Why? Who do you think this will admit that a higher price would exclude, and why’s that a good thing?
> Something like 0.5-1% of households in Europe have >$1M in investable/liquid assets.
You say this like it's a bad thing. I welcome immigration from rich Europeans.
You're not going to get European immigration via this scheme, that's for sure.
The only people who are likely to pay are people who are exceptionally wealthy and exceptionally highly motivated to get out of wherever they currently reside. Fraudsters who won't be extradited, mostly.
Let's assume a high-net-worth individual with $1M of annual pre-tax cash flow split evenly among qualified dividends, long-term gains, and business income, and a $3M primary home. Let's also assume that this man lives in Texas, or he lives in Germany.
In Texas he'd owe about $304k in US federal income taxes (23.8% on dividends and gains; ~37% top rate on business income) plus roughly $54k of property tax at ~1.8%, for a total near $358k.
In Germany he'd pay ~26.375% on dividends and gains ($131.9k), a roughly 45% + 5.5% solidarity surcharge on the $500k business income (~$237.4k), and low property tax (~0.3% ≈ $9k), totaling ~$378k.
The difference comes out to just $20k. That said, all services are cheaper in Europe -- medical, telecoms, legal, etc. -- so life in Europe tends to be far less expensive in general.
And you'll note that I was extremely generous and picked a state without income tax. Many US states, perhaps most, are worse than Germany.
I also picked a middle-of-the-road European state. There are some that don't seem that interested in collecting taxes, e.g. certain Swiss cantons, some Baltic states, and Monaco. (No personal income tax on salaries, dividends, interest, or capital gains + no wealth tax!)
Dude, seriously. Think about these things before you post. The tax situation in the USA is way worse than you think it is, and it's way better in Europe than you imagine.
A lot more people around the world can then afford to send their kids or pay off their gold cards across a 10-15 year timeframe.
*Obviously this depends on the income potential that is unlocked by having access to the U.S. workforce.
Well, nobody sane, anyway.
Which are only insane in the USA lol
Anyone who can drop a million on permanent residence is most likely going to be significantly net positive for the economy.