The American president has announced a golden visa program to outshine, literally, all others in the world. The opportunity is to pay 5 million US dollars in exchange for the right to work and live in the United States, with a strong chance to become a US citizen in due course. The new visa is many times more expensive than any worldwide alternatives.
The new permit will replace the old investor visa requiring an input of between US$900,000 and 1.8 million which had fewer initial rights about residence. The US Commerce Department added that there would need to be a selection process for the ultra-wealthy migrants to ensure they were worthy individuals. Trump had earlier said that he knew some “nice-guy” Russians who might be interested.
Golden visas have been around for over 20 years. They originated in Caribbean countries, with fewer international controls on remitted cash, where even nationality might be available for as little as US$100,000 plus investments. Several European countries publicized golden visas with passport offers but they have mostly been withdrawn after being swamped by Russian emigres following the start of the invasion of Ukraine.
South East Asian countries have their own golden visa offers. Thailand offers the 10-years Long Term Residence for dollar millionaires or those in receipt of income worth US$80,000 yearly. But the benefits are mixed, don’t include a guarantee of a second passport and are subject to audit after five years. The Elite visa, a competitor, has in effect been downgraded to a multiple-entry tourist visa with a few perks.
Cambodia offers nationality and a second passport for about US$300,000, or a US$100,00 10 year visa requiring a property investment organized by a company registered in Hong Kong. Nationality is a possibility after 5 years but not guaranteed. It was announced in 2023 with a jubilant fanfare of publicity, but has failed to engender much enthusiasm and is not known to have any subscribers other than a handful of Chinese investors and property gurus.
