Finally, Donald Trump has opened the gates for wealthy Indians. Over the past few years, many Indians have been buying “Golden Visa” residencies in the UAE by investing around Rs 5 crore and above in Dubai real estate.
This allows them to make the UAE their home with no strings attached, and it also gives them the freedom to conduct business in the way they prefer.
For many Indians, the first choice for overseas living has always been the USA because the country promises high income in dollars and a wide range of opportunities. But for years, US immigration rules have been very stringent.
One cannot simply buy US citizenship or a Green Card by paying money. The EB-5 route existed, but it required a detailed business plan and many conditions related to running the company, paying taxes and fulfilling several regulatory requirements.
Now Trump has announced a million-dollar shortcut called the Gold Card, which can be obtained by paying 1 million US dollars. This translates to roughly Rs 9 crore, which is not a very big amount for many wealthy Indians if they wish to relocate.
It should be noted that as per some stats, Indians invested nearly Rs 35,000 crore in UAE real estate in 2022 alone and subsequently secured Golden Visas. This shows both their financial strength and their desire to live more luxuriously abroad.
With the USA now opening its doors at a price that is only about double the cost of Dubai’s offering, many Indians may choose to buy American residency through the 1 million dollar Gold Card.
This may become a major jolt for the Indian economy because many high-net-worth individuals could migrate to the USA.
It remains to be seen how India will respond and whether it will take steps to retain its wealthy citizens or risk losing them to this new American opportunity.