U.S. President Donald Trump is vigorously pursuing the return of illegal immigrants to their countries, having launched a concerted campaign for this purpose. Meanwhile, Trump has introduced an enticing offer for the wealthy, allowing them to acquire American citizenship by making a substantial financial commitment. For those eager to fulfill their American dream, a hefty expenditure of $5 million (or 430 million Rupees) is requisite. Should Trump's plan come to fruition, it could compound the challenges faced by Indian professionals long-awaiting green cards.
Focus on Investment and Job Creation
On Wednesday, President Trump unveiled the 'Trump Gold Card' initiative. He announced that immigrants could obtain a U.S. residency permit by paying a $5 million fee. This plan is set to replace the existing 35-year-old EB-5 visa program, which grants visas to foreigners investing a minimum of one million dollars in American businesses.
Trump's plan is projected to be effective by April, potentially issuing approximately 10 million Gold Card visas initially. Trump indicated that affluent individuals purchasing this card will grace our nation with prosperity as they invest generously, contribute significantly to taxes, and pave the way for employment opportunities.
How Different Is the Gold Card from EB-5?
The two visa options have substantial differences. The existing EB-5 program requires foreign investors to contribute between $800,000 and $1 million to U.S. businesses and generate at least 10 new jobs. Furthermore, obtaining a green card involves a waiting period of 5-7 years. Initiated in 1990 to attract foreign investment, the program has faced allegations of misuse and fraud over recent years.
Also read: Acquire U.S. Citizenship with a $5 Million 'Gold Card': Opportunities and Risks in Trump's Announcement
The 'Gold Card' visa plan has quintupled the fee to $5 million. This steep price tag renders it beyond the reach of middle-class investors, although it’s touted as the fastest and simplest path to American citizenship. The requirement to create jobs has been removed, simplifying the visa process.
Impact on Indians
The $5 million price tag implies that only India’s super-rich and major business players can afford this easier path to U.S. residency. This could exacerbate the struggles of skilled professionals already enduring lengthy waits for green cards—delays that, in some cases, can extend for decades.
Additionally, EB-5 applicants can secure loans or raise funds, unlike the Gold Card visa, which necessitates full cash payment, placing it beyond the reach of a broad segment of Indians. The H-1B work visa remains the preferred option for Indians. Those on H-1B visas can apply for the Gold Card, provided they have the means to pay the $5 million fee.
