In his pursuit of efficiency and revenue, President Donald Trump is considering raising the price of the golden visa program to $5 million. The proposal would allow recipients to obtain permanent residence with a route to citizenship and exempt them from paying taxes on income earned abroad. The Department of Government Efficiency is reportedly developing software to administer the program, but Congress may need to authorize it.
The current golden visa program, known as EB-5, is over-subscribed and has become a financial windfall for developers and middlemen. While the Trump administration argues that the proposed program could generate significant revenue, experts question the feasibility of selling 1 million visas at $5 million each. The demand for such a high-priced visa may be limited, as most potential applicants would need to have at least $50 million in net worth.
Industry insiders suggest that the impact of the new program may not be as significant as hoped, as there are already alternative ways for wealthy individuals to enter the country. Additionally, the tax implications of the program remain unclear, as exempting recipients from paying tax on foreign income could be contentious and require changes to the tax code. Overall, the success of the proposed golden visa program remains uncertain, with experts predicting limited interest and modest application numbers at the $5 million price point.
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