US President Donald Trump has opened a direct way for foreign investors to gain citizenship of America. Announcing the new migration program on Wednesday, he said that people can realize the dream of living in their country by paying 5 million dollars or Rs 43.7 crore. The gold card released under the new program will replace the old employment based EB-5 visa. The new system has shocked Indians who were looking at the EB-5 visa as an alternative to H-1B visa to live in the US.
Gold card instead of EB-5
At his Oval Office, Trump said that the new scheme allows investors to remain permanently in the US through financial contribution. He said, 'We are planning to sell gold cards. It will cost US $ 50 million. This card will provide green card facility to those who wish to live in this country. Commerce Secretary Howard Lutenik, standing on the equivalent of Trump, said that people applying for the gold card can directly pay the fixed amount to the US government. The Commerce Secretary said, 'The President has said that we are going to end the ridiculous EB-5 program. Trump Gold Card is being replaced. People can get this card by paying $ 5 million to the US government.
Rich Indians will be affected
Partner at the Circle of Council, Rachel A Stemates said in a conversation with Business Standard, “The biggest variation between EB-5 visa and Trump Gold Card visa can be a thick amount like $ 5 million to be repaid against $ 1 million, but certainly not the most widespread dramatic change.” He said, “If Trump gives the gold card holders exemption to the income coming out in any other country outside the US, then the amount of $ 5 million given for this new visa program for rich people will be equal to four coming (very modest), otherwise these people may come under the purview of American global taxation.”
On the other hand, Varun Singh, Managing Director of Shifiaz Immigration, said that with the implementation of a new visa system in the US, Indian investors can start looking for investment and living options in other countries of the world. Singh told Business Standard, “The abolition of EB-5 visa program will have a very bad effect on not only Indian investors, but also on American economy and bilateral relations.”
What will be alternative routes
Varun Singh said, 'EB-5 visa was the most straightforward, simplest way for Indian families to settled permanently in the US, avoiding the long wait of H-1B and EB-3 Green Card. Due to the border of a particular country, many Indians had to wait for decades to get the facility to live in the US. Thousands of people have been confused with the end of the EB-5 visa system. He also said, 'Indian investors, leaving the way of America, will now turn to take advantage of Greece's Golden Visa, Portugal's Golden Visa and UAE and Canada's investor schemes. Because, these countries offer attractive and easy residential options with low investment.
Trump against EB-5 visa
The Trump administration was continuously criticizing the EB-5 visa system. The program was first introduced in 1990 with the aim of strengthening America's economy by increasing job opportunities. Through this program, foreign investors used to get a green card that used to generate or secure jobs in the US by investing a minimum of 10,50,000 or 8,00,000 US dollars in economically unstable areas.
Congress approval is not necessary
According to the annual data of the Ministry of Home Affairs related to immigration, about 8,000 people took an investor visa during 12 months by 30 September 2022. According to the company, more than 100 countries around the world including the US, Britain, Spain, Greece, Malta, Australia, Canada and Italy give golden visas to rich people.
Trump said, 'Gold card will be like a green card, but will be free from any kind of misconduct. This will clear the way to take American citizenship for rich and talented persons. The Congress determines the qualification for citizenship, but the gold card will not require its approval.
First Published – February 26, 2025 | 11:26 PM IST
Related post
