US President Donald Trump has announced a controversial new visa programme, the ‘Gold Card’, aimed at wealthy foreign investors seeking fast-track US citizenship. The $5 million Gold Card is set to replace the existing EB-5 visa scheme, offering a streamlined pathway for the ultra-rich, bypassing traditional routes that often involve job creation requirements and extended waiting periods.
This new programme is expected to cater mainly to high-net-worth individuals, especially from countries like India, where demand for US residency has been growing. The shift to a $5 million Gold Card means that only the wealthiest investors will be able to take advantage of the new system. It represents a significant leap from the current EB-5 programme, which required a minimum investment of $500,000 to $1 million. This change will likely lead to an even smaller group of people being able to benefit from the scheme, sparking concerns about its exclusivity and the widening wealth gap.
For Indian nationals, who have long faced extended wait times for green card approvals, particularly for employment-based categories like the EB-2 and EB-3 visa routes, the Gold Card could offer a shortcut to US citizenship. Many Indian tech professionals, entrepreneurs, and business people have faced decades of waitlists, with some applicants stuck in backlogs for up to 50 years. The Gold Card promises a much quicker solution for these individuals, but only if they can afford the steep $5 million price tag.
However, while the Gold Card offers a potential fast track to US citizenship for the wealthy, critics argue that it could undermine the diversity of immigration to the US. The focus on wealth as the primary criterion for residency risks sidelining talented individuals who may not have the financial means but could contribute greatly to the US economy.
This shift in US immigration policy comes at a time when the H-1B visa programme, which offers work visas to skilled professionals, has also been a point of contention. While the Gold Card offers a path to citizenship for wealthy investors, the new visa scheme could add to the ongoing debate on balancing the needs of job creation, skilled immigration, and access to US residency for those without significant financial resources.
