Trump's $1 million 'Gold Card' visa fails to catch on among the world's wealthy
The Trump administration's $1 million 'Gold Card' visa, designed to replace the older EB-5 program, has drawn far fewer applicants than expected. Wealthy investors are deterred by US tax exposure and uncertainty over future political shifts. Family offices are deferring decisions as Caribbean and Portuguese residency programs gain ground.
The Trump administration's $1 million Gold Card visa, unveiled in February, has drawn far less interest than the White House initially projected. Officials had forecast thousands of applications a year and billions of dollars in inflows, but immigration lawyers and private bankers say actual demand is a fraction of that figure.
The biggest deterrent, advisers say, is US worldwide taxation. Becoming a US citizen or green card holder requires reporting global income to the IRS, an obligation most ultra-wealthy families refuse to take on. Sudden shifts in Trump tariff policy and ongoing courtroom fights have further unsettled prospective applicants.
Chinese, Indian, and Turkish investors are increasingly opting instead for Saint Lucia, Antigua, or Portugal's Golden Visa. Wall Street immigration desks are putting applications on hold. Pressure is now mounting on the White House to add tax breaks or other incentives to the program before the end of the year.
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