“Gold Card”, the new embarrassment of Trump, a scheme for billionaires turns out to be a failure

White House ballroom, Elon Musk’s appointment to “streamline” the federal government, a war against Iran, etc., etc…

When future historians try to understand what the biggest failure of Donald Trump’s second presidential term was, they will certainly not lack options.

But the winner already seems clear: the “gold card” visa. It has become what the president himself would normally call a “total failure.” And yet, the idea was not bad. Perhaps the White House should try it again.

The “gold card” visa was introduced last September with great fanfare. In exchange for a payment of 1 million dollars, plus processing fees, foreigners could speed up the process of obtaining residency in the United States. “They can invest in America,” Trump boasted on the official website. “And we can continue building the greatest economy on Earth.” Even a “platinum card” was promised, which, for 5 million dollars, would allow super-rich international individuals to spend up to 270 days a year in the US without being subject to American taxes. The idea seemed aimed at turning America into a luxurious mix between Monaco and Dubai, attracting millionaires, entrepreneurs, and influencers from around the world to Trump’s “kingdom.”

But things have not gone well. According to the latest data, only one person has been approved so far. And no, this is not a typo. Just one. It might even be someone the president knows from the golf course. To be fair, Commerce Secretary Howard Lutnick stated on April 23 that there are “hundreds” of applications pending review. Even that number remains disappointing and most likely does not even cover the project’s startup costs. Worse still for the president, it creates the impression that no one wants to move to “Trump’s America.” Make America great again? Not quite. Make America look slightly ridiculous? Most likely, yes.

But let’s pause for a moment: why shouldn’t the US, or any other country, want to attract more wealthy residents? One can endlessly debate whether this strengthens the economy or makes society fairer. Still, it is hard to deny that the arrival of several hundred thousand very wealthy new residents would bring economic benefits. Of course, they could drive up property prices in luxury areas and make restaurants they frequent unaffordable for everyone else. But there are three main benefits.

First, ultra-wealthy foreigners pay a lot of taxes on income, property, and consumption but benefit very little from welfare schemes. This means more revenue for the state, which can be used for the rest of the population. Second, they are often the most generous donors to charity, education, and the arts. For example, Soviet émigré Sir Leonard Blavatnik has donated around 50 million pounds to the Tate Modern museum in London, where the “Blavatnik Building” now stands. Likewise, Reuben College at the University of Oxford bears his name thanks to a donation from businessmen David and Simon Reuben of Indian origin. Third, wealthy immigrants are often among the biggest investors in the countries where they settle. What is wrong with that?

Other countries have also benefited from variations of golden visa schemes for the wealthy. London was once a magnet for global billionaires, not only because it is a magnificent city, but also because “non-dom” status allowed foreign residents to avoid paying tax on income earned abroad. Since that scheme was abolished by the Labour government, more focused on “class warfare” than economic growth, billionaires have begun to leave and London is losing its wealth. A report by the Center for Economics and Business Research warns that the departure of wealthy foreigners could cost the UK up to £12 billion in tax revenue by 2029, money that would then need to be raised by taxing domestic Britons more heavily.

Meanwhile, Milan is attracting the wealthy with a new scheme that allows them to pay a flat tax on global income. And Dubai, with no personal income tax, capital gains tax, or inheritance tax, has become the most luxurious city of the 21st century and a paradise for international capital, although tensions in the Persian Gulf are making it less attractive.

The US does not need to offer tax exemptions to wealthy foreigners. American taxes are already relatively low by global standards, and such privileges would create resentment among US citizens. However, in an increasingly interconnected world where people, capital, and talent move quickly, it makes sense for a country to try to attract the richest and most successful individuals. Of course, the slogan “Show me the money” does not sound as inspiring as “Give me your tired, your poor, your huddled masses yearning to breathe free,” but that does not mean it is not worth trying.

The problem with the “gold card” visa was not the idea, but the price. It is hard to understand why anyone would pay 1 million dollars just to speed up a procedure that could be obtained for free through traditional channels. Back when Trump was still a builder and casino owner, he would have been the first to understand that if a product does not sell, the price must be lowered to make it attractive.

A visa to live and work in the United States should be the most desirable document in the world. America remains one of the richest countries on the planet; it is a free country; it has the most advanced universities and technologies, as well as a globally influential culture. Of course, it has its problems, but which country does not? It is still a very attractive “package.” Therefore, it was crazy to demand such a high price for it.

Instead, the US should create a system that offers high-net-worth individuals a visa with full residency rights and a path to citizenship. And it should do it for free. That would actually work and would attract many people who would make America richer and more dynamic.

“KORÇA BOOM”