US President Donald Trump announced an ambitious $ 5 million “Gold Card” visa plan instead, providing a permanent residence and functioning authority in the US, a group of billionaires slammed the move. Announcing the plan, President Trump said that it would encourage rich people to come to America and eventually be the cause of a decrease in federal deficit.
However, according to one recently Forbes Including more than a dozen billionaires more than a dozen, about three-fourths said they would not be interested in taking advantage of the scheme.
A Russian billionaire said, “In my opinion, there is no reason for the rich people to go to the event,” a Russian billionaire said, while a Russian said: “One who has a business idea can now do it for a lot of cheap, so why spend $ 5 million? I do not understand who will pay $ 5 million.”
Abhay Soi said, “I do not want to be a citizen of any country other than India in this century.”
The US was included as the biggest hurdle in availing the scheme, citing ultra-rich tax implications. America is one of the few countries that make their citizens on their income, where they live.
While Mr. Trump said that the gold card holders “will not have to pay any tax on income outside the United States”, billionaires suspect that the decision will be approved by the Congress.
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What is a gold card visa?
The new “Gold Card” Residency permit priced at $ 5 million has been postponed as an alternative to the current green card system. The initiative set to launch in two weeks is expected to change the existing EB -5 immigrant investor visa program.
“We are going to sell a gold card. We are going to put a price on that card of about $ 5 million. It is going to give you a green card privilege, as well as it is going to be a route for (American) citizenship, and rich people are coming to our country by purchasing this card, ”Mr. Trump said at that time.
Currently, the EB-5 immigrant investor program offers green cards to foreigners who invest in American businesses and create jobs or preserve. The US President is aiming to replace the program with the new “Gold Card” scheme, which will offer equal residence rights but with a direct purchase option for rich individuals.
More information about the Gold Card program is expected to be released in the coming weeks.
