popular thanks to its own Golden visa program, offering a five- or 10-year renewable residence visa to investors and entrepreneurs, as well as students, frontline workers and 'pioneers of humanitarian work.' While the UAE has a growing economy and job opportunities in the finance, technology and construction sectors, it also offers an emerging real estate market and a high-end lifestyle. But, perhaps most importantly for some millionaires, income is tax-free.
Other global destinations like Cyprus, Greece, Italy, Malta, Portugal and Spain are popular with wealthy migrants because of their climate and lifestyle.
Each has different golden visa requirements, but often require that you buy real estate of a certain value in addition to having a certain amount of investment assets. Many European and Caribbean destinations are popular because they don't have residency requirements.
American millionaires are also on the move.
A record number of wealthy Americans are looking for second passports or long-term residences abroad in the face of political, social and economic uncertainty.They increasingly view one passport as a concentration of risk and are looking to diversify just as they do with their financial portfolios.
A 2024 survey by Arton Capital found that approximately 53% of wealthy U.S. citizens were planning to leave the country following the November election, regardless of outcome.
Following the election, Henley & Partners told CNBC that the number of Americans making plans to emigrate was up at least 30% from the previous year.
It remains to be seen in 2025 whether the U.S. will retain in No. 2 spot on Henley's Migration Report — and whether the gold card will attract more millionaires. But for anyone considering a move, it makes sense to consult with a firm that specializes in helping wealthy individuals emigrate.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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