Former U.S. President Donald Trump has announced an ambitious plan to attract wealthy investors by offering U.S. residency and citizenship through a new $5 million “Gold Card” visa. Although the move intends to attract more foreign capital and economic activity, the outcome could exacerbate the difficulties for knowledgeable Indian professionals currently waiting in line for long green cards.
The ‘Gold Card’ Visa: A New Route to U.S. Citizenship
On Wednesday, Trump unveiled the “Gold Card” visa as an alternative to the existing EB-5 visa program, which has been in place for over 35 years. According to this plan, it is possible to obtain a U.S. green card (for just) by paying a relatively astronomical sum of money between $5 million (around ₹43.54 crore).
Trump, after all, built his career on business, and stated that this proposal would draw in high-net-worth people, many of whom would be able to help the U.S. economy. The wealthy are coming to our country by purchasing this card, etc. They’ll be successful, they’ll be shelling out lots of money, paying a lot of taxes and employing many people, he said.
The rollout of the program is anticipated to begin as soon as April, with an estimated 10 million of these visas on offer initially.
How Is the Gold Card Different from the EB-5 Visa?
As the following way, the suggested Gold card visa is very different from the current EB-5 program.
- Higher Financial Requirement: The EB-5 program mandates that foreign investors invest in a U.S. business between 800,000 and 1,050,000 and must demonstrate job creation. By contrast, the Gold Card visa requires a fixed $5 million charge but does not involve an investment or creation of employment requirements.
- Faster and Simpler Process: Although EB-5 applicants have to wait 5–7 years before receiving a green card, the Gold Card visa offers a much faster exit from the U.S.
- No Job Creation Requirement: Diff erently from EB-5, which requires the development of a minimum of 10 jobs, the Gold Card visa does not impose this requirement, so the application work for investors is a breeze.
These variations give the Gold Card visa an ultra-high-end value to ultra-high-net-worth-individuals, excluding/weeded-out the middle-tier investors previously eligible through the EB-5 program.
Impact on Indian Applicants
The launching of the Gold Card visa will definitely hold a high relevance for Indian nationals, especially with the professional backgrounds of skilled professionals in the U.S.
- The cost of $5 million is such that the Gold Card visa is only available to India’s high-net-worth business tycoons. Instead, highly skilled workers – on H-1B visas, who depend on their employer for green cards) may find this route financially out of reach.
- Indian professionals currently experience waiting for green cards for several decades as well due to country-based limits. The introduction of the Gold Card visa does not address this backlog, making permanent residency even more difficult for middle-class immigrants.
- Stricter Payment Terms: In contrast to the EB-5 program, the Gold Card visa requires cash payment without use of loans or a pooled investment, thereby also restricting the appeal to most most potential applicants.
The H-1B visa continues to be the preferred mode of employment and immigration to the United States for Indians. Although individuals on H-1B visas are able to apply for the Gold Card, they are bound by the financial requirement, which is unaffordable most of the time.
Political and Economic Implications
Trump’s Gold Card visa scheme is consistent with his overall immigration policy, which favour high net worth individuals over skilled workers. Although the initiative would be expected to attract elite investors, it has been pointed out that it defaces the merit-based immigration system.
Furthermore, the campaign has the potential to reignite debate about whether the U.S. is “selling” citizenship to the highest bidder, whereas highly skilled workers who help the economy for years are remaining entangled in bureaucratic limbo.
Conclusion
Trump’s proposed Gold Card visa is a very profitable avenue for high-level affluent persons wishing to obtain U.S. residency, but it will not help address the issues of skilled Indian professionals. At a steep $5 million cost and with heavy payment stipulations, this program is still beyond reach for most immigrants, which perpetuates the barrier between wealth-driven and merit-driven immigration policy.
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