The $5 million Trump Card faces legal challenges, limited market

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president Donald Trump5 million dollars Trump card It attracted strong attention from the wealthy abroad, but it faces legal challenges and questions about the potential size of the market, according to immigration lawyer.

Trump launched the website in June of the new immigration plan, which is first called the “Gold Card” and then renamed “Trump Card”. He asked a brief questionnaire with interested parties about their name, email and the region, and whether the Trump card will be for “Self”, “Family”, “husband” or “other”, as well as whether the request came from a company or individual.

Trade Minister Howard Lootnik told the Financial Times that 70,000 people have already participated and that the card would take place from real gold. In March, he said that the potential card market was 37 million. He said that the sale of 200,000 cards would become a net trillion dollars to the Treasury Treasury and help in paying the federal debt.

The Trump card has succeeded in stimulating the prosperous market for investment or “golden” visas, which allow the wealthy to buy residency or citizenship in Another country In exchange for an investment consisting of six numbers or seven numbers. A standard number 142,000 million with a transition to another country this year, according to Henley & Partners, driven by increasing political turmoil and turmoil. The UK is expected to lose a clear 16500 million million, due to a change in its tax program, according to Nanli. The United Arab Emirates, the largest winner, will add 9,800 million, while the United States is expected to get a net 7500.

The TROMP card will also reach many countries that the wealthy prefer-including Spain, Portugal and Italy-to tighten its programs in investing in Visa amid the popular opposition and political reaction.

However, in interviews with immigration lawyer, consultants for wealthy employees and politicians participating in the program, they said that the Trump card was facing basic legal and tax obstacles. What is more, even if it is approved and finally displayed, the number of buyers is likely to be a small part of what the White House proposed and can decrease after a preliminary explosion of buyers.

“Every week, something else announces that he finally puts steps to get there,” said Dominic Fellk, head of the Henley & Partners, who advises the wealthy visas and passports. “But there are still a lot of question marks in terms of their success at the end of the day.”

The last questions focus on demand. While Lutnick described 70,000 subscriptions as evidence of potential sales, anyone can subscribe to the web site requesting more information, regardless of its pure value. Immigration lawyers, family offices, bankers, wealth managers and all kinds of advisers to the wealthy internationals said that they participated in the Trump card for their potential customers.

“I have provided two registrations so that I can reach more details when it becomes available,” said Thaida Fisher, a partner in Wittz Bergman LLP, who advises wealthy clients.

The population of people outside the United States is $ 30 million or more-reasonable pieces for those wishing to spend $ 5 million on the visa-about 276,000, according to the latest numbers from Altrata.

Immigration lawyers said the largest request is likely to come from China and the Middle East. Altrata said that China has about 46,000 high -value individuals (those who are estimated at $ 30 million or more). Lawyers said that American trade tensions with China and the restrictions taken by the Chinese government on a capital journey could limit the number of wealthy Chinese buying the Trump card.

Falk, who applauded the program in a concept, estimated that the demand for the Trump card will be about 2000 a year.

“I think a few thousand a year are investigated,” he said.

By the country, he said that the demand is likely to reflect the current EB-5 program, the American visa system for a long time gives applicants residency and a path to citizenship for about one million dollars. China dominates the EB-5 program, where Chinese investors represent up to two thirds of the EB-5 visas that were released in 2023, according to the State Department data. Other countries in the Group of Applicants include the joint EB-5 Vietnam, India, Taiwan and South Africa.

The other Golden-Visa Advisers said they see mainly attention from Mexico, the United Kingdom, Russia and Brazil. The White House did not say whether the card costing $ 5 million covers a family or just an individual, which may also affect the demand.

Companies can appear as a major Trump card for buying because they seek technical talents from all over the world. Trump said, for example, will buy a “lot” of Trump cards, according to reports. (Apple refused to comment).

In the end, the demand depends on all the conditions specified for the Trump card, which already causes controversy. Trump and Lienett said that the Trump card will replace the EB-5, which is supported by heavy pressure and supporters of the two parties in Congress. The EB-5 program, which connects investments to create job opportunities in the areas of employment, has been re-delegated until 2027, so it will need any changes or termination of the approval of Congress.

“The EB-5 program was created by Congress, and Congress was not only able to cancel it,” said the American coalition of the investor, who seeks to increase the number of EB-5 visas available.

The examination and examination remains another open question. After the United States discovered that the Russians had imposed on the conquest of Ukraine, it had used its famous non -higher program (similar to the Trump card), they greatly expanded the program. It is not clear whether the Trump administration, which was fighting China because of trade, would allow unrestricted access to Chinese citizens who are advancing. The administration also did not comment on how it plans to examine relations with terrorism, organized crime, money laundering, or foreign intelligence agencies.

The biggest obstacle to the Trump card, however, involves taxes. The United States is one of the few countries in the world that impose income taxes around the world, which means that American citizens and permanent residents must pay federal income taxes on income acquired outside the United States, and it is the only way for wealthy foreigners who will buy the Trump card if exempt from income taxes around the world – which gives Trump cards not available For American citizens.

While Trump confirmed that Trump card holders will be exempt from income abroad, he said in a social position in fact that “the wealthy will come to our country by buying this card” and “they pay a lot of taxes”, because they are still paying state taxes and federal taxes on the income of the United States.

Changing the tax law for Trump card holders will require the approval of Congress as well as the approval of the Tax Authority, according to tax experts. Until now, there is no legislation in the big, great draft law or other draft laws that deal with change.

Unprecedented tax exemption can also lead to gaps. The wealthy wealthy, for example, who have a double citizen in another country that can abandon their American nationality, buy the Trump card and are preparing to reach the United States free of global income taxes.

The administration must also provide information about whether the Trump card holders will be exempt from real estate and gift taxes-which are usually more important and more expensive than income taxes for the wealthy.

“There are many questions that we have, including how to treat many tax positions, the duration of the ability to exempt tax on global income, real estate tax implications, and who will be included in one donation,” Fischer said. “For this reason, we asked most of our customers not to register, wait and see the approach. Unless this program is really logical from a tax perspective and a long -term property, many individuals of high value will not be applied.”