When Candice Meng, a real estate developer from Guangzhou in southern China, she heard about US President Donald Trump’s proposal for a new “gold card” offering permanent residency to the super-rich, she was initially intrigued. The requirement to invest at least US$5 million in the United States to qualify for the scheme seemed reasonable: the price tag is actually far higher for similar golden visa programmes in other countries, she pointed out. “It’s not expensive in terms of cost-effectiveness – it’s at least 100 million yuan (US$13.9 million) for Singapore and over 60 million yuan for New Zealand,” Meng said. But Meng, who owns hundreds of millions of yuan worth of assets, eventually decided against applying for US residency. With the US-China trade war and relatively high urban crime levels, America just did not feel like a good place to be right now, she said. Meng is far from alone. Three months after he first floated the idea, Trump’s gold card scheme appears to have fallen flat with China’s wealthy, who were expected to be one of the biggest sources of demand for the controversial new visa. China has experienced a significant outflow of millionaires in recent years amid an economic slowdown, and wealthy Chinese make up roughly 70 per cent of global applicants for the US’ existing EB-5 visa for foreign investors – the programme that the gold card would replace – according to US government data. But many in China have deep concerns about the new gold card and whether Trump can deliver on his promises. There is also widespread unease about the situation in America more generally – from crime to a perceived rise in hostility towards Chinese migrants during a period of simmering US-China tensions.
So, what’s the deal with this whole “gold card” thing, you might be wondering? Well, it turns out that Candice Meng, a real estate big shot from Guangzhou, was kind of interested when she first heard about Trump’s plan to offer permanent residency to the super-rich. I mean, who wouldn’t be intrigued by that, right? But then she realized that shelling out at least US$5 million for the golden ticket wasn’t exactly chump change. In comparison, places like Singapore and New Zealand are asking for way more moolah. Meng, who’s sitting on a pile of yuan, decided to pass on the US offer. The ongoing trade war and crime rates in American cities just didn’t sit right with her. Turns out, she’s not the only one giving Trump’s gold card scheme the cold shoulder. Despite expectations that China’s wealthy would be all over this new visa, it seems like they’re not biting. With a bunch of millionaires leaving China lately and concerns about Trump’s promises, the whole thing is starting to look like a flop.
As it turns out, Trump’s grand idea isn’t hitting it off with the rich folks in China. The gold card scheme, meant to replace the existing EB-5 visa program, is facing some serious doubts. I mean, can Trump really deliver on what he’s promising? That’s the million-dollar question right there. And let’s not forget the general unease about the US – from rising crime rates to tensions with China. It’s no wonder that people like Meng are thinking twice about making the move across the Pacific. Maybe it’s just me, but it seems like Trump’s gold card might not be as shiny as he thought it would be. And with so many uncertainties in the air, it’s no surprise that China’s wealthy are holding back on this golden opportunity.
