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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PM Modi to flag off Meerut Metro, Namo Bharat train on Feb 22
New Delhi (PTI): Prime Minister Narendra Modi on Sunday will visit Meerut and flag off the Meerut Metro and Namo Bharat train at Shatabdi Nagar Namo Bharat station in the western Uttar Pradesh town.
From there, the prime minister will undertake a metro ride till Meerut South station and at around 1 pm, he will inaugurate and dedicate to the nation various development projects worth around Rs 12,930 crore in Meerut.
Modi will also address the gathering on the occasion, said a statement issued by the Prime Minister's Office.
The prime minister will dedicate to the nation the entire 82 Km Delhi–Meerut Namo Bharat corridor. He will inaugurate the remaining sections of India's first Namo Bharat Regional Rapid Transit System (RRTS), which include the 5 km section between Sarai Kale Khan and New Ashok Nagar in Delhi and the 21 km section between Meerut South and Modipuram in Uttar Pradesh.
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With a design speed of 180 km per hour, Namo Bharat is India's first regional rapid transit system. It will connect major urban centres such as Sahibabad, Ghaziabad, Modinagar and Meerut with Delhi at a faster pace, the statement said.
The Sarai Kale Khan, the originating station of the corridor, is one of the four Namo Bharat stations to be commissioned with this inauguration.
It is strategically located as a major multi-modal hub, seamlessly connecting Hazrat Nizamuddin railway station, Delhi Metro's pink line, Veer Haqeeqat Rai ISBT, and the ring road. The other three Namo Bharat stations, Shatabdi Nagar, Begumpul and Modipuram, being commissioned are in Meerut.
The prime minister will also inaugurate the Meerut Metro services between Meerut South and Modipuram, operating on the same infrastructure as Namo Bharat, in a first-of-its-kind initiative in the country.
The Meerut Metro will be India's fastest metro system with a maximum operational speed of around 120 kmph. The metro will cover the entire stretch in just 30 minutes, with all scheduled stoppages en route.
This seamless integration of Namo Bharat and Meerut Metro on the same infrastructure will ensure high-speed intercity travel and swift intra-city movement, setting a benchmark for integrated urban and regional transit in India. It will decongest road traffic and consequently lead to a significant reduction in vehicular carbon dioxide emissions.
These projects will provide further impetus to the prime minister's vision of transforming urban mobility and ensuring seamless, efficient, modern and sustainable public transport systems that improve ease of living for citizens, the statement said.
