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chairman Donald Trump$ 5 million of Trump card According to immigration lawyers, the foreign rich has attracted strong interest, but it faces legal challenges and questions about the potential market size.

Trump launched the website for his new immigration plan in June, first called “The Gold Card” and then changed the name of “Trump Card”. A brief questionnaire asked interested parties for their names, emails, fields and what would be for the Trump card “self,” family, “husband or wife” or “other”, as well as the application came from a business or person.

Commerce Secretary Howard Lutnik told Financial Times that 70,000 people had already signed up and this card would be made from real gold. In March, he said that the potential market for the card was 37 million. He said that selling 200,000 cards would be purified by $ 1 trillion for the treasury and will help in paying federal loans.

Trump Card has activated the cumbersome market for investment or “golden” visa, which allows the rich to buy residence or citizenship another country In exchange for investment six-tuber or seven-in-law. According to Henley & Partners, a record 142,000 millionaires with moving into another country this year are inspired by growing political upheaval and unrest. According to Henley, Britain is expected to lose 16,500 millionaires due to changes in its tax program. The UAE, the largest beneficiary, is ready to add pure 9,800 millionaires, while the US is expected to receive a net 7,500.

The Trump Card will also reach many countries, once preferred by rich people-including Spain, Portugal and Italy-are tightening their investment-VISA programs between protests and political backlash.

Nevertheless, in an interview with immigration lawyers, the rich and consultants of political staff involved in the program, he said that Trump cards face fundamental legal and tax obstacles. What is more, even if it is approved and eventually introduced, the number of buyers is likely to be a fraction of the suggestions made by the White House and can close it after the buyers’ initial burst.

Group Head of Henley & Partners’ Group Head, Dominic Volk, said, “Every week there is some announcement, which eventually steps to reach there,” said Dominic Volk, a group head of private customers, Henley & Partners, a group head of private customers, Dominic Volk, who advises rich on visas and passports. “But how successful it will be at the end of the day, there are still a lot of questions in this context.”

Center on the latest question demand. While Lutnik postponed 70,000 sign-ups as proof of potential sales, one can sign up on the website that is requesting more information, irrespective of its net worth. Immigration lawyers, family offices, bankers, money managers and all advisors of global wealthy stated that they signed up to their potential customers to be informed on the trump card.

“I have presented two registrations, so I can have more details when available,” Thida Fisher, Partner of Withs Bergman LLP said, who advise rich customers.

According to the latest numbers of the data firm Ultrata, the population of people outside the US is $ 30 million or more-a reasonable cut-off-of 276,000 for those wishing to spend $ 5 million on visa.

Immigration lawyers said that the biggest demand is likely to come from China and the Middle East. China has about 46,000 ultra-high-net-leewed individuals (who are worth $ 30 million or more), said Ultrata, while around 19,000 in the Middle East. The number of rich sugar purchasing trump cards can be limited by restrictions by the Chinese government on American trade tension and capital flight with China, the lawyers said.

Volc, who appreciated the program in the concept, estimated that the demand for the Trump card would be around 2,000 per year.

“I think one to two thousand one year is worth receiving,” he said.

According to the country, he said that the demand is the current EB -5 program, a long -time US visa regime that gives applicants a route for the residency and citizenship for about $ 1 million. According to data from the state department, China dominates the EB -5 program, which accounts for two -thirds of 8,354 EB -5 visas issued to the mainland Chinese investors in 2023. Other countries of the common EB -5 applicant Pool include Vietnam, India, Taiwan and South Africa.

Other Golden-visa advisors stated that they are mainly interested in Mexico, UK, Russia and Brazil. The White House has not said that a $ 5 million card covers a family or just a person who can also affect the demand.

Companies can emerge as key buyers of Trump Card as they seek technical talent from all over the world. For example, Trump said that Apple, according to reports, Trump would buy “a lot” of the card. (Apple refused to comment).

Finally, the demand will depend on the specific terms of all Trump cards, which are already creating controversy. Trump and Lutnik have said that Trump card will replace the EB -5, which is supported with heavy lobbying and bipartished backers in the Congress. The EB -5 program, which invested for employment generation in under -employment sectors, was re -conceived by 2027, so any change or expiration would require Congress’s approval.

“The EB-5 program was created by the Congress, and only the Congress can end it,” said the American immigrant investor coalition, which wants to increase the number of EB-5 visas available.

Screening and veating is another open question. The US discovered that Russians approved that it had used its popular non-domicy program (similar to Trump Card) after Ukraine’s invasion, it withdrew the program dramatically. It is not clear that the Trump administration, which is struggling with China, will allow the Chinese citizens who apply. The administration has also not commented on how it is planning to screen for terrorism, organized crime, money-laundering or foreign intelligence agencies.

The biggest obstacle for Trump card, however, is included in taxes. America is one of the few countries in the world that are earning worldwide income, which means that American citizens and permanent residents will have to pay federal income tax on income earned outside the US, the way Amir will buy a trump card to the rich foreigners, if they exempt income tax worldwide – Trump card holders provide large scale tax benefits that do not available to American citizens.

While Trump confirmed that Trump card holders would be exempted from foreign income, he said in a true social post that “rich people are buying this card and coming to our country” and “paying a lot of taxes,” because they will still pay the state and federal taxes.

Changing tax code for Trump card holders will require the approval of the Congress along with approval from the IRS, according to tax experts. So far, there is no law in large beautiful bills or other bills who address the change.

Unprecedented tax exemption can also give rise to flaws. For example, rich Americans, who have dual-citizens in another country, can renounce their American citizenship, buy a trump card and get access to America free from global income taxes.

The administration has not yet provided information about whether the Trump card holders will be exempted from property and gift taxes-which is usually more important and more expensive than income taxes for ultra-tors.

Fisher said, “We have many questions, including how to treat various tax positions, global income, a duration of ability to exemption the taxation of property tax implications, and a donation which will include which will be included.” “For this reason, we have asked most of our customers not to register and wait and look at the approach. As long as the program does not really understand from a long-term tax and property point of view, many high-pure-valued people will not apply.”