What will be the consequences of the ‘Gold Card‘ visa scheme announced by former US President Donald Trump for Indians seeking US citizenship? This scheme will be a new change for Indians as it will replace the current EB-5 investor visa. This article explains the advantages, disadvantages, costs and alternatives of this Gold Card scheme with evidence.
EB-5 vs Gold Card: Important Comparison
There are various visa schemes for obtaining citizenship in the US. Investor Visa is one of the important ones. Let’s discuss the Gold Card visa announced by former US President Donald Trump as an alternative to the current EB-5 visa scheme.
In both these schemes, investors get the opportunity to immigrate to the US. But they differ in some important aspects.
- Investment requirementsThe EB-5 visa scheme is designed to invest a minimum of $800,000. This amount is especially applicable when investing in underdeveloped developing areas. In some specific cities, this amount will be $1.05 million.
- The Gold Card Visa Program requires a much higher investment of $5 million. There are no restrictions on job creation or business start-up in this program. However, only the very wealthy can join. They have to invest that much more.
Climate and Process
- Investors in the EB-5 program can obtain a US green card within 3-5 years. This will lead to permanent residency.
- In contrast, in the Gold Card program, there is an opportunity to obtain citizenship in a shorter period of time. This will be much faster than the current EB-5 visa program.
Advantages
- There is no requirement for employment or business start-up in both the EB-5 and Gold Card programs. This means that investors do not need to fulfill any other conditions after making their investment.
- The Gold Card program will work much faster, as large investors are looking for a direct route to immigration. But this will be economically unfeasible for most people.
Disadvantages
- The EB-5 program has faced criticism in the past for being fraudulent and poorly implemented. There have been cases where some companies have misled investors and sought to profit solely from them.
- The high investment requirement of $5 million to qualify for the Gold Card program makes it financially unaffordable for most.
Indians and other nationalities should decide whether to immigrate through the EB-5 visa or the Gold Card program based on their investment capabilities and future plans.
READ MORE: Pope Francis Current Condition : Medical Monitoring
Implications for Indians
The Gold Card program is only available to the wealthy. This is because the program requires an investment of ₹41 crore (or $5 million) to qualify.
In 2023 alone, more than 7,000 Indians applied for the EB-5 visa. However, 90% of them were ineligible due to the high investment requirement of the Gold Card program. This makes the scheme unlikely to be a direct immigration option for most Indians.
Competition for H-1B visas will be Intense
In 2024, 7.5 lakh people applied for H-1B visas, 70% of whom were Indians. When the Gold Card is introduced, the rich can use it to become US citizens. This could increase the competition for H-1B visas by 10 times. This could reduce other employment and immigration opportunities. This could make it even harder for ordinary workers and technicians to get H-1B visas.
Challenges for a Healthy Economy
The US government has made a firm decision that money is the only thing that matters in this scheme. As a result, important aspects such as talent, education, and technical expertise are being ignored. So far, visas like H-1B, EB-2, and EB-3 have provided opportunities to those with talent and educational qualifications. However, under the Gold Card scheme, only those who pay the highest amount can become US citizens. This risks the rich taking over the place of skilled professionals in the industry.
Alternatives for Indians
Since the Gold Card Visa is very expensive, there are alternatives for Indians.
O-1 Visa (Talent Visa)
The O-1 visa is a type of visa given to talented people. To get it, it is enough to have significant achievements in fields such as arts, science, business. However, those achievements need to be confirmed with documents. A big advantage of the O-1 visa is that it can be converted into an EB-1 green card quickly.
L-1A Visa (Visa for International Organization Managers)
This visa is for those who hold a management position in a company in India. It is usually issued to those who want to go to the United States to work as a manager or a high-level executive in the US branch of the same company.
The main advantage of the L-1A visa is that it provides the opportunity to obtain an EB-1C green card. EB-1C is one of the fastest ways to get citizenship with less competition. Therefore, those who hold management positions in large companies in India can take advantage of this opportunity to get citizenship.
EB-2 NIW (National Interest Waiver)
To get this visa, you need to prove that your work is important to the United States! For this, your skills or achievements should benefit important sectors such as the US economy, research, healthcare, technology or education. The important thing is that the EB-2 NIW visa does not require an employer or job offer.
With this, you can prove your skills and directly obtain permanent residency (Green Card) in the United States. This will be the best option for highly educated people, scientists, researchers, and doctors in countries like India.
Conclusion
Those who can afford to pay more can wait for the Gold Card. But there is no certainty when it will be implemented. Therefore, you can apply for the EB-5 visa now. Because the investment amount is less (maximum $800,000).
For those who cannot invest a lot of money, skill and technology-based visas are the best option. For this, you can choose options like O-1 (Skill Visa), L-1 (International Management Visa), EB-2 NIW (National Interest Visa). Students who want to study in the US can take advantage of the OPT (Optional Practical Training) opportunity by studying in STEM (Science, Technology, Engineering, Mathematics) subjects. Through this, they can apply for the H-1B work visa and stay in the US.
In the end, you can choose the right visa route according to your status, economic capacity, and skills.