The EB-5 visa was primarily used by Hong Kong and China residents who owned businesses in the US or wanted their children to study in the US, said John Hu, founder of Hong Kong-based John Hu Migration Consulting.
Donald Trump has announced plans to sell ‘gold cards’ to millionaires who want to acquire citizenship in the US after deporting 37,660 people in his first month in the White House.
‘The total number of applicants, if the golden visa is going to replace the EB5, will drop significantly,’ Hu said, adding global tax liabilities were always a concern for rich people.
‘I do not believe that the current offer will have a big impact, as getting a green card in the US if you meet certain criteria, is not difficult,’ said Bassim Haidar, a former UK non-domiciled multimillionaire/.
A 2021 study of EU golden visa programmes by London School of Economics and Political Science and Harvard University researchers found that the funds generated by these schemes represented only a ‘miniscule’ proportion of foreign investment with ‘negligible’ economic impact.
