Trump's $5 million 'gold card' visa receives criticism from billionaires
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US President Donald Trump’s newly announced Gold Card visa program, which offers permanent residency and work authorisation for a $5 million fee, has sparked criticism from wealthy individuals.
While Trump claims the initiative will attract high-net-worth individuals and help reduce the federal deficit, many billionaires have expressed little interest in the scheme.
A recent Forbes poll of over 18 billionaires revealed that nearly 75% would not consider applying for the Gold Card visa. Critics argue that the program lacks appeal, as wealthy individuals already have easier, more affordable pathways to conduct business in the US.
"There is no reason for rich people to enter this program," said a Russian billionaire. Another added, "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 the ultra-rich are rejecting the Gold Card visa is the US tax system. Unlike many other countries, the US taxes its citizens on their global income, regardless of where they live. While Trump assured that Gold Card holders "won’t have to pay tax on income earned outside the US," billionaires remain skeptical that such a provision would receive Congressional approval.
Trump’s new residency initiative, set to launch in two weeks, aims to replace the existing EB-5 Immigrant Investor Program. Unlike the EB-5 visa, which requires applicants to invest in US businesses and create jobs, the Gold Card 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 said while announcing the scheme. "It will grant Green Card privileges and provide a pathway to citizenship for wealthy individuals willing to invest in America."
More details about the program are expected to be revealed in the coming weeks.