Mar 31, 2025
U.S. Secretary of Commerce Howard Lutnick says more than 1,000 wealthy migrants purchased the $5-million "gold-card" visa in a single day. President Donald Trump proposed the new "gold card" visa to replace the EB-5 immigrant investor visa program as a path to U.S. citizenship.
“It’s going to sell like crazy," Trump said when he unveiled his plans. "It’s a bargain.”
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Trump said the gold-card visa would not only bring jobs to the U.S. but help pay off the $36.2-trillion national debt. The sales of just 1,000 gold cards would raise $5 billion.
The existing U.S. visa program for investors
The EB-5 visa program was designed to allow investors to apply for permanent residency if they invested at least $1.805 million in a U.S. business in an economically depressed area and “plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.”
While there have been cases of fraud and misuse of funds under the EB-5 program, oversight improved after former president Joe Biden signed the EB-5 Reform and Integrity Act in 2022. Some proponents say there’s no reason why the U.S. couldn’t keep both the EB-5 visa and the gold card.
It’s not yet clear what will happen to current EB-5 visa holders, but some prospective applicants are not happy with the idea of forking over $5 million to the U.S. government rather than investing their money in a business.
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Global millionaires are on the move
According to Henley & Partners, a global consultancy firm specializing in investment citizenship, 128,000 millionaires migrated to a new country in 2024 — more than double the 57,000 who migrated in 2014. The firm projects that growth will continue, with an expected 135,000 millionaire migrants in 2025.
As geopolitical tensions persist in several regions of the globe and threaten to expand, some millionaires are moving for safety and security. Others are moving for lower taxes, a better standard of living or work and business opportunities.
The Henley Private Wealth Migration Report 2024 reveals that millionaire immigrants were most likely to come from China, the U.K., India, South Korea and Russia.
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While it may seem obvious why people are leaving regions engaged in ongoing conflict, it may be less obvious why millionaires are leaving the U.K. in droves.
High taxes, including a new VAT on private schools and proposed changes to taxes on non-domiciled residents are driving U.K. millionaires to move to lower-tax jurisdictions.
“Since Labour came to power, one millionaire left the U.K. every 45 minutes,” the Independent reports.
Top destinations for millionaires
The United Arab Emirates (UAE) was the No. 1 destination for millionaires, followed by the U.S. in second place. Singapore, Canada and Australia rounded out the top five destinations.
The UAE is popular thanks to its own Golden visa program, offering a five- or 10-year renewable residence visa to investors and entrepreneurs, as well as students, frontline workers and “pioneers of humanitarian work.” While the UAE has a growing economy and job opportunities in the finance, technology and construction sectors, it also offers an emerging real estate market and a high-end lifestyle. But, perhaps most importantly for some millionaires, income is tax-free.
Other global destinations like Cyprus, Greece, Italy, Malta, Portugal and Spain are popular with wealthy migrants because of their climate and lifestyle.
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Each has different golden visa requirements, but often require that you buy real estate of a certain value in addition to having a certain amount of investment assets. Many European and Caribbean destinations are popular because they don’t have residency requirements.
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U.S. millionaires look abroad
American millionaires are also on the move.
A record number of wealthy Americans are looking for second passports or long-term residences abroad in the face of political, social and economic uncertainty.They increasingly view one passport as a concentration of risk and are looking to diversify just as they do with their financial portfolios.
A 2024 survey by Arton Capital found that approximately 53% of wealthy U.S. citizens were planning to leave the country following the November election, regardless of outcome.
Following the election, Henley & Partners told CNBC that the number of Americans making plans to emigrate was up at least 30% from the previous year.
It remains to be seen in 2025 whether the U.S. will retain in No. 2 spot on Henley’s Migration Report — and whether the gold card will attract more millionaires. But for anyone considering a move, it makes sense to consult with a firm that specializes in helping wealthy individuals emigrate.
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Vawn Himmelsbach is a veteran journalist who has been covering tech, business, finance and travel for the past three decades. Her work has been featured in publications such as The Globe and Mail, Toronto Star, National Post, Metro News, Canadian Geographic, Zoomer, CAA Magazine, Travelweek, Explore Magazine, Flare and Consumer Reports, to name a few.
