Business Daily – "Trump card: what are golden visas?"

Host: Josh Martin, BBC World Service
Date: September 7, 2025

Episode Overview

In this episode, Host Josh Martin explores the global industry of "golden visas"—programs where wealthy individuals gain residency or citizenship in exchange for significant investments. The discussion covers the motivations of applicants, the economic pros and cons for host countries, the controversies surrounding these schemes, and the evolving landscape, with special attention to President Trump's proposed "Gold Card" for the US.

Key Discussions & Insights

1. What Are Golden Visas and Golden Passports?

• Definition & Context:

  • Golden visas grant residency in exchange for investment, while golden passports bestow citizenship.
  • These schemes serve as lucrative moneymakers for some countries, offering fast-tracked mobility to rich applicants.
  • Quote - Kristin Surak, LSE:

    "Nearly 70 countries and overseas territories offer residence by investment program...from tiny microstates with populations of 100,000 people to big wealthy countries like the US, like Portugal." [05:07]

• Difference between Residency & Citizenship Programs:

  • Golden visas: usually non-inheritable, fewer rights.
  • Golden passports: inheritable, grant more rights, including passport and full citizenship privileges.

2. The New US "Gold Card" Proposal

• Trump's Announcement:

  • President Trump unveiled the "Gold Card," aiming to attract wealthy foreigners willing to make a $5 million payment to the US government.
  • Quote - President Trump:

    "We’re going to be putting a price on that card of about $5 million and that’s going to give you green card privileges. Plus it’s going to be a route to citizenship." [03:08]

  • The approach is similar but more costly than the existing EB-5 visa ($900,000–$1,800,000), with the new program not tied to job creation or business investment.

• Skepticism Over Impact:

  • Kate Hooper, Migration Policy Institute:

    "That’s about five times more than the current US investor visa... So it seems a little unrealistic that this would be a major tool for paying down the deficit." [03:33–04:40]

3. Why the Wealthy Pursue Golden Visas

• Motivations:
  • Tax optimization, safe havens from political instability, personal and family security, hedging risk ("insurance policy").
  • Quote - Lily Chan, Hong Kong investor:

    "It's some sort of insurance for good reason for, you know, for Hong Kong people. If we want to leave Hong Kong, we don't feel comfortable there anymore, so where should we go?" [08:48]

  • Many applicants, particularly from politically unstable regions (China, Middle East, Hong Kong), seek these visas as contingency plans.

4. Economic and Social Impacts

• Country Benefits:

  • For small nations, selling citizenship or residency can bring in substantial revenue—with some island nations deriving up to 50% of their budget this way.
  • For larger economies like the US, it's likely a minor revenue source.
  • Impact on real estate markets: Example of Portugal's program reviving property markets but also contributing to housing price surges.

• Local Controversies & Backlash:

  • Housing Affordability:
    • Foreign investment seen as driving up prices, causing programs like Portugal's real estate option to be abolished.
    • Quote - Lily Chan:

      "The government should know better and thought it through before they put this on the market. For us, it's an investment... we took risk also, it's not a free lunch." [09:26]

  • Criminal Abuse & Vetting Issues:
    • Lax oversight in places like Cyprus, Malta, and Dominica led to cases of criminals gaining citizenship.
    • EU has cracked down on these schemes, culminating in a European Court of Justice ruling against Malta's program. [10:19]

5. Global Trends and the EU Clampdown

• EU Tightens Rules:

  • Politicization and public backlash have led to the winding down of “citizenship by investment” in the EU.
  • Portugal and Spain have recently ended key components of their programs.

• Elsewhere: Trend Toward Expansion

  • Countries like Argentina and Sao Tome are setting up new golden visa programs, expanding options outside Europe.

6. Case Studies: Personal Experiences

Lily Chan (Hong Kong → Portugal)

• Chose Portugal’s golden visa for mobility and as a backup plan amid Hong Kong’s political upheaval.
• Used a real estate route, which required only minimal residency.
• Sees the process primarily as an investment and insurance policy for uncertain times.
• Quote:

  "I don't want to be too attached to it because it's a lot of uncertainty going on. You know, it's a business deal. So far it's a backup plan, but it could be maybe a real plan." [18:04]

Mark Bergman (US -> New Zealand)

• US tech investor who relocated and runs his business in New Zealand.
• Views his golden visa more as a commitment and investment in the country, rather than merely buying a privilege.
• Quote:

  "I made the decision to move my business there and also to move there full time...I view it... more as opportunity. I'm investing in New Zealand and I'm expecting to see significant economic return." [12:12]

• Acknowledges the controversy and difference between “buying” versus “investing”:

  "As it's been described by President Trump, I don't view it as an investor visa... that's buying, not investing." [13:58]

7. The New Zealand Model

• Interview: Stuart Nash (Former NZ Minister):
  • NZ has shifted to require “active” investment rather than just bank deposits.
  • Strong focus on vetting and legitimate economic activity.
  • NZ’s appeal: social stability, political moderation, and geographic distance from global turmoil.
  • Most participants seek tax advantages, but a minority are truly seeking safety or a lifestyle change.
  • Quote:

    "The vast majority of ultra high net worth individuals... do it for tax reasons. But... there is a small minority who are looking for a safe haven as opposed to a tax haven." [15:32]

Notable Quotes & Memorable Moments

• President Trump on branding:

  "Can we call it the Trump Gold Card? I said, if it helps, use the name Trump, I'll give it to you for free." [02:50]

• Kristin Surak on the breadth of the industry:

  "Up to 50% of the government budget might come from these programs, but, you know, for a country like the US it's not going to be a drop in the bucket." [05:07]

• Stuart Nash on NZ’s appeal:

  "You've got geopolitical tensions all around the world. ...and you've got New Zealand at the bottom of the world. ...We are known as a little bit of a paradise." [15:35]

• Lily Chan on duality of motives:

  "So it's about keeping your options open." [18:21]

Timestamps for Key Segments

| Time | Segment | |-----------|---------------------------------------------------------------------| | 01:09 | Introduction to golden visas & President Trump’s announcement | | 03:08 | Details of the US "Gold Card" program | | 05:07 | Global industry overview (Professor Kristin Surak) | | 07:17 | Portugal case study: Lily Chan | | 09:03 | Economic impact & end of Portugal’s real estate visa route | | 10:19 | EU clampdown on citizenship by investment (Kristin Surak) | | 11:54 | New Zealand’s golden visa & American investors (Mark Bergman) | | 14:48 | Evolution of New Zealand’s policy (Stuart Nash) | | 15:35 | NZ’s appeal and type of applicants | | 17:43 | Final reflections from Mark Bergman and Lily Chan |

Conclusion

Golden visas and passports represent a multibillion-dollar gateway for the global rich to secure mobility, safety, and opportunity—sometimes at the expense of locals and with mixed economic benefits. The US, under Trump, is seeking to expand its own program, but skepticism and the possibility of controversy remain high. As Europe tightens restrictions, new players emerge elsewhere, and the debate over the ethics and impacts of selling residency is unlikely to quiet down soon.