Latest news with #EB-5s
Axios
03-03-2025
- Business
- Axios
Golden visa math doesn't add up to trillions
President Trump has proposed abolishing the EB-5 visa for immigrants willing to invest in the U.S., and replacing it with a " gold card" that, he said, could see enough demand to eliminate the national debt. Why it matters: For all of Trump's debt-busting dreams, realistic demand for any such program is likely to be in the thousands of people, not the millions. Indeed, according to experts, when it comes to "golden visas" there could be more demand from Americans looking to emigrate than there is from non-Americans looking to immigrate. Where it stands: The gold card is designed to replace the EB-5 investor visa, which gives out green cards in return for investment in the U.S. economy. The minimum cost of an EB-5 ranges from $800,000 to $1.05 million, substantially all of which takes the form of an investment and thus doesn't reduce the applicant's net worth. Between 2017 and 2024, an average of 8,823 EB-5s were issued per year, per the EB-5 visa data dashboard. Between the lines: Trump's proposed gold card costs five times as much as an EB-5 — $5 million — and the money would go straight to the government, where it could help reduce the national debt. Flashback: Both the U.K. and Australia have tried similar "golden visa" programs. Both were wound down after interest peaked at a few hundred applications per year, said London School of Economics professor Kristin Surak, author of "The Golden Passport: Global Mobility for Millionaires." "If it's a donation, the interest will be in the very low thousands per year," Surak told Axios. Zoom in: Anybody with a "gold card" would be obligated to pay U.S. tax on their global income, said Atossa Araxia Abrahamian, author of "The Hidden Globe: How Wealth Hacks the World." That makes U.S. tax residence significantly less attractive to the global ultra-rich than most other jurisdictions. Besides, Abrahamian noted, the trade in golden visas from places like Portugal and Malta, both E.U. member states, has been going on for long enough that most ultra-rich people who want one already have one. Zoom out: When it comes to the global market in golden visas, "one of the most remarkable changes in the past few years is the huge increase in interest from U.S. citizens" looking to gain residence in countries like Portugal, according to Surak. "People are looking to secure access to the U.S.," she said, "but U.S. citizens are also looking to hedge their bets and secure a Plan B elsewhere." The bottom line: It's very unlikely that there would be more demand for the gold card than there is right now for the EB-5, to say nothing of enough for Trump's $50 trillion goal.
Yahoo
27-02-2025
- Business
- Yahoo
Trump's Commerce Secretary claims 250K are already waiting for gold cards - but there is nowhere to sign-up
Secretary of Commerce Howard Lutnick defended President Donald Trump's proposed 'gold card' visa program, touting that there were already '250,000 waiting in line' for the visa pathway that the gold card program could soon replace. Just one day after announcing the proposed gold card program, Lutnick told Fox News host Bret Baier that if the '250,000' people were 'willing to pay the $5 million' that the gold card requires, it would amount to 'over $1 trillion dollars' in stimulating the U.S. economy and paying down the national debt. But it's unclear where Lutnick is obtaining the '250,000' number. Or where to sign up. The gold card program, which Lutnick said would replace the EB-5 immigrant investor visa program, has not launched, so there is no way to apply for it – though it is expected to in roughly two weeks. The government tracks the number of EB-5 applicants every year but analysis of data tables indicates that there is currently a backlog of anywhere from 24,000 to 60,000 applicants – numbers nowhere near 250,000. The Independent has asked the White House, the Commerce Department and Citizenship and Immigration Services for comment. EB-5s were created in 1990 as a method for immigrants to obtain green cards. A person must invest at least $1 million in a company –or $800k in a low-income area – that employs at least 10 people. However, the program has often been criticized for posing a security risk to the U.S. and being an easy avenue for fraud to occur. The U.S. allocates approximately 18,700 EB-5 visas and caps the number that can be given to individuals from a specific country. In 2024, more than 4,500 EB-5 visas were issued. Under Trump's gold card visas, wealthy foreigners could invest $5 million in exchange for permanent residency. The president indicated there would be no cap on the number of gold cards issued, as he explained the federal government could sell one million. Lutnick seemingly echoed that while explaining they could issue gold cards to all alleged 250,000 people waiting in line. The commerce secretary assured people that all applicants would be properly vetted and subject to U.S. taxes. '200,000 of these gold, green cards is $1 trillion to pay down our debt and that's why the president is doing it,' Lutnick said. 'Because we are going to balance this budget and we are going to pay off the debt under President Trump.' But it is unlikely that even those currently waiting for EB-5 visas would be able to make a $5 million investment in exchange for a gold card, as many of the applicants are not ultra-wealthy. It's even more unlikely that one million foreigners would apply for the gold card. There are approximately 424,000 people in the world with a net worth of $30 million or more, with 277,000 living overseas, according to CNBC.
The Independent
27-02-2025
- Business
- The Independent
Trump's Commerce Secretary claims 250K are already waiting for gold cards - but there is nowhere to sign-up
Secretary of Commerce Howard Lutnick defended President Donald Trump 's proposed 'gold card' visa program, touting that there were already '250,000 waiting in line' for the visa pathway that the gold card program could soon replace. Just one day after announcing the proposed gold card program, Lutnick told Fox News host Bret Baier that if the '250,000' people were 'willing to pay the $5 million' that the gold card requires, it would amount to 'over $1 trillion dollars' in stimulating the U.S. economy and paying down the national debt. But it's unclear where Lutnick is obtaining the '250,000' number. Or where to sign up. The gold card program, which Lutnick said would replace the EB-5 immigrant investor visa program, has not launched, so there is no way to apply for it – though it is expected to in roughly two weeks. The government tracks the number of EB-5 applicants every year but analysis of data tables indicates that there is currently a backlog of anywhere from 24,000 to 60,000 applicants – numbers nowhere near 250,000. The Independent has asked the White House, the Commerce Department and Citizenship and Immigration Services for comment. EB-5s were created in 1990 as a method for immigrants to obtain green cards. A person must invest at least $1 million in a company –or $800k in a low-income area – that employs at least 10 people. However, the program has often been criticized for posing a security risk to the U.S. and being an easy avenue for fraud to occur. The U.S. allocates approximately 18,700 EB-5 visas and caps the number that can be given to individuals from a specific country. In 2024, more than 4,500 EB-5 visas were issued. Under Trump's gold card visas, wealthy foreigners could invest $5 million in exchange for permanent residency. The president indicated there would be no cap on the number of gold cards issued, as he explained the federal government could sell one million. Lutnick seemingly echoed that while explaining they could issue gold cards to all alleged 250,000 people waiting in line. The commerce secretary assured people that all applicants would be properly vetted and subject to U.S. taxes. '200,000 of these gold, green cards is $1 trillion to pay down our debt and that's why the president is doing it,' Lutnick said. 'Because we are going to balance this budget and we are going to pay off the debt under President Trump.' But it is unlikely that even those currently waiting for EB-5 visas would be able to make a $5 million investment in exchange for a gold card, as many of the applicants are not ultra-wealthy. It's even more unlikely that one million foreigners would apply for the gold card. There are approximately 424,000 people in the world with a net worth of $30 million or more, with 277,000 living overseas, according to CNBC.
Yahoo
26-02-2025
- Business
- Yahoo
Trump says he will offer ‘gold cards' for $5M path to citizenship, replacing investor visas
President Donald Trump said that he plans to offer a 'gold card' visa with a path to citizenship for $5 million, replacing a 35-year-old visa for investors. 'They'll be wealthy and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it's going to be extremely successful,' Trump said Tuesday in the Oval Office. Commerce Secretary Howard Lutnick said the Trump Gold Card would replace EB-5 visas in two weeks. EB-5s were created by Congress in 1990 to generate foreign investment and are available to people who spend about $1 million on a company that employs at least 10 people. Lutnick said the gold card — actually a green card, or permanent legal residency — would raise the price of admission for investors and do away with fraud and 'nonsense' that he said characterize the EB-5 program. Like other green cards, it would include a path to citizenship. About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. The Congressional Research Service reported in 2021 that EB-5 visas pose risks of fraud, including verification that funds were obtained legally. Investors' visas are common around the world. Henley & Partners, an advisory firm, says more than 100 countries around the world offer 'golden visas' to wealthy individuals, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy. Trump made no mention of the requirements for job creation. And, while the number of EB-5 visas is capped, the Republican president mused that the federal government could sell 10 million 'gold cards' to reduce the deficit. He said it 'could be great, maybe it will be fantastic.' 'It's somewhat like a green card, but at a higher level of sophistication, it's a road to citizenship for people, and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long term status in the country,' he said. Congress determines qualifications for citizenship, but Trump said 'gold cards' would not require congressional approval. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
Washington Post
26-02-2025
- Business
- Washington Post
Trump says he will offer 'gold cards' for $5 million path to citizenship, replacing investor visas
President Donald Trump said that he plans to offer a 'gold card' visa with a path to citizenship for $5 million, replacing a 35-year-old visa for investors. 'They'll be wealthy and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it's going to be extremely successful,' Trump said Tuesday in the Oval Office. Commerce Secretary Howard Lutnick said the Trump Gold Card would replace EB-5 visas in two weeks. EB-5s were created by Congress in 1990 to generate foreign investment and are available to people who spend about $1 million on a company that employs at least 10 people. Lutnick said the gold card — actually a green card, or permanent legal residency — would raise the price of admission for investors and do away with fraud and 'nonsense' that he said characterize the EB-5 program. Like other green cards, it would include a path to citizenship. About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. The Congressional Research Service reported in 2021 that EB-5 visas pose risks of fraud, including verification that funds were obtained legally. Investors' visas are common around the world. Henley & Partners, an advisory firm, says more than 100 countries around the world offer 'golden visas' to wealthy individuals, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy. Trump made no mention of the requirements for job creation. And, while the number of EB-5 visas is capped, the Republican president mused that the federal government could sell 10 million 'gold cards' to reduce the deficit. He said it 'could be great, maybe it will be fantastic.' 'It's somewhat like a green card, but at a higher level of sophistication, it's a road to citizenship for people, and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long term status in the country,' he said. Congress determines qualifications for citizenship, but Trump said 'gold cards' would not require congressional approval.
