Trump to roll out $5M gold card visa to attract rich migrants. The countries they're leaving and where they're going
In late February, President Donald Trump said he will replace the EB-5 immigrant investor visa program with a 'gold card' that can be bought for $5 million and could offer a path to U.S. citizenship.
'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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What to know about Trump's deployment of National Guard troops to LA protests
President Donald Trump says he's deploying 2,000 California National Guard troops to Los Angeles to respond to immigration protests, over the objections of California Gov. Gavin Newsom. It's not the first time Trump has activated the National Guard to quell protests. In 2020, he asked governors of several states to send troops to Washington, D.C. to respond to demonstrations that arose after George Floyd was killed by Minneapolis police officers. Many of the governors he asked agreed, sending troops to the federal district. The governors that refused the request were allowed to do so, keeping their troops on home soil. This time, however, Trump is acting in opposition to Newsom, who under normal circumstances would retain control and command of California's National Guard. While Trump said that federalizing the troops was necessary to 'address the lawlessness' in California, the Democratic governor said the move was 'purposely inflammatory and will only escalate tensions.' Here are some things to know about when and how the president can deploy troops on U.S. soil. The laws are a bit vague Generally, federal military forces are not allowed to carry out civilian law enforcement duties against U.S. citizens except in times of emergency. An 18th-century wartime law called the Insurrection Act is the main legal mechanism that a president can use to activate the military or National Guard during times of rebellion or unrest. But Trump didn't invoke the Insurrection Act on Saturday. Instead, he relied on a similar federal law that allows the president to federalize National Guard troops under certain circumstances. The National Guard is a hybrid entity that serves both state and federal interests. Often it operates under state command and control, using state funding. Sometimes National Guard troops will be assigned by their state to serve federal missions, remaining under state command but using federal funding. 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President Dwight Eisenhower sent the 101st Airborne to Little Rock, Arkansas, to protect Black students integrating Central High School after that state's governor activated the National Guard to keep the students out. George H.W. Bush used the Insurrection Act to respond to riots in Los Angeles in 1992 after the acquittal of white police officers who were videotaped beating Black motorist Rodney King. National Guard troops have been deployed for a variety of emergencies, including the COVID pandemic, hurricanes and other natural disasters. But generally, those deployments are carried out with the agreements of the governors of the responding states. Trump is willing to use the military on home soil In 2020, Trump asked governors of several states to deploy their National Guard troops to Washington, D.C. to quell protests that arose after George Floyd was killed by Minneapolis police officers. Many of the governors agreed, sending troops to the federal district. At the time, Trump also threatened to invoke the Insurrection Act for protests following Floyd's death in Minneapolis – an intervention rarely seen in modern American history. But then-Defense Secretary Mark Esper pushed back, saying the law should be invoked 'only in the most urgent and dire of situations.' Trump never did invoke the Insurrection Act during his first term. But while campaigning for his second term, he suggested that would change. Trump told an audience in Iowa in 2023 that he was prevented from using the military to suppress violence in cities and states during his first term, and said if the issue came up again in his next term, 'I'm not waiting.' Trump also promised to deploy the National Guard to help carry out his immigration enforcement goals, and his top adviser Stephen Miller explained how that would be carried out: Troops under sympathetic Republican governors would send troops to nearby states that refuse to participate, Miller said on 'The Charlie Kirk Show,' in 2023. After Trump announced he was federalizing the National Guard troops on Saturday, Defense Secretary Pete Hegseth said other measures could follow. Hegseth wrote on the social media platform X that active duty Marines at Camp Pendleton were on high alert and would also be mobilized 'if violence continues.'
