U.s. President's $5 Million 'Gold Card' Visa Unlikely to Attract Wealthy Investors
The U.S. President's $5 million so-called 'gold card' visa program is unlikely to trigger a major inflow of wealthy global investors seeking U.S citizenship due to concerns over higher taxes, immigration, and wealth advisers said. Trump's plan comes at a time when the European Union is putting pressure on member states to withdraw or tighten residency-by-investment programs, which can trigger house price bubbles and bring marginal benefits to GDP. The funds generated by these schemes represented only a "miniscule" proportion of foreign investment with "negligible" economic impact according to a 2021 study.
- This move highlights the increasing scrutiny surrounding wealthy individuals seeking U.S citizenship through residency-by-investment programs, as governments seek to mitigate tax evasion and corruption.
- Will the U.S. government's efforts to limit these programs have unintended consequences on foreign investment in the country, potentially affecting its economy and global competitiveness?