Days after US President Donald Trump announced his $5 million "gold card" visa scheme, aimed at attracting wealthy immigrants to the US while reducing the federal deficit, the proposal has faced sharp criticism from billionaires worldwide.
According to a recent Forbes poll involving over 18 billionaires, nearly three-quarters expressed no interest in the scheme.
"In my opinion, there is no reason for rich people to go through this program," said a Russian billionaire. Another added, "Whoever has a business idea can do it now for very cheap, so why spend $5 million? I don’t understand who will pay that amount."
Indian billionaire Abhay Soi, who chairs the country’s second-largest listed hospital chain, dismissed the idea outright:
"I wouldn’t want to be a citizen of any country other than India—especially in this century."
The ultra-rich cited US tax policies as a major deterrent. Unlike most countries, the US taxes its citizens on their worldwide income, regardless of where they reside.
While Trump assured that gold card holders "won't have to pay any tax on income outside of the US," many billionaires remain skeptical that such a proposal would gain Congressional approval.
What Is the Gold Card Visa?
The new "gold card" residency permit, priced at $5 million, is being pitched as an alternative to the existing green card system. The program is expected to launch in two weeks, replacing the current EB-5 immigrant investor visa program.
"We are going to be selling a Gold Card. We are putting a price of about $5 million on it. It will provide Green Card privileges, a pathway to (American) citizenship, and attract wealthy people to our country," Trump stated.
Currently, the EB-5 Immigrant Investor Program grants green cards to foreigners who invest in US businesses and create or preserve jobs. The new gold card scheme aims to offer similar residency rights but with a direct purchase option for the ultra-rich.
Further details about the gold card visa are expected to be released in the coming weeks.
