For years, the United Kingdom attracted the world’s wealthiest people. The system was brilliant in its simplicity: for a low negotiated cost, the individual and their family could live tax-free in the UK. The former owner of Harrods, Al-Fayed, reportedly paid 100k GBP yearly, regardless of income. Remember that he was an Egyptian and could have chosen to live anywhere. But thanks to this offer, he moved to the UK – and enriched the country as a result.

There were variations on this theme, but the underlying appeal was huge: move to the UK as a Non-Dom (Non-Domiciled for tax purposes), and pay no taxes (at least on non-UK income). The end result was decades of economic growth, an absolutely bonkers housing market, and ongoing foreign investment into houses, cars, sports teams, and luxury goods of all kinds. Not to mention investment in businesses (like Harrods). Everyone could be a winner – except the countries the rich were fleeing. (The UK has now abolished this system.)

The Gold Card idea is an improvement on the Non-Dom status, because the Gold Card is not about gaining citizenship, not at all! Instead, the Gold Card gives the payer of $5 million (there are perhaps 3-5 million people in the world who could afford it) the right to live in the United States tax-free. They do not choose citizenship, because they have all the benefits without being subject to US taxes! (US citizens pay tax on global income, but Gold Card holders would owe no US taxes on personal income.)

And, of course, when Gold Card holders buy houses and cars and luxury goods, the US benefits. And when they start businesses here and employ people (as rich people naturally do), the benefits accrue to all of America, including business taxes and income from the companies – in addition to the valuable goods and services that business provides.

I love it. America will benefit enormously. So will the Gold Card holders. If 1 million people convert, that is $5 trillion into the treasury – plus all the follow-on benefits from having the very best kind of immigrants: hard-working, long-term planning, wealthy and inclined to investment.

Where it gets even more interesting is if America’s wealthy start agitating for a similar option for American Citizens. As has already been seen, other countries are more than happy to sell citizenship (and no taxation) to wealthy Americans. The net result is a competitive environment to attract and keep wealthy people. The more competition there is, the better!

But the underlying Gold Card idea is brilliant and can help usher in a new Golden Age for America’s economy and society.