‘It's unsafe': why Trump's ‘gold card' visa is failing to lure wealthy Chinese
When Candice Meng, a real estate developer from Guangzhou in southern China, heard about US President Donald Trump's proposal for a new 'gold card' offering permanent residency to the super-rich, she was initially intrigued.
The requirement to invest at least US$5 million in the United States to qualify for the scheme seemed reasonable: the price tag is actually far higher for similar golden visa programmes in other countries, she pointed out.
'It's not expensive in terms of cost-effectiveness – it's at least 100 million yuan (US$13.9 million) for Singapore and over 60 million yuan for New Zealand,' Meng said.
But Meng, who owns hundreds of millions of yuan worth of assets, eventually decided against applying for US residency. With the US-China trade war and relatively high urban crime levels, America just did not feel like a good place to be right now, she said.
Meng is far from alone. Three months after he
first floated the idea , Trump's gold card scheme appears to have fallen flat with China's wealthy, who were expected to be one of the biggest sources of demand for the controversial new visa.
China has experienced a significant outflow of millionaires in recent years amid an economic slowdown, and wealthy Chinese make up roughly 70 per cent of global applicants for the US' existing EB-5 visa for foreign investors – the programme that the gold card would replace – according to US government data.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Trump admin launches review of Aukus submarine pact with Australia and UK
US President Donald Trump's administration has launched a formal review of a defence pact worth hundreds of billions of dollars that his predecessor Joe Biden made with Australia and the United Kingdom, allowing Australia to acquire conventionally armed nuclear submarines, a US defence official said. Advertisement The formal Pentagon-led review is likely to alarm Australia, which sees the submarines as critical to its own defence as tensions grow over China's expansive military build-up. It could also throw a wrench in Britain's defence planning. The Aukus security alliance is at the centre of a planned expansion of its submarine fleet. 'We are reviewing Aukus as part of ensuring that this initiative of the previous administration is aligned with the president's America First agenda,' the official said of the review, which was first reported by the Financial Times. 'Any changes to the administration's approach for Aukus will be communicated through official channels, when appropriate.' 02:52 China warns Aukus against going down 'dangerous road' over nuclear-powered submarine pact China warns Aukus against going down 'dangerous road' over nuclear-powered submarine pact Aukus, formed in 2021 to address shared worries about China's growing power, is designed to allow Australia to acquire nuclear-powered attack submarines and other advanced weapons such as hypersonic missiles.
South China Morning Post
2 hours ago
- South China Morning Post
Trump's crackdown on international students affects far more US schools than Harvard
US President Donald Trump's proclamation last week that he would bar Harvard University from enrolling new international students put the spotlight back on an unprecedented stand-off between the White House and America's pre-eminent university. Advertisement Trump's move came less than a week after a federal court injunction blocked the US Department of Homeland Security's termination of Harvard's ability to host international students. It was also just hours after the administration threatened Columbia University's accreditation standing , contending that the New York school – like Harvard, an Ivy League university whose founding predated the creation of the United States – had permitted antisemitism on campus. The hardline measures underscored Trump's determination to keep elite education in his crosshairs as part of a wider culture war that defines his political brand and raise fresh questions about whether they will be able to survive an onslaught that does not appear to have an off-ramp. With many governmental measures targeting international students – or those from mainland China and Hong Kong, in particular – on national security grounds before US courts, the price that America's most prestigious universities will pay is unclear. Advertisement Muddying the picture even more, Trump has made comments over the past week suggesting that Chinese students are welcome, topping them off with an all-caps green light for Chinese students when, on Wednesday, he trumpeted a long-awaited trade deal with China as 'done', once Chinese President Xi Jinping approves. 'WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!),' he posted on his Truth Social account.
South China Morning Post
3 hours ago
- South China Morning Post
Protests spread across US despite Trump threats, Los Angeles crackdown
Protests against Donald Trump's harsh immigration policies spread Wednesday across the United States despite a military-backed crackdown in Los Angeles and a threat by the Republican president to use 'heavy force'. Advertisement In Los Angeles, where the unrest began last Friday, an overnight curfew in the downtown area saw police make 25 arrests by morning. Heavily armed officers patrolled near government buildings, and storekeepers boarded up windows to protect against vandalism. US Marines – ordered by Trump to deploy in addition to more than 4,000 National Guard soldiers – were expected to make their first appearance on the streets on Wednesday. The mostly peaceful protests ignited over a sudden escalation in efforts to apprehend migrants who were in the country illegally. Advertisement Pockets of violence – including the burning of self-driving taxis and hurling stones at police – triggered a massive response from authorities using tear gas and other crowd-control weapons.
