Latest news with #RedCarpetVisa
Miami Herald
2 days ago
- Business
- Miami Herald
Donald Trump's Gold Card Sees Rich Applicants Flock to ‘Red Carpet Visa'
President Donald Trump's $5 million "gold card" visa is attracting a surge of interest from ultra-wealthy investors seeking a fast track to U.S. citizenship through what has been dubbed a "Red Carpet Visa." Despite the lack of official launch details, immigration advisers and legal experts say inquiries are pouring in from high-net-worth people, particularly in Asia and the Middle East, eager to capitalize on Trump's latest overhaul of the immigration system. Newsweek has contacted the Commerce Department for comment via email. In February, Trump proposed a gold-card visa program that would offer U.S. residency to people who invest $5 million in the country. Since returning to office on January 20, Trump has proposed sweeping changes to U.S. immigration policy and has moved to limit other immigration pathways, with his administration pausing the processing of some green-card applications, ending the temporary legal status of certain migrant groups, and halting student visa applications. Dominic Volek, group head of private clients at international investment migration advisory firm Henley & Partners, told Newsweek that interest has surged from affluent people in Asia. "We have already received genuine and committed interest from clients across our more than 60 offices worldwide, particularly UHNWIs in Asia, with affluent Indian and Bangladeshi nationals expressing a keen interest to apply at an exclusive event we held in Singapore last week," Volek said. While the White House has yet to confirm when the program will officially launch, inquiries are surging, experts said. Ashok Kumar Adusumilli, director of noted a spike in interest from longtime Indian entrepreneurs living in Dubai. "I have received a handful of inquiries from entrepreneurs based in Dubai, primarily of Indian origin who have been residing in the UAE for over 20 years," Adusumilli told Newsweek. He added that investors are also seeking clarity on whether the $5 million investment threshold applies per family or individual. Florian Demmler, chief marketing officer at WINHELLER GmbH, a German-based law firm that specializes in U.S. work visas, told Newsweek that they are receiving inquiries on a "daily basis." "We have many inquiries on the Gold Card," Demmler said. "On a daily basis, we are answering calls and mails from around the world. We have a lot of influx from all possible regions of the world, across all continents." Implementing the policy would require a major amendment to the Internal Revenue Code—specifically, the creation of a new taxpayer category separate from existing classifications like U.S. citizens, green-card holders and those meeting the substantial presence test, all of whom are taxed on their global income. Such a change cannot be made through executive order; it would require formal legislation passed by both chambers of Congress. So far, no such provision is included in Trump's "big, beautiful bill" currently under debate on Capitol Hill. Florian Demmler, chief marketing officer at WINHELLER GmbH, told Newsweek: "We also have inquiries from the USA, especially by people who apparently already have valid residence permits but want to 'upgrade' their residence authorization. Most often, people ask, if they can apply already. They also ask, how high the investment should be and which documents they must provide." Ashok Kumar Adusumilli, director of told Newsweek: "One potential investor was particularly interested about the zero tax obligations on global income and wanted to know whether the gold card would allow for part-time residency in the U.S. without the physical presence requirements typical of green-card holders. This concern stemmed from reports of green-card holders being questioned or detained at U.S. ports of entry after extended stays abroad. Another inquiry centered on whether the proposed $5 million investment threshold would apply per family or individual. "At this time, the specifics of the gold-card program remain unclear, and we are waiting for a proposal or bill from Congress or the Trump administration for more concrete details." Abigail Jackson, a White House spokesperson, told Newsweek: "President Trump is a businessman and innovator who is always looking for new ways to bring investment back to the United States and encourage legal immigration." Despite the buzz, the specifics of the gold-card program remain under wraps. There is no formal proposal or legislation yet from Congress or the Trump administration. As legal professionals field global inquiries, the administration faces mounting questions to clarify the launch date. Related Articles Harvard Students 'Incredibly Afraid' Over Future Career After Trump's MoveElise Stefanik Urges DHS to Investigate, Revoke Northwestern Professor's VisaChina Expands Travel Access As US Threatens Student VisasWoman Detained During Birthday Trip Despite Pending Green Card Application 2025 NEWSWEEK DIGITAL LLC.
Newsweek
3 days ago
- Business
- Newsweek
Donald Trump's Gold Card Sees Rich Applicants Flock to 'Red Carpet Visa'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump's $5 million "gold card" visa is attracting a surge of interest from ultra-wealthy investors seeking a fast track to U.S. citizenship through what has been dubbed a "Red Carpet Visa." Despite the lack of official launch details, immigration advisers and legal experts say inquiries are pouring in from high-net-worth people, particularly in Asia and the Middle East, eager to capitalize on Trump's latest overhaul of the immigration system. Newsweek has contacted the Commerce Department for comment via email. Why It Matters In February, Trump proposed a gold-card visa program that would offer U.S. residency to people who invest $5 million in the country. Since returning to office on January 20, Trump has proposed sweeping changes to U.S. immigration policy and has moved to limit other immigration pathways, with his administration pausing the processing of some green-card applications, ending the temporary legal status of certain migrant groups, and halting student visa applications. President Donald Trump holds up the $5 million gold card as he speaks to reporters while on Air Force One on April 3, 2025. President Donald Trump holds up the $5 million gold card as he speaks to reporters while on Air Force One on April 3, 2025. Pool via AP What To Know Dominic Volek, group head of private clients at international investment migration advisory firm Henley & Partners, told Newsweek that interest has surged from affluent people in Asia. "We have already received genuine and committed interest from clients across our more than 60 offices worldwide, particularly UHNWIs in Asia, with affluent Indian and Bangladeshi nationals expressing a keen interest to apply at an exclusive event we held in Singapore last week," Volek said. While the White House has yet to confirm when the program will officially launch, inquiries are surging, experts said. Ashok Kumar Adusumilli, director of noted a spike in interest from longtime Indian entrepreneurs living in Dubai. "I have received a handful of inquiries from entrepreneurs based in Dubai, primarily of Indian origin who have been residing in the UAE for over 20 years," Adusumilli told Newsweek. He added that investors are also seeking clarity on whether the $5 million investment threshold applies per family or individual. Florian Demmler, chief marketing officer at WINHELLER GmbH, a German-based law firm that specializes in U.S. work visas, told Newsweek that they are receiving inquiries on a "daily basis." "We have many inquiries on the Gold Card," Demmler said. "On a daily basis, we are answering calls and mails from around the world. We have a lot of influx from all possible regions of the world, across all continents." Implementing the policy would require a major amendment to the Internal Revenue Code—specifically, the creation of a new taxpayer category separate from existing classifications like U.S. citizens, green-card holders and those meeting the substantial presence test, all of whom are taxed on their global income. Such a change cannot be made through executive order; it would require formal legislation passed by both chambers of Congress. So far, no such provision is included in Trump's "big, beautiful bill" currently under debate on Capitol Hill. What People Are Saying Florian Demmler, chief marketing officer at WINHELLER GmbH, told Newsweek: "We also have inquiries from the USA, especially by people who apparently already have valid residence permits but want to 'upgrade' their residence authorization. Most often, people ask, if they can apply already. They also ask, how high the investment should be and which documents they must provide." Ashok Kumar Adusumilli, director of told Newsweek: "One potential investor was particularly interested about the zero tax obligations on global income and wanted to know whether the gold card would allow for part-time residency in the U.S. without the physical presence requirements typical of green-card holders. This concern stemmed from reports of green-card holders being questioned or detained at U.S. ports of entry after extended stays abroad. Another inquiry centered on whether the proposed $5 million investment threshold would apply per family or individual. "At this time, the specifics of the gold-card program remain unclear, and we are waiting for a proposal or bill from Congress or the Trump administration for more concrete details." Abigail Jackson, a White House spokesperson, told Newsweek: "President Trump is a businessman and innovator who is always looking for new ways to bring investment back to the United States and encourage legal immigration." What Happens Next Despite the buzz, the specifics of the gold-card program remain under wraps. There is no formal proposal or legislation yet from Congress or the Trump administration. As legal professionals field global inquiries, the administration faces mounting questions to clarify the launch date.
