- Trump proposes a $5 million ‘Gold Card’ visa for wealthy individuals to gain U.S. residency.
- Most billionaires reject the idea, citing tax concerns and alternative pathways to citizenship.
- Trump claims the plan could generate trillions, but experts question its feasibility.
Why Aren’t Billionaires Interested?
Former U.S. President Donald Trump has announced an ambitious plan to sell $5 million “Gold Card” visas, offering permanent residency and work authorization to wealthy individuals. Trump believes this scheme could help reduce the federal deficit, projecting potential earnings of $5 trillion if a million such cards are sold.
However, the ultra-rich don’t seem too eager. A Canadian billionaire bluntly stated, “If you’re a billionaire, you don’t need it.” Others echoed similar sentiments, questioning why anyone would pay millions when alternative residency or citizenship options exist for a fraction of the cost. Some prefer staying in their home countries, while others worry about the U.S. tax system, which imposes worldwide taxation on its citizens.
Indian billionaire Abhay Soi said he has no interest in U.S. citizenship, calling India a more attractive place to live in this century. Many others agree, with Forbes reporting that 13 out of 18 billionaires polled rejected the idea outright, while only two said they would consider it.
Can Trump Make This Work?
Trump claims that Gold Card holders wouldn’t have to pay U.S. taxes on foreign income, making it a lucrative option. However, experts doubt he can implement this without Congressional approval. Additionally, many billionaires believe they can gain U.S. residency through cheaper routes, such as investment visas, marriage, or extraordinary ability visas.
With skepticism from the ultra-rich, Trump’s Gold Card plan faces an uncertain future. It remains to be seen whether he can convince billionaires to invest—or if this idea will fade away like many of his past proposals.
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