The high cost of the US Gold Card visa scheme, which was recently announced by United States of America's President Donald Trump, makes it impractical for Indians, according to Rishabh Shroff, a partner at Cyril Amarchand Mangaldas.

“It’s incredibly expensive. What was USD 800,000 a few months ago is now Rs 43 crore. So, I think just the absolute number has a bit of sticker shock to it," Shroff said, speaking at the recent India Today Conclave.

Other residency programmes in countries like Malta offer similar benefits for a lower cost, he noted.

"You can get the same thing in Malta for USD 650,000. Why would you pay USD 5 million for essentially the same level of access?” he asked.

He pointed out that the scheme would only make sense for individuals and families who want to reside and do business in the USA.

“If you’re just an Indian businessman with a foreign passport, it doesn’t make economic sense to get a US Gold Card. I don’t see many opting for it, though some families may consider it," he explained.

Last month, US President Trump unveiled plans for a Trump Gold Card, which he described as a way for immigrants to obtain US residency permits for a cost of USD 5 million (Rs 43.54 crore).

The new plan is scheduled to replace the 35-year-old EB-5 visa programme, which offers US residency to foreign investors who invest at least USD 1 million in American companies.

Unlike the EB-5, which requires investment in job-creating ventures, the Gold Card programme appears to be primarily concerned with direct payments to the US government, India Today reports.