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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Missing Kerala class 10 student found dead near Chandradrona hills
Chikkamagaluru (Karnataka) (PTI): Three days after a class 10 student from Kerala went missing during a family trip to Manikyadhara Falls in the Chandradrona hill range, she was found dead on Friday, police said.
The deceased, identified as Kumari Shrinanda, had been missing since Tuesday evening after she went trekking in the Chandradrona hills, they said.
"The body has been traced, and the clothes she was wearing are intact. The body will be sent for a post-mortem, and further procedures are underway," Chikkamagaluru Superintendent of Police Jitendra Kumar Dayama told PTI.
The girl was part of a group of around 40 relatives who had travelled from Palakkad, police added.
According to police, she went missing at around 5.30 pm on Tuesday while at the falls with her family. The family searched for her until about 8 pm before informing the authorities.
After receiving the report, police and forest department personnel launched a search operation in the area. Thermal drones were deployed to locate the girl.
Disaster management teams also joined the operation.
In a separate incident in Kodagu district recently, a 36-year-old woman from Kerala went missing while trekking in the Tadiandamol hills and was later traced and reunited with her family.
