Donald Trump’s ‘Gold Card’ Visa: What It Means and Why Critics Are Concerned
U.S. President Donald Trump has unveiled a new visa program, the “Gold Card,” aimed at attracting foreign investors by offering a direct pathway to permanent residency and eventual citizenship in exchange for a $5 million fee. This initiative is intended to replace the existing EB-5 immigrant investor visa program.
The EB-5 program, established in 1990, currently requires foreign nationals to invest a minimum of $1.05 million (or $800,000 in targeted employment areas) in U.S. businesses, with the condition that the investment generates at least ten American jobs. The Gold Card, however, eliminates these job creation and investment requirements, allowing wealthy individuals to secure residency through a direct financial contribution to the government.
Gold Card Visa :- Key Details and Government Oversight
Full details of the program are expected to be released in the coming weeks. Reports suggest that the United States Citizenship and Immigration Services (USCIS) will oversee the initiative, with additional regulatory roles played by the Department of State and the Department of Commerce. The Gold Card is expected to have significantly shorter processing times than the EB-5 program, making it a more attractive option for high-net-worth individuals seeking U.S. residency.
Support and Criticism
Proponents of the Gold Card argue that a simplified, transparent route to U.S. residency will encourage investment, potentially boosting the economy through increased spending by affluent individuals. However, the program has sparked criticism from those who believe it prioritizes financial privilege over a merit-based immigration system.
Critics argue that selling U.S. residency undermines the integrity of the immigration process. Additionally, the absence of a job creation requirement raises concerns that wealthy investors could gain residency without contributing to the broader economy. Some also worry that the program could become a tool for money laundering or foreign influence.
Challenges and Indian Perspective
Before being implemented, the Gold Card proposal would need approval from Congress, making its future uncertain. For Indian investors, the program’s appeal remains unclear. In the 2023 financial year, only 631 Indians obtained U.S. Green Cards through the EB-5 program. Given that the new scheme demands a financial commitment of $5 million more than five times the EB-5 threshold, equating to over ₹43 crore it remains to be seen whether significant numbers of Indian applicants would find it viable.
