Key Points:
- The new $5 million “Gold Card” visa offers U.S. residency and a pathway to citizenship, replacing the EB-5 investor visa program.
- Indians, who are among the largest beneficiaries of the EB-5 program, face challenges as the Gold Card prioritizes ultra-wealthy individuals over middle-tier investors and skilled professionals.
- The Gold Card eliminates job creation requirements, making it a purely wealth-based immigration model with no cap on issuance.
- Critics argue that the initiative excludes many Indian applicants stuck in green card backlogs exceeding 50 years.
New Delhi: U.S. President Donald Trump has unveiled a controversial new immigration initiative the $5 million “Gold Card” visa which offers wealthy foreign investors U.S. residency and a fast-track pathway to citizenship. Positioned as an elite alternative to the traditional green card, this program replaces the EB-5 investor visa and is set to launch in two weeks.
Trump described the Gold Card as offering “green card privileges plus,” emphasizing its appeal to affluent individuals who can contribute significantly to the U.S. economy. “They’ll be wealthy and successful, spending money, paying taxes, and employing people,” he said during the announcement.
However, this shift toward wealth-based immigration has raised concerns among Indian nationals, who make up a significant portion of EB-5 applicants and are stuck in decades-long green card backlogs.
How Will the Gold Card Impact Indian Applicants?
India has been one of the largest sources of EB-5 visa applicants, particularly among H-1B visa holders seeking permanent residency. With over 1 million Indians waiting in employment-based green card backlogs some for more than 50 years the Gold Card offers both opportunities and challenges:
- Faster Pathway for Wealthy Indians:
For India’s ultra-rich, including business tycoons and tech executives, the Gold Card provides a quicker alternative to bypass H-1B lotteries and EB-2/EB-3 delays. - Exclusion of Middle-Tier Investors:
The $5 million price tag makes it inaccessible to many Indians who previously relied on EB-5’s lower investment threshold of $800,000-$1 million. Unlike EB-5, where funds could be pooled or borrowed, the Gold Card requires upfront cash payment. - Shift from Merit to Wealth:
The program favors financial status over professional skills, sidelining skilled workers like engineers, doctors, and IT professionals who have been integral to the U.S. workforce.
Why Is the EB-5 Program Being Replaced?
The EB-5 investor visa program was introduced in 1990 to promote capital investment and job creation in the U.S. However, it has faced criticism for fraud, misuse, and inefficiencies:
- High-Unemployment Area Projects: Investments in urban developments like multi-family housing or commercial real estate in cities like New York and Los Angeles.
- Rural Projects: Investments in smaller towns with populations under 20,000 for projects like ski resorts or industrial parks.
While EB-5 required a minimum investment of $800,000 in targeted employment areas (TEAs) with job creation mandates, Trump criticized it as “full of nonsense and fraud.” Commerce Secretary Howard Lutnick confirmed that revenue from the Gold Card would go directly to the U.S. government rather than private projects.
Eligibility for the Gold Card Visa
The Gold Card is open to anyone who can pay $5 million upfront. Key details include:
- Rigorous Vetting: Applicants will undergo background checks to ensure compliance with U.S. security standards.
- No Cap on Issuance: Unlike EB-5’s annual limit on visas, the Gold Card has no numerical restrictions.
- Corporate Sponsorship: Companies may sponsor highly skilled employees under this program, though specifics remain unclear.
While Trump hinted that Russian oligarchs could apply if they meet financial requirements, additional scrutiny may apply due to sanctions imposed after Russia’s invasion of Ukraine.
Opportunities for Indian Entrepreneurs and Executives
The program is particularly attractive for India’s wealthiest entrepreneurs and tech leaders:
- Bypassing H-1B Lottery:
With limited H-1B visas available annually through a lottery system, companies may prefer sponsoring employees via the Gold Card instead. - Faster Residency for Business Leaders:
Startup founders and industrialists can secure residency without navigating complex employment-based green card categories like EB-2 or EB-3. - Revenue Generation for U.S.:
Trump speculated that selling up to 10 million Gold Cards could generate billions of dollars to reduce the national deficit.
Criticism from Immigration Advocates
The Gold Card has sparked backlash from experts and advocates:
- Exclusionary Nature:
Ajay Bhutoria, an advocate for immigration reform, called it a “pay-to-play scheme” that prioritizes wealth over merit. “Millions of skilled workers languish in backlogs while billionaires buy their way into citizenship,” he said. - Impact on Skilled Professionals:
By eliminating EB-5’s job creation requirements, the program shifts focus away from economic contributions by skilled immigrants. - Legal Uncertainty:
Trump claims congressional approval isn’t needed for implementation, but legal experts anticipate challenges that could delay or block its rollout.
What Are Alternatives for Indians?
For those unable to afford the steep $5 million fee, traditional options remain:
- Employment-Based Green Cards (EB-1/EB-2/EB-3):
These categories require employer sponsorship but come with long wait times due to country caps. - H-1B Visa Program:
While still an option for skilled professionals, its lottery system and lengthy processing times make it unpredictable. - O-1 Visa for Extraordinary Ability:
Tailored for individuals with exceptional skills in their fields. - Existing EB-5 Pipeline:
Indians already in the EB-5 process may benefit from reduced competition as others shift focus to the Gold Card.
A Paradigm Shift in Immigration Policy
The Gold Card represents a significant departure from traditional U.S. immigration models by prioritizing wealth over merit or family ties. While it offers a fast-track option for India’s ultra-rich elite, it leaves middle-class professionals grappling with longer wait times and fewer opportunities.
For now, as details about implementation unfold over the coming weeks, Indian applicants must weigh their options carefully in this evolving immigration landscape.
