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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Drug peddler's property worth Rs 1 crore attached in Srinagar
Srinagar (PTI): Property worth Rs 1 crore belonging to a notorious drug peddler was on Saturday attached in Jammu and Kashmir's Srinagar, police said.
A double-storey house on eight marlas of land situated at Wantpora Eidgah, belonging to Basit Bilal Dar, a notorious drug peddler, valued at approximately Rs 1 crore, a police spokesperson said.
He said Dar is involved in two cases registered under various sections of the NDPS Act.
During investigation, it was established that the accused had acquired the said property through illicit proceeds generated from drug trafficking activities, the spokesperson said.
Consequently, the property was attached under the provisions of the NDPS Act. The attachment proceedings were conducted in the presence of the two independent witnesses, strictly in accordance with the prescribed legal procedures, he said.
As per the attachment order, the owner has been restrained from selling, leasing, transferring, altering, or creating any third-party interest in the property till further orders, the spokesperson added.
