Billionaires uninterested in Trump’s $5 Million 'Gold Card' visa
Washington: US President Donald Trump’s newly announced Gold Card visa programme, which offers permanent residency and work authorisation for a $5 million fee, has drawn criticism from wealthy individuals.
While Trump claims the initiative will attract high-net-worth individuals and help reduce the federal deficit, many billionaires have shown little interest in the scheme. A recent Forbes poll of over 18 billionaires found that nearly 75% would not consider applying for the Gold Card visa. Critics argue that the programme lacks appeal, as wealthy individuals already have more convenient and cost-effective ways to conduct business in the US.
"There is no reason for rich people to enter this programme," a Russian billionaire remarked. Another stated, "If someone has a business idea, they can set it up for much less—so why spend $5 million?"
Indian billionaire Abhay Soi, chairman of the country’s second-largest listed hospital chain, also dismissed the idea, saying, "I wouldn’t want to be a citizen of any country other than India, especially in this century."
One of the primary reasons for the lack of interest is the US tax system. Unlike many other countries, the US taxes its citizens on global income, regardless of residency. While Trump assured that Gold Card holders "won’t have to pay tax on income earned outside the US," billionaires remain sceptical that such a provision would receive Congressional approval.
The Gold Card visa, set to launch in two weeks, aims to replace the existing EB-5 Immigrant Investor Programme, which requires applicants to invest in US businesses and create jobs. In contrast, the new initiative allows wealthy individuals to obtain residency rights simply by purchasing the visa.
"We are going to be selling a Gold Card at a price of about $5 million," Trump announced. "It will grant Green Card privileges and provide a pathway to citizenship for wealthy individuals willing to invest in America."
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Karnataka electoral roll SIR exercise to begin from June 20
Bengaluru (PTI): Karnataka will begin SIR of electoral rolls from June 20 as part of a nationwide exercise covering 16 states and three Union territories, CEO Anbu Kumar said on Friday.
The drive will cover more than 5.55 crore electors in the state, he said.
As per the schedule notified by the Election Commission (EC), preparation, training and printing activities will be carried out from June 20 to June 29 and Booth Level Officers (BLOs) will conduct house-to-house visits from June 30 to July 29.
The rationalisation of polling stations is scheduled to be completed by July 29. The draft electoral roll will be published on August 5, following which claims and objections can be filed between August 5 and September 4.
The notice phase and disposal of claims and objections will continue from August 5 to October 3, and the final electoral roll will be published on October 7, it said.
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Addressing a press conference here, CEO Kumar said that in Karnataka, the Office of the Chief Electoral Officer is fully prepared to proceed with the SIR of electoral rolls.
As part of this exercise, we have successfully mapped 86.46 per cent of our voters, he said.
"The primary objective of this entire exercise is to ensure that every eligible voter is enrolled, while simultaneously ensuring that no ineligible individuals are included in the voter list. Therefore, I seek the support and cooperation of all the voters of Karnataka, all political parties, and our friends from the media," he added.
According to the statement issued by the CEO's office, 59,050 BLOs will be involved in the SIR of the electoral roll in the state. The exercise will cover approximately 5,55,74,064 electors in the state as of May 12.
The SIR is a participative and transparent exercise involving electors, political parties and the election machinery. During the revision process, BLOs will undertake house-to-house visits for the distribution and collection of enumeration forms, the statement said.
Stating that there are currently 25,284 Booth Level Agents (BLAs) appointed by recognised political parties, the CEO urged all recognised political parties to appoint BLAs for every polling station to ensure active participation and transparency in the revision process.
Electors have been requested to cooperate with BLOs during the house-to-house distribution and collection of enumeration forms.
Further details regarding the revision process, forms and schedule will be made available on the official websites of the District Election Officers, the Chief Electoral Officer, Karnataka, and the Election Commission of India, the statement said.
