Americans Are Buying an Escape Plan [View all]

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Even as Donald Trump advertises his hard-line approach to border crossers, he is actively soliciting one particular group of immigrants: rich ones. In February, Trump proposed that America start offering a U.S. “gold card” for $5 million. “Green-card privileges, plus” is how the president described it: “It’s going to be a route to citizenship, and wealthy people will be coming into our country,” he said. Trump predicted that the United States could sell a million of these cards, enough to eliminate the national debt. Even Russian oligarchs could be eligible, he said—though (thanks to economic sanctions) “they’re not quite as wealthy as they used to be.”

Trump seemed to relish the scheme’s shock value. But these days, buying a visa or passport is not controversial: About half of the world’s nations already offer visas, permanent residence, or even full citizenship for sums ranging from the low five to low seven figures. The U.S. itself grants up to 10,000 residency permits a year under its EB-5 investor visa program, which Congress has approved until 2027 and costs applicants about $1 million.

But if Trump expects a flood of takers, he has it backwards: The international rich aren’t trying to come here, so much as Americans are trying to get out. U.S. citizens now represent the majority of clients looking for an exit, through foreign citizenship, permanent residence, or a visa that allows them to live abroad.

I have been writing about the world of millionaire migration for years. The market depends on a cottage industry of advisers, financial planners, and lawyers who help their clients navigate the paperwork and requirements, and I spoke with some of these experts in the weeks following Trump’s announcement. All seemed to think that only a handful of people would take Trump’s bait—mainly because there simply aren’t enough people rich enough to shell out $5 million with no return on their investment.

https://www.yahoo.com/news/americans-want-130000089.html