US Gold Card: President Donald Trump has made a big announcement for those who dream of settling in America. Trump announced a new gold card scheme, for which it will have to spend $ 5 million and through this, immigrants will be able to get US citizenship. However, if it is implemented, it will further increase the problems of Indian professionals engaged in green card efforts.
The US President said, “This is a route to receive the US residence permit for immigrants at a fee of $ 5 million (Rs 43.54 crore).” Trump said it would replace the current 35-year-old EB-5 visa program, which is available for foreigners investing about $ 1 million in American businesses.
How long can it apply?
The new program, inspired by the US President’s business mindset, may apply by April. It is expected to provide about 10 million gold card visas in the beginning. Trump said, “Rich people will come to our country by purchasing this card. They will be rich and successful, they will spend a lot of money, will give employment to many people.”
How is the Gold Card Visa different from EB-5?
Under the current EB-5 program, foreign investors have to invest up to $ 800,000-1,050,000 in American businesses and create at least 10 new jobs. This program, launched in 1990 to attract foreign investment, has been accused of misuse and fraud for years.
The proposed gold card visa scheme increases the financial requirement by five times to $ 5 million. The heavy price will make it out of the reach of middle-level investors. This is a sharp and simple path to get American residence. The need to generate jobs has also been abolished in this. According to media reports, citizenship was available in five to seven years under the EB-5 program, while citizenship will be settled in the proposed gold card visa Yojana.
What will be the effect on Indians?
The price of $ 5 million (43,56,14,500.00 Indian rupees) means that only the super-rich and business tycoon of India can bear so much expense to get American citizenship. This is likely to increase the problems of skilled professionals who are already waiting for a long time for the green card, in some cases for decades. In addition, applicants under EB-5 can take loans or resort to full funds, while gold card visas will already have to pay full cash, which will make it out of reach of a large part of Indians. .
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