Trump: USA to sell preferred immigration status (“gold card”) for $5M to lure wealthy immigrants (1 Viewer)

[superchuck500]

I don’t know if this kind of thing needs statutory authority, I suspect it does.

 

[Incumbent]

"Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!"

 

[Incumbent]

I wonder what he can get for the Lincoln Memorial?

 

[superchuck500]

 

[efil4]

Do you get a Trump watch with the purchase?

 

[MT15]

We need far fewer wealthy people to come here. I’m very serious, wealthy people who come here do a lot of damage. Poor people who come here work hard and love the principles that have made America a wonderful land of opportunity. They love democracy and freedom. Their children tend to serve in the military at a higher rate than the general population, IIRC.

 

[SystemShock]

We need far fewer wealthy people to come here. I’m very serious, wealthy people who come here do a lot of damage. Poor people who come here work hard and love the principles that have made America a wonderful land of opportunity. They love democracy and freedom. Their children tend to serve in the military at a higher rate than the general population, IIRC.

That's a very idealistic view.

 

[SystemShock]

I don't know that many people who have that kind of money elsewhere would want to move to the U.S. I do know people who have that kind of money here in MX; they like visiting, they send their kids to study in the U.S. (like I was), some even have vacation homes in the U.S., but they don't want to live in the U.S.

 

[efil4]

I don't know that many people who have that kind of money elsewhere would want to move to the U.S. I do know people who have that kind of money here in MX; they like visiting, they send their kids to study in the U.S. (like I was), some even have vacation homes in the U.S., but they don't want to live in the U.S.

who said move to.

$5mm gets you citizenship.

Saudis
Russians
Chinese
Indian
Iranians/ME

cmon man. $5m to get immediate US citizenship....Even Ian Fleming couldnt dream this up for any Bond story.

 

[RobF]

who said move to.

$5mm gets you citizenship.

Saudis
Russians
Chinese
Indian
Iranians/ME

cmon man. $5m to get immediate US citizenship....Even Ian Fleming couldnt dream this up for any Bond story.

Not an expert on this, but doesn't the US tax foreign income? That would seem like a bit of a deterrent (granted, not as much as it might be given those with that kind of wealth can afford to pay people to work out ways around it).

 

[efil4]

Not an expert on this, but doesn't the US tax foreign income? That would seem like a bit of a deterrent (granted, not as much as it might be given those with that kind of wealth can afford to pay people to work out ways around it).

Correct.

However, please note that a green card holder who is also a resident of a country with which the United States has an income tax treaty, under that country’s domestic laws, may – if eligible – choose to be treated as a resident of that country under the residency tie breaker rules of the relevant treaty and must attach Form 8833, Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b), to their U.S. income tax return

As you stated, someone with the means to pay $5,000,000 for citizenship has the means to game the system. Legally, if they are a citizen of a country which we have income tax treaty with.

United States income tax treaties - A to Z | Internal Revenue Service

Review tax treaties between the United States and foreign countries. The treaties give foreign residents and U.S. citizens/residents a reduced tax rate or exemption on worldwide income.

www.irs.gov

 

[SystemShock]

who said move to.

$5mm gets you citizenship.

Saudis
Russians
Chinese
Indian
Iranians/ME

cmon man. $5m to get immediate US citizenship....Even Ian Fleming couldnt dream this up for any Bond story.

Why would you want to get taxed twice?
What's the benefit to a wealthy Saudi/Russian/Chinese/Indian/Iranian, besides a more complicated tax return and more likely than not paying taxes to two different countries?

Worth noting: the $5M is for resident alien status, not citizenship, without going to the process, and resident alien status has always been a path to citizenship.

Another thing worth nothing: if you have that kind of wealth, getting a green card, isn't that hard.

And a quick clarification about the taxes: as a U.S. citizen living abroad, you still have to file federal in the U.S. You can deduct whatever taxes you paid in your country of residence, but the U.S. still wants its pound of flesh. You are also more prone to scrutiny by the I.R.S.

 

[efil4]

Why would you want to get taxed twice?
What's the benefit to a wealthy Saudi/Russian/Chinese/Indian/Iranian, besides a more complicated tax return and more likely than not paying taxes to two different countries?

Worth noting: the $5M is for resident alien status, not citizenship, without going to the process, and resident alien status has always been a path to citizenship.

Another thing worth nothing: if you have that kind of wealth, getting a green card, isn't that hard.

And a quick clarification about the taxes: as a U.S. citizen living abroad, you still have to file federal in the U.S. You can deduct whatever taxes you paid in your country of residence, but the U.S. still wants its pound of flesh. You are also more prone to scrutiny by the I.R.S.

I agree- its dumb and ridiculous.

The mere thought that the US is "selling" citizenship.

 

[J-DONK]

I don't know that many people who have that kind of money elsewhere would want to move to the U.S. I do know people who have that kind of money here in MX; they like visiting, they send their kids to study in the U.S. (like I was), some even have vacation homes in the U.S., but they don't want to live in the U.S.

I'm pretty sure you can get something similar in countries like Switzerland. I don't know why anyone with that kind of money would choose America unless they worked in NY/LA/SF.

 

[MT15]

That's a very idealistic view.

Fine. And it’s based on personal experience. I have seen it in my own family.

I have seen how billionaire immigrants are trying to destroy America as well.

 

[Optimus Prime]

Will the vetting be much more than the check clears?
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Commerce Secretary Howard Lutnick said Wednesday that 250,000 are waiting to get one of President Trump’s “gold cards,” which the president pitched as a replacement for the EB5 investor visa.

In an interview on Fox News Channel’s “Special Report” with Bret Baier, Lutnick defended the proposed program as a way to rake in potentially enough money to start paying off the country’s debt.

“There are 250,000 people waiting in line now,” Lutnick said. “If they’re willing to pay the $5 million, that’s over a trillion dollars that comes directly to — $1.25 trillion just for that line.

“And I think these people are going to come enormous ways because they know they can come into America, and they can be in the greatest country on Earth,” Lutnick added.

The Trump administration said Tuesday it would revamp the U.S. investor visa, increasing the funds required to secure the status and dubbing the new option a “gold card.”

Lutnick stressed in the Wednesday interview that the people in line would all be vetted.

“Of course. Deeply vetted. And we said that from the first minute go. These are vetted people,” Lutnick said when asked if they’d be vetted.

“These are going to be great global citizens who are going to bring entrepreneurial spirit, capacity, and growth to America. If one of them comes in, think of the jobs they’re going to bring with them, the businesses they’re going to bring with them. And they’re going to pay American taxes as well. So this is huge money for America,” he said.……

https://thehill.com/homenews/administration/5166684-trump-gold-card-lutnick/