Trump's golden gambit shows we too must think out of the box

US president Donald Trump's immigration gold card may be morally incorrect, but it is interesting. Can Hong Kong draw inspiration from it to cope with its own budget deficits?

The man known for big talk plans to replace the old EB-5 visa, where one may invest US$900,000 to US$1.8 million (HK$7.02 million to HK$14.04 million) for a green card with a US$5-million price tag for a 'gold card' and a US passport down the line, claiming this would take in trillions of dollars - a nonsensical number though it would still be a fairly significant amount.

Officials in Beijing have often told Hong Kong to think outside the box. Perhaps the latter may refer to Trump's for innovative ideas when it is forced to cover debts with debts and reallocate funds from one account to another to dress up the balance sheet.

Indeed, Hong Kong already has something cooking. Its New Capital Investment Entrant Scheme or CIES offers anyone investing HK$30 million in bonds or other investment tools a pathway to permanent residency, albeit it is a slow burn.

Golden visas are not new. Whether in Europe, Australia and New Zealand, they have all had introduced golden visas at some stages to attract wealthy foreigners. Hong Kong's CIES is also similar, where holders can apply for permanent residency after seven years.

Thus far, the scheme has received over 880 applications, expected to bring to Hong Kong HK$26 billion in investments.

Trump pitches the immigration gold card to Americans as a tool to increase revenue to help address a potential debt crisis.

It is simply cash for keys to the "American dream house" as one might call it.

Contrary to understanding, it reportedly includes a deliberate tax loophole to allow wealthy gold card holders to exempt their overseas income so as to attract wealthy individuals with significant income from global investments and businesses.

If not, Trump's gold card would lack the appeal to the very rich.

The question is: can Hong Kong remaster the gimmick to make it suitable for the city?

It may work if it upgrades the CIES with a tiered structure. For example, keep the current provision that one paying HK$30 million may obtain permanent residency after seven years but add to it an extra tier such that one paying HK$50 million or more may qualify for immediate permanent residency or even a pathway to citizenship.

Hong Kong may also change the scheme so that it keeps a chunk - say HK$10 million - as non-refundable fees straight to the public coffers while the rest is invested in the market or whatever that may be.

The improved scheme should target wealthy mainlanders, the Chinese diaspora around the world or the very rich in Southeast Asia.

Of course, Financial Secretary Paul Chan Mo-po has to pair the initiative with spending cuts that he has proposed in the budget.

If 1,000 cash-rich individuals apply, a tenth or even more of the deficit would be gone.

Nonetheless, this is not be free of drawbacks.

The catch is that property prices may go up and rents skyrocket.

Even worse, it may open the door to money laundering and other financial crimes unless the door to the Hong Kong "dream house" is guarded to keep out the undesirables.

The thinking may be wild but the key is to think outside the box if deficits were to be solved.