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Trump’s ‘Gold Card’ US Visa
Context:
U.S. President Donald Trump has announced a new “Gold Card” visa program for foreign investors seeking permanent residency and citizenship in the United States. The program is set to replace the existing EB-5 immigrant investor visa and is expected to launch with more details in two weeks.
Key Features of the Gold Card Visa
- Direct Purchase of Green Card: Unlike the EB-5 visa, which requires investment in U.S. businesses, the Gold Card allows direct purchase of a Green Card for $5 million.
- Pathway to U.S. Citizenship: The program grants Green Card privileges and serves as a route to American citizenship.
- Faster Processing Times: To encourage participation, the program is expected to have shorter processing times compared to existing visa categories.
- Administered by USCIS & Other Agencies: The United States Citizenship and Immigration Services (USCIS) will likely oversee the program, with the Department of State and the Department of Commerce managing aspects related to investments.
Comparison: EB-5 vs. Gold Card Visa
- EB-5 Visa Program (1990 – Present)
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- Requires a minimum investment of $1.05 million (or $800,000 in targeted employment areas).
- Investment must create at least 10 jobs for American workers.
- Annual cap of 10,000 visas, with 3,000 reserved for high-unemployment areas.
- Faced criticism for fraud and misuse, with links to Trump family businesses.
- Gold Card Visa (Proposed)
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- No job creation requirement or business investment mandate.
- Flat fee of $5 million for direct Green Card purchase.
- Faster processing expected to attract wealthy investors.
- Raises concerns over ethics, money laundering, and foreign influence.
Potential Benefits of the Gold Card Program
- Attracting Wealthy Investors: The program may encourage high-net-worth individuals to move to the U.S., boosting real estate, luxury markets, and businesses.
- Simplified Immigration Process: The clear and direct route to residency eliminates the bureaucratic complexities of investment-linked visas like EB-5.
- Reduction of Fraud Risks: The EB-5 program has been criticised for facilitating fraudulent investments. A direct purchase model may reduce such risks.
Major Concerns About the Gold Card Visa
- Selling U.S. Citizenship: The program essentially puts American residency and citizenship up for sale, prioritising wealth over merit and sidelining skilled professionals.
- Risk of Money Laundering & Foreign Influence: Without strict regulations, investment-based visas can be misused for money laundering or influential foreign actors gaining U.S. residency.
- No Economic Contribution Requirement: Unlike EB-5, the Gold Card does not require job creation or business investment, allowing passive investors to gain residency without benefiting the U.S. economy.
- Political & Ethical Backlash: Similar programs in other countries, such as Canada, were discontinued due to misuse. Critics argue that U.S. immigration policy should prioritise skills, economic contributions, and diversity over wealth.
Challenges Facing the Gold Card Program
- Congressional Approval
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- Any significant change in immigration policy requires approval from Congress.
- While Republicans hold a majority, many may oppose a program perceived as selling citizenship.
- Democrats are expected to oppose the proposal outright.
- Legal Hurdles
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- Most visa-related legal challenges arise from how the program is administered rather than the policy itself.
- The Gold Card could face lawsuits related to fairness, transparency, or ethical concerns.
Impact on Indian Investors
- In 2023, only 631 Indians obtained Green Cards through the EB-5 program using consular processing.
- Given the $5 million price tag (₹43 crore), the Gold Card may not attract many Indian investors.
Impact on Green Card Backlog for Indian Applicants
- Over 1 million Indians are currently waiting for U.S. Green Cards.
- In employment-based categories, the backlog for Indian applicants could reach 2.19 million by 2030.
- The introduction of the Gold Card may add to wait times for other applicants.
Will the Gold Card Visa Succeed?
- While the program aims to attract wealthy investors, it faces significant political, legal, and ethical concerns.
- Congress and courts will determine whether U.S. citizenship should be available for purchase.
- The long-term impact on U.S. immigration policy and the economy remains uncertain.
