President Trump’s proposed U.S. gold card is the latest development in global investment immigration, which has long been a critical component of the world’s economy, Ali Jahangiri, CEO of EB5Investors.com , told Charles Payne, host of the “Making Money with Charles Payne” show on Fox Business.
“It’s important to realize that investment immigration has been around since 1984. It first started with Saint Kitts & Nevis and it makes up about 30% of their GDP. So, this industry is actually an old industry,” he said.
In 1990, the EB-5 visa program became part of the global offering of investment immigration, bringing $55 billion into the U.S. since then, and having a transformative impact on the economy.
“In Miami, you’ve got the Bright Line train. I’m sure some people have taken that. That’s EB-5 money. Look at the Escaya project in San Diego; 12,000 homes. A lot of those are affordable homes. This is all money coming from overseas as investment.”
As for the future, Jahangiri sees the gold card as a supplement to EB-5.
“So they’ve said they sold about a thousand cards. And that can easily be a viable number, because what you’re doing is you’re bringing people in who want to come to the country and get the protections of the U.S. at the same time, they don’t want to pay tax on their foreign-sourced income.”
He added: “But what Trump is really proposing with the gold card is if you come in as a rich, uber-rich person into our country, we’re not going to tax the income you make in Europe. We’re not going to tax the income you make in Asia. We’re only going to tax you based on your domestic income. And that distinction, I think, is a selling point for the gold card.”
The U.S. Gold Card announced by Trump has not been launched. His team has yet to clarify whether the Gold Card option will run parallel to or replace the EB-5 visa program.
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