President Donald Trump has introduced a new Gold Card programme for foreign investors seeking US permanent residency and citizenship. The visa "priced" at 5 million dollars would grant green card privileges and a path to citizenship, said Trump on Tuesday, March 25.
Trump stated that the new visa programme would replace the existing EB-5 immigrant investor visa programme, with further details expected in two weeks.
Key differences
EB-5 programme
- Created in 1990 by Congress and administered by US Citizenship and Immigration Services (USCIS).
- Minimum $1.05 million (or $800,000 in specific cases) investment required.
- Must create at least 10 jobs for American workers.
- Grants permanent residency (Green Card) to foreign investors.
Gold Card programme
- No mandatory investment in US businesses
- Can directly purchase the card for 5 million dollars
- No requirement to create new jobs
- Expected to be regulated by USCIS, likely in collaboration with the Department of State and Department of Commerce
- Processing time of the visa is expected to be short to encourage participation
According to a report by The Indian Express, only 631 Indians secured US Green Cards through the EB-5 programme, which requires an investment of around 1 million dollars. Given this low uptake, a 5 million dollar Gold Card visa (over 43 crore rupees) may not appeal to many Indians.
