And for some, $5M is not a significant sum.
The article mentions that 1,000 of these visas have been sold and up to 1,000,000 may be.
If Congress says “no, this isn’t authorized” and the Supreme Court finally cracks open the Constitution and agrees with them: what does a rollback plan look like?
People buying that stuff usually don't care and it doesn't seem to have much effect on the other programs, even ones that have cancelled even citizenships in the past (like Saint Lucia) without returning the 'investment.'
The current administration--as a principal criminal--may refuse to prosecute... but the statute of limitations will extend past Trump's term, and tax fraud has no statute of limitations.
vsskanth•9mo ago
redeux•9mo ago
ty6853•9mo ago
This is the danger of most residency and citizenship by investment programs.
unsnap_biceps•9mo ago
> Lutnick told the hosts of the All In show, was to allow people to purchase the right to live in the United States and pay taxes only on their income earned in the country.
That's a huge tax policy change. Currently, my understanding is that as a citizen, you pay taxes on all income, regardless of where it comes from. You get credits for taxes paid to other governments, but if they charge less then the US would, you pay the difference.
actionfromafar•9mo ago
b112•9mo ago
actionfromafar•9mo ago
ty6853•9mo ago
financetechbro•9mo ago
fallingknife•9mo ago
greatgib•9mo ago
Let's push the concept further, if I'm a rich american citizen, that I leave the country and give up my nationality and then comes back with the trump gold card that I bought to profit of more interesting taxes conditions. Would it be fair?
mandmandam•9mo ago
Then again, give Trump a million for his 2028 campaign (am I kidding?) and who knows what could happen.
fallingknife•9mo ago
The outlier here is actually the US law that citizens pay taxes on income from outside the country. We are virtually the only country that does this. So in that sense I will agree with you that the unequal treatment is unfair, but it is the treatment of US citizens that is out of the ordinary, not the treatment of the Trump visa holders.
thaumasiotes•9mo ago
krapp•9mo ago
Which shouldn't be surprising - no one wealthy enough to purchase this would do so if it came with any significant tax burden.
[0]https://kpmg.com/xx/en/our-insights/gms-flash-alert/flash-al...
Klonoar•9mo ago
tim333•9mo ago
I'm skeptical that Trump will manage to get the tax changes through the house and senate and that they would remain through the next government which might put people off dropping $5m on the thing.
Also would Musk who has three citizenships be able to drop the US one and get a gold visa?
Terr_•9mo ago
fallingknife•9mo ago