Will Donald Trump’s US immigration ‘gold cards’ appeal to China’s ultra-rich?
The president is offering green cards in return for investments of US$5 million, but prospective applicants may prefer to wait and see
The scheme – under which people who invest US$5 million in the United States will be given permanent residency – may also pose a challenge to Beijing’s anti-corruption drive, analysts have said.
The US president said the scheme would replace the decades-old EB-5 immigrant investor visa programme, which has long been favoured by Chinese immigrants. Nearly 70 per cent of applicants last year were Chinese nationals, according to the US State Department.
Under the EB-5 programme, applicants would be eligible to receive a green card if they invested between US$800,000 and US$1.05 million in a project that created at least 10 jobs in the US.
China’s current economic situation may increase the new scheme’s appeal for those looking to diversify their wealth abroad, but industry figures warned the plan was lacking detail, which may lead ultra-rich Chinese to take a cautious approach.
“Immigration is a long-term plan. If the policy changes in future, it will be a risk for investors, so they will just mainly wait and see at this stage,” said an immigration adviser at a Beijing-based wealth management firm.