Trump wants billionaires to buy his Gold Card. Billionaires say, no, thank you

US President Donald Trump announced a plan to sell $5 million “gold card” visas that offer permanent residency and work authorization in the U.S. “Wealthy people will be coming into our country by buying this card,” Trump told reporters in the Oval Office. “They’ll be wealthy and they’ll be successful.”

Trump said the plan is a way to reduce the federal deficit. “We’ll be able to sell maybe a million of these cards, maybe more than that. And if you add up the numbers, they’re pretty good. As an example, a million cards would be worth $5 trillion dollars,” the American president said.

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But how much interest do the world’s richest people have in Trump’s scheme? Forbes interviewed 18 billionaires from across the Americas, Europe, Asia, and Africa to assess their level of interest.

Thirteen of the billionaires—nearly three-quarters of those polled—said they would not be interested in purchasing a gold card visa, while three were on the fence. Forbes found two billionaires who said they’d seriously consider buying one.

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“If you’re a billionaire, you don’t need it,” one Canadian billionaire told Forbes. “In my opinion, there is no reason for rich people to go to this program,” added a European billionaire. “Whoever has a business idea can do it now for very cheap, so why spend $5 million?” said one Russian billionaire: “I do not understand who will pay $5 million.”

Many of the ultra-rich simply don’t think they need American citizenship and don’t want it, the Forbes report said. Some aren’t interested in moving from the countries where they built their businesses and raised their families.

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“I wouldn’t want to be a citizen of any country other than India anytime—particularly in this century,” Abhay Soi, who chairs India's second-largest listed hospital chain by revenue, told Forbes. He is one of seven Indian billionaires polled by Forbes, all of whom said they’re not interested in a gold card.

Then there are the tax implications. The U.S. is one the few nations that taxes its citizens on their income around the world, regardless of where they reside—a major drawback to obtaining citizenship, according to several billionaires polled by Forbes.

Trump said on Tuesday that gold card holders “won’t have to pay any tax on income outside of the United States,” potentially giving them a huge tax break not afforded to other visa holders or even U.S. citizens, though the details of the gold card program have not yet been released, and it remains unclear whether Trump can offer such a deal without Congressional approval. Four billionaires cited American taxes as a major concern.

As per the Forbes report, several others aren’t interested in a gold card, even if they wanted to move to the U.S., because they believe they could find another path to citizenship without the hefty price tag, including through marriage or extraordinary ability visas for highly skilled workers.