Business
Trump’s ‘Gold Card’ defines wealth as an ‘extraordinary ability.’ Immigration experts say it raises questions
President Donald Trump’s new “Gold Card” visa program uses a novel definition of wealth as a job skill to allow the overseas wealthy to bypass immigration rules and secure citizenship, according to immigration attorneys.
Trump last week announced the start of applications for the “Trump Gold Card,” a new investment visa for foreign nationals. In exchange for $1 million and a $15,000 processing fee, “Gold Card” applicants will get full-time residency in the U.S. in “record time,” according to the program’s website. The website also offers a “Corporate Gold Card,” allowing companies to pay $2 million to secure a “Gold Card” for an employee, and a “Platinum Card,” which offers special tax benefits and may eventually be offered for $5 million.
Only Congress can set immigration policy, meaning the president doesn’t have the power to create or destroy a visa program. So to create the “Gold Card,” Trump is effectively adding a new fee model to two existing programs – known as EB-1 and EB-2 – experts explained to CNBC.
The EB-1 and EB-2 programs are both employment-based programs aimed at attracting award-winning or celebrated professionals. The EB-1 program, nicknamed the “Einstein Visa,” is aimed at those with “extraordinary abilities” – such as scientists, artists, entrepreneurs, athletes and professors who have achieved “sustained international or national acclaim.”
The EB-2 is for researchers, scientists and others whose skills are useful to help solve national problems, like a leading cancer researcher developing new treatments, or a top energy scientist who can help expand the power grid.
White House officials say that the $1 million payment is proof that “Gold Card” holders are successful business people who meet the requirements for exceptional abilities. Anyone with $1 million to spend on a visa is likely to be a productive addition to the American economy and society, they say. Entrepreneurs who started companies overseas can come to the U.S. to expand or start new ventures, creating more jobs. Spending by the “Gold Card” wealthy is also expected to help real estate, the service economy and other industries.
“Why shouldn’t we expedite the people who are willing to step up, to give the United States $1 million,” Commerce Secretary Howard Lutnick told CNBC last week. “Let’s bring in the top of the top, the best. Why should we take people who are below average?”
Immigration attorneys, however, say that replacing highly skilled or celebrated talents with foreign nationals whose sole qualification is writing a $1 million check distorts the intent of the EB-1 and EB-2 programs. Not everyone with $1 million payment is a high-achieving businessperson or entrepreneur, they say. Some may have borrowed the money from friends, family or a lender. Others may have inherited their fortunes but have scant job skills.
“Having $1 million has nothing to do with your value as a person of extraordinary ability,” said Emily Neumann, an immigration attorney with Reddy Neumann Brown PC. “It doesn’t mean you are able to provide value to the United States of America. These categories were supposed to be reserved for people who can foster innovation and contribute to the economy and create jobs. There is no requirement that “Gold Card” holders have a track record of any of those things, just because they happen to have $1 million.”
While “Gold Card” applicants can’t legally skip the current waiting line for EB-1 and EB-2 holders, some attorneys fear the White House will give “Gold Card” applicants priority. Neumann said she has an Indian client who’s a leading expert in artificial intelligence and machine learning and is working on AI applications for doctors to better diagnose patients. He’s approved for the EB-1 but is still waiting on a green card, which could take years.
“They’re using up a limited number of green cards meant for people who have done wonderful things,” she said. “It’s a very different standard.”
Using the EB-1 and EB-2 programs for the “Gold Card” program has created other potential hurdles. While Trump has said he would sell “millions” of “Gold Cards,” and Lutnick said sales could raise $1 trillion in revenue, the two programs are capped at around 28,000 a year. Individual countries are capped at 7% of the total, which is why the the waiting list for E-1 and E-2 applications from India and China already extends for several years.
Immigration attorneys say India and China would be largest sources of demand for “Gold Cards.” Yet because of the waiting lists, few are likely to apply.
“If ‘Gold Card’ holders will be allowed to jump the queue, there will likely be lawsuits from those currently on the wait list,” said Reaz Jafri, an immigration attorney with the international law firm Withers. “And if not, who will want to pay the $1 million and then wait for three years?”
The unanswered questions and legal risks surrounding the “Gold Card” have caused potential buyers to hold off on applying, attorneys say. Dominic Volek, group head of private clients at Henley & Partners, said a number of his clients in Taiwan, Vietnam and Singapore are interested in the “Gold Card” but are waiting for proof that the program works.
Some are also worried about paying the $1 million and then having their visas overturned by a court or a future Democratic administration.
“They want to see the dust settle and see if there are any major legal challenges,” Volek said.
Another concern is the structure of the fee. While some national investment visas are more expensive – such as Singapore’s at nearly $8 million or New Zealand’s at nearly $3 million – they’re structured as investments rather than non-refundable payments. Without an explicit guarantee of a green card, the overseas wealthy are reluctant to pay the $1 million.
“It’s not clear if you make the payment once it’s approved or you provide the payment as evidence, or if it’s kept in escrow during the process,” Jafri said. “They haven’t addressed so many basic questions.”
Proof of funds is proving to be another hurdle for the overseas wealthy. In order to screen for money laundering or criminal activity, the U.S. government typically requires proof that the $1 million fee didn’t come from illegal or illicit sources. Many potential applicants from Asia, Africa and the Middle East are already balking at the demands, since financial documentation is not as thorough.
“The biggest sticking point for a lot of clients is being able to document the source of money,” Jafri said. “In certain parts of the world it’s not so easy to document.”
Business
Sensex Gains 2,072 Points, Nifty Above 25,700; US-India Trade Deal Among Key Factors Behind Rally
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Indian benchmark indices staged a powerful rally, with the Nifty and Sensex surging up to 4.7% and 4.4% respectively; Know key reasons
Nifty50
Indian benchmark indices staged a powerful rally, with the Nifty and Sensex surging up to 4.7% and 4.4%, respectively, marking one of their strongest single-day advances. The sharp upswing followed the announcement of a long-awaited India–US trade agreement, which helped ease tariff-related worries that had weighed on domestic equities for months.
The benchmark BSE Sensex ended 2072.67 points higher or 2.54% to end at 83,739.13. The Nifty 50 climbed 639.15 points, or 2.55%, to end at 25,727.55 during the session.
Earlier in the day, the BSE Sensex jumped 5.1% during the session to hit an intraday peak of 85,871.73. Meanwhile, the Nifty 50 advanced by 1,252 points, or 5%, climbing to 26,341.2 as buying intensified across the board.
The sharp move also led to a massive rise in investor wealth. The combined market capitalisation of BSE-listed companies increased to Rs 467.35 lakh crore from ₹455 lakh crore in the previous session, translating into a gain of more than Rs 12.5 lakh crore in a single day as participation broadened across sectors.
Highlighting the reasons that are fueling the Indian stock market today, Santosh Meena, Head of Research at Swastika Investmart, said, “The Indian stock market today is in a bull trend due to the announcement of the India-US trade deal. The much-awaited trade deal has the potential to significantly improve sentiment across markets and among FIIs. After a strong gap-up opening during the Opening Bell, the possibility of the Nifty 50 index hitting fresh all-time highs in the near term cannot be ruled out. The Indian rupee is also expected to strengthen meaningfully.”
On segments that may benefit in upcoming sessions after the India-US trade deal, Santosh Meena of Swastika Investmart, said, “Export-oriented sectors are likely to be the key beneficiaries—textiles and apparel, gems & jewellery, leather, marine/seafood (shrimp), auto ancillaries, engineering goods, speciality chemicals, and select electronics and consumer goods. Pharma and IT/services may also witness an indirect sentiment boost.”
What’s driving the rally
India–US trade deal
After prolonged negotiations, India and the US sealed a trade agreement under which Washington cut reciprocal tariffs on Indian goods to 18% from 50%. In return, India will reduce tariffs and non-tariff barriers on American products. The breakthrough removes a major uncertainty that had kept foreign investors cautious and contributed to Indian equities’ underperformance. Through January, the Nifty had slumped over 1,000 points at its worst, even as foreign portfolio investors sold heavily.
Rupee strength adds comfort
A stronger rupee also supported sentiment, easing some pressure from global volatility. The currency opened at 90.40 against the dollar versus its previous close. Analysts believe the combined effect of the India–US deal, progress on the EU trade front and a growth-focused Budget could lift sentiment and revive risk appetite across markets.
FII short covering
Short covering by foreign institutional investors amplified the rebound. With bearish positions estimated to be close to 90%, traders rushed to unwind shorts as indices rebounded from oversold levels and the Nifty reclaimed the 26,000 mark. Anand James, Chief Market Strategist at Geojit Investments, said a sustained move above 25,000 opens the door to 25,800 and possibly 26,200, though failure to hold above 25,800 could trigger consolidation toward the 25,430–25,340 zone.
Heavyweights power gains
Large-cap stocks led from the front. Reliance Industries climbed nearly 4%, while Adani Ports surged about 8%, giving strong momentum to the benchmarks. HDFC Bank, L&T, Bajaj Finance, ICICI Bank, Infosys and Eternal gained up to 5%. Optimism around the Union Budget 2026’s capital expenditure push further strengthened expectations of better order flows.
Buzz for strong quarterly numbers
On how the India-US trade deal may benefit the Indian stock market in the medium to long term, Seema Srivastava, Senior Research Analyst at SMC Global Securities, said, “The India-US deal is expected to benefit export-oriented companies, especially the auto, IT, textile, pharma, gems and jewellery. So, companies from these segments are expected to report strong quarterly numbers in the upcoming quarters.” She said that the market would try to discount that buzz much before the companies start reporting such robust quarterly numbers.
Supportive global cues
Global markets also offered tailwinds. The Dow Jones rose roughly 515 points (1.05%), the S&P 500 gained 0.5%, and the Nasdaq advanced about 0.6%. Asian equities rallied, with Japan’s Nikkei jumping around 3% and South Korea’s Kospi soaring over 5%. Hong Kong’s Hang Seng and China’s CSI 300 posted modest gains, while Australia’s S&P/ASX 200 climbed 1.3% after the Reserve Bank of Australia raised its policy rate by 25 basis points to 3.85%, its first hike since November 2023.
Stocks to buy after India-US trade deal
On stocks to buy in the wake of the India-US trade deal and the reduction of Trump’s tariffs on India, Anuj Gupta, a SEBI-registered market expert, recommended 21 stocks to buy today from the auto, IT, pharma, textile, and defence sectors.
Pharma: Aurobindo Pharma, Cipla, and Glenmark Pharmaceuticals.
Defence: BEL, HAL, and Cochin Shipyard.
IT: TechM, HCL Tech, Wipro, and Infosys.
Textile: Trident and Welspun Living.
Auto and Auto Ancillary: Eicher Motors, Tata Motors, TVS Motor, Bajaj Auto, JBM Auto, Bosch, Amara Raja, and Exide Industries.
February 03, 2026, 11:30 IST
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Mumbai: Hyundai Motor India Limited on Monday reported a solid performance in the third quarter (Q3) of FY26, with its consolidated net profit rising 6.3 per cent year-on-year to Rs 1,234.4 crore. The growth was supported by steady demand in the domestic market, strong export numbers and higher sales during the festive season, the company said in its stock exchange filing.
Revenue from operations during the quarter increased 8 percent compared to last year to Rs 17,973.5 crore. Operating performance also improved, with EBITDA rising 7.6 percent year-on-year to Rs 2,018.3 crore. The EBITDA margin stood at 11.2 percent, remaining broadly stable compared to the same period last financial year.
The company said domestic demand during the quarter benefited from GST 2.0-related advantages and festive-season momentum.
Wholesale volumes rose 5 per cent sequentially, supported by strong retail sales across key models.
Exports played an important role in overall growth, with export volumes jumping 21 per cent year-on-year in the December quarter.
Exports contributed around 25 per cent to Hyundai Motor India’s total sales during the period.
On the product front, the Creta once again emerged as a key growth driver. The SUV reclaimed its position as India’s best-selling SUV and achieved its highest-ever annual sales of more than 2 lakh units in calendar year 2025.
The newly launched Venue also saw healthy demand, with nearly 80,000 bookings so far. The company said first-time buyers accounted for 48 per cent of the total bookings for the model.
For the nine months ended December 31, 2025, Hyundai Motor India reported EBITDA of Rs 6,632.5 crore, marking a year-on-year growth of 3.3 per cent.
EBITDA margins expanded to 12.8 per cent despite higher costs related to capacity stabilisation and commodity prices. Net profit for the nine-month period rose to Rs 4,175.9 crore.
Commenting on the results, Managing Director and CEO Tarun Garg said the company delivered healthy growth in volumes, revenue and profitability during the quarter.
He added that an improved sales mix and disciplined cost management helped support margins on a year-to-date basis.
Garg also highlighted strong sales in January 2026 as a positive sign for the rest of the financial year.
Indian industry has welcomed lower tariffs, but experts caution against celebration until details are clearer.
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Sensex Gains 2,072 Points, Nifty Above 25,700; US-India Trade Deal Among Key Factors Behind Rally
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