Donald Trump's $5 million 'gold card' visa: Implications for Indian citizens

 

Donald Trump's $5 million 'gold card' visa: Implications for Indian citizens

Donald Trump has introduced a new $5 million visa, referred to as a gold card, which is set to take the place of the EB-5 visa. This announcement has sparked worries among Indian individuals in line for green cards.

On Tuesday, US President Donald Trump revealed his intention to provide a "gold card" visa that includes a route to citizenship for a fee of $5 million, discontinuing the long-standing EB-5 visa program designed for investors. This decision has caused apprehension for Indian nationals who are currently awaiting US green cards. 

What does the 'gold card' visa entail? In what ways does it differ from the green card? 

Commerce Secretary Howard Lutnick stated that the "Trump Gold Card" would be launched to supersede EB-5 visas in a fortnight. The EB-5 program was established by Congress in 1990 with the goal of attracting foreign investments and is accessible to individuals willing to invest around $1 million in a business that generates at least 10 jobs. 

Lutnick mentioned that the gold card—actually a type of green card signifying permanent legal residency—would increase the entry cost for investors while eliminating fraud and "nonsense," which he attributed to the EB-5 program. Similar to other green cards, it would offer a pathway to American citizenship.

Donald Trump did not discuss any conditions regarding job creation. Additionally, although there is a limit on the number of EB-5 visas issued, Trump speculated that the federal government could potentially sell 10 million "gold cards" as a means to alleviate the national deficit, stating it “could be great, perhaps even fantastic.”