Indians are set to shock the world, especially the United States, when it comes to purchasing the exclusive US Gold Card. Many might wonder how many Indians would be willing to spend $5 million (approximately Rs 50 crore) just to acquire this elite status symbol.
However, India is not what it appears on the surface—there are countless secret billionaires and millionaires who do not come under official statistics. Many of them are politicians and their proxies, while others are real estate tycoons spread across every major Indian city, amassing vast fortunes in the hundreds and thousands of crores.
One of the strongest motivators for Indians to invest in such elite privileges is social status. In a country where prestige plays a crucial role, acquiring a US Gold Card will serve as a new benchmark for wealth and exclusivity.
This phenomenon is not new—Indians have already stunned the UAE by becoming the largest investors in its real estate market and acquiring Golden Visas in record numbers. In 2022 alone, Indians invested a staggering Rs 35,000 crore in the UAE, surpassing all other nationalities. While the UAE’s Golden Visa comes with a much lower investment (around Rs 4-5 crore), the US Gold Card is on an entirely different level and that too spending but not an investment.
However, the biggest challenge for Indian buyers will not be affordability but scrutiny. If the US government imposes strict regulations on disclosing the source of funds, many potential buyers might hesitate due to fear of investigations.
Indian authorities, particularly the Enforcement Directorate (ED) and Income Tax (IT) department, have already started scrutinizing individuals who obtained UAE’s Golden Visa. If the increased level of scrutiny is applied to those purchasing US Gold Cards, the numbers might be limited to only those willing to sever ties with India permanently.
The US Gold Card market can be influenced in a bigger way by Indian authorities by intensifying scrutiny on its citizens who are attempting to buy it and curbing their decision by legal means, if any.
Despite these challenges, India’s ultra-rich class has proven time and again that their purchasing power is unmatched. Whether for luxury brands, prime real estate, or elite status symbols, Indians buy with emotion rather than necessity.
If regulatory hurdles are minimal, the US may witness an unprecedented number of Indian buyers, far beyond their expectations. The real determinant of this market will be the stance of both US and Indian authorities in handling the wealth declarations of these high-net-worth individuals.
Well, India has a threat and opportunity here.
The threat is about losing Rs 50 crore from every high-net-worth individual intending to buy a US Gold Card.
And here is an opportunity; if the Indian government imposes a law requiring them to pay another Rs 50 crore as 'Exit Tax' to India before being allowed to buy a US Gold Card, it would be an income source for India.
What happens in such a scenario? There would still be countless Indians willing to shell out Rs 100 crore (Rs 50 crore each for the USA and India) if they truly wish to enjoy the prestige of holding a US Gold Card.
However, The Indian government cannot arbitrarily impose an extra Rs 50 crore fee on individuals for buying a foreign asset, such as a US Gold Card (which is essentially a high-net-worth investor visa).
Any such rule would need to comply with India’s Foreign Exchange Management Act (FEMA) and WTO trade regulations.
So, the probable legal measures or amendments should be placed in this region, to make HNIs free from any scrutiny to buy US Gold Visa, against earning equal tax amount.
India can introduce a one-time "Exit Tax" on individuals renouncing Indian tax residency or significantly reducing their tax liability in India due to foreign investments. This can be modeled after the 'US Expatriation Tax' or the 'UK’s Non-Domiciled Taxation Rules'.
India can amend the Income Tax Act, 1961 to introduce a special tax slab for HNIs who change their tax residency.
FEMA (Foreign Exchange Management Act, 1999) can be revised to mandate clearance of this tax before foreign remittances for residency programs.
By doing this, India may find ways to earn big through tax on US Gold Card aspirants.
A Mandatory Bond Investment can require Rs 50 crore investment in Indian bonds before permitting outbound remittances. Additionally, increasing Withholding Tax (TCS) on foreign residency-related transfers can generate revenue, while a Citizenship Contribution Fund can encourage voluntary contributions from emigrating HNIs.
Enforceable through FEMA and tax laws, these measures ensure India benefits from wealth outflows while remaining legally compliant and economically strategic.
We need to see how Indian authorities handle this demand once the US Gold Card market opens. However, before it does, they should stay alert and make the necessary amendments in line with the above suggestions.
Mallikarjun Vadrevu
