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.”
Gold prices are no longer being watched only at home but across global markets, as sudden and unexpected swings keep investors on edge. Addressing the volatility, Finance Minister Nirmala Sitharaman stated that a deepening uncertainty in international markets is driving the fluctuations. Speaking to reporters on Monday, she pointed to rising anxiety among investors in global commodity trade, explaining that unstable conditions worldwide have eroded confidence in individual currencies. As a result, many investors are turning to gold as a haven, a shift she said is naturally fuelling the sharp ups and downs in gold prices.
According to data from the Multi-Commodity Exchange (MCX), gold prices slipped slightly on Monday evening. Compared to the previous session’s closing rate, the price of ten grams of gold declined by around Rs 280, marking a fall of less than 1%. Market experts note that daily price movements are largely driven by international trends. Due to this volatility, many buyers are adopting a wait-and-watch approach.
Over the past five days, gold prices in India’s spot market have fallen sharply. On January 29, the price of ten grams of gold stood above Rs 1.7 lakh, but it has now dropped to nearly Rs 1.4 lakh. This represents a decline of over 13% in just five days, a shift that has caught regular buyers by surprise. For investors hoping for substantial gains, the sudden drop has served as a cautionary signal.
Responding to questions on the Union Budget, the Finance Minister said that investment remains the primary driver of sustained economic growth. She noted that the government is prioritising sectors that generate employment and is strengthening the economy through reforms aimed at long-term outcomes. While increasing public investment, she said, the government continues to follow disciplined fiscal policies. The overarching goal, she added, is to ensure that growth is inclusive and that every citizen becomes a stakeholder in the nation’s development.
Nirmala Sitharaman expressed confidence that India is steadily progressing towards becoming a developed nation. She stated that as a growing economy, India must play a significant role in global trade and is actively working to boost exports by integrating with international markets. She also clarified that efforts are underway to make domestic markets resilient enough to compete globally.
She further explained the decision to raise the Securities Transaction Tax (STT) in the Futures and Options segment. According to her, the move is aimed at discouraging uninformed, gambling-like participation in derivative trading. The government, she said, has taken these steps to protect small and retail investors from potential losses and to maintain overall market stability.
The Finance Minister also revealed that the disinvestment process of public sector enterprises is progressing swiftly. She said this would encourage greater public participation in government-owned companies and allow more efficient use of financial resources to fund development projects. Through transparent policies, the central government aims to maximise the value of public assets, a move she believes will yield long-term financial benefits for the country.
She concluded by stating that global economic conditions are clearly influencing domestic markets, and while price fluctuations are inevitable, the government’s reforms will help bring stability. She advised investors to avoid hasty decisions and to carefully assess market conditions before acting, adding that every reform undertaken to strengthen the economy is a step towards a developed India.
Business
Trade deal done, says Trump; PM Modi thanks him for cutting tariff to 18% – The Times of India
NEW DELHI/ WASHINGTON: After months of bruising trade tensions, India and the US on Monday announced a bilateral trade deal that will see Washington slash additional tariffs on Indian imports to 18%, from the current 50%, making it more competitive for textiles, leather and seafood exporters.While PM Narendra Modi, in a post on X, which followed US President Donald Trump’s announcement on Truth Social, said he had a wonderful conversation with “dear friend” Trump and thanked him on behalf of 1.4 billion people for the reduced tariff of 18% on Indian goods, he did not mention the trade deal at all in his post on X that followed Trump’s “wonderful” announcement.
PM Modi and Trump
Modi also did not comment on Trump’s claim that in their conversation the PM had agreed to stop buying Russian oil and purchase much more energy from the US, and potentially Venezuela. Trump had said Modi had agreed to stop buying Russian oil and to buy much more from the US — $500 billion of energy, technology and farm products — a step that the President claimed would help end the war in Ukraine.According to the American President, Modi also agreed to bring down tariff and non-tariff barriers against the US to zero. A US embassy spokesperson confirmed that the final tariff now on India is 18%, down from the earlier 50%. This is a better deal for India than countries such Vietnam, Bangladesh, Indonesia, South Korea and China, which face higher tariffs. The Trump-Modi conversation coincided with the visit of EAM S Jaishankar to US for a critical minerals ministerial that will be chaired by Secretary of State Marco Rubio this week.The announcement came six days after India and the EU announced the completion of talks for a comprehensive trade agreement.Trump leadership vitalfor global peace: ModiThe deal had drawn sharp comments from some members of the Trump administration, including attacks on the EU.In his X post, PM said, “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation”. He added that Trump’s leadership was vital for global peace, stability, and prosperity. India fully supports his efforts for peace. Modi said he was looking forward to working closely with Trump to take the partnership to unprecedented heights.Apart from reciprocal tariff, Trump had announced an additional 25% tariff on India for its purchase of Russian oil.Trump said the US had agreed to the trade deal with India out of friendship and respect for Modi, and at the latter’s request. “Our amazing relationship with India will be even stronger going forward. PM Modi and I are two people that GET THINGS DONE, something that cannot be said for mos,” he added.Trump in his social media post also said that it was an honour to speak with Modi whom he described as “one of my greatest friends and, a Powerful and Respected Leader of his Country”.
Ties set to get boost
While the US had acknowledged in past few months that India had cut down its Russian purchase, it had not eliminated the additional tariff.Trump also said, “We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the US and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!”Following the announcement last week of the successful conclusion of FTA negotiations with EU, India had suggested that India and US might be close to finalising the trade agreement they have been discussing since Feb last year.Trump’s disclosure of the trade deal was preceded by two India-related posts a few hours before, one of which featured him and Modi on a magazine cover with the caption “The Mover and the Shaker”. Another post featured New Delhi’s India Gate, which Trump called “India’s beautiful Triumphal Arch” and said, “Ours will be the greatest of them all!” — referring to a similar monument he wants to build in Washington DC.
New Delhi: Union Finance Minister Nirmala Sitharaman delivered presented the Budget 2026 on February 1 in Parliament. At first glance, the announcements seemed limited in impact for the average citizen. Closer analysis, however, reveals several changes that could have consequences across investment, property, digital assets and overseas remittances.
The tax slabs were not changed, but multiple announcements received attention for their long-term effects. One of the changes affects Sovereign Gold Bonds. The government removed the capital gains tax exemption on bonds purchased from secondary markets. Investors will now receive tax benefits only if the bonds were bought directly from the Reserve Bank of India during the primary issuance and held until maturity. Bonds purchased on exchanges and held beyond April 1, 2026, will attract tax on gains.
Another major announcement targets derivatives trading. The government increased the Securities Transaction Tax on futures and options. Futures transactions will now attract a 0.05 percent STT instead of 0.02 percent, while options will see the rate rise to 0.15 percent from 0.10 percent. This change increases the cost of each transaction and directly impacts profits on trading.
The budget also eased property purchase procedures for non-resident Indians (NRIs). Indian buyers acquiring property from NRIs no longer need a separate Tax Deduction and Collection Account Number (TAN) for Tax Deducted at Source (TDS) payments. They can use their PAN number, similar to property purchases from domestic sellers. This simplification reduces paperwork and makes transactions smoother.
Cryptocurrency regulations were tightened. From April 1, 2026, failing to provide accurate crypto transaction information will result in a daily penalty of Rs 200. Providing incorrect data without correcting it can attract fines up to Rs 50,000. This move aims to ensure proper reporting and compliance for digital assets.
Overseas education and medical remittances received relief. The Tax Collected at Source (TCS) on funds sent under the Liberalised Remittance Scheme for education and medical needs exceeding Rs 10 lakh has been reduced from 5 percent to 2 percent. This measure lowers costs for students and patients sending funds abroad.
The TCS is collected by banks or authorised dealers when sending money abroad and is adjusted against the total tax liability during income tax filing. Excess payments are refunded. The Liberalised Remittance Scheme allows Indian residents to send up to $2.5 lakh per year for different purposes, including education, medical treatment, travel, gifts or foreign investment.
These five changes in Union Budget 2026 introduce new rules for gold bonds, derivatives, property purchases from NRIs, cryptocurrencies and foreign remittances. Each announcement has the potential to affect citizens and investors in meaningful ways, highlighting the government’s evolving focus on financial regulation, investment and cross-border transactions.
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