Trump sees 'thirst' for $5 million gold card plan, says 'US firms can hire Indian graduates'
Trump unveiled his gold card visa plan to be sold for a fee of $5 million, which will lead to a US citizenship. It replaces the 35-year-old EB-5 visa programme
American companies will now be able to hire Indian graduates from US universities under a new gold card citizenship initiative flagged off by US President Donald Trump.
On Wednesday (February 27), Trump had unveiled his new plan to sell a gold card visa for a fee of $5 million which will lead to a US citizenship. This initiative will replace a 35-year-old EB-5 visa programme for investors.
'Sell like crazy'
Trump has said that he thinks gold card visas will “sell like crazy”, according to news reports. At the cabinet meeting, Trump pointed out that they could make ₹5 trillion dollars if they sell a million gold cards, reported AP. For he believed that it would “sell a lot” because “there’s really a thirst”.
Calling this new initiative a “gamechanger”, Trump said the money could be used to pay off national debt. "They'll be wealthy, and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it's going to be extremely successful," he said.
Also watch: Trump’s $5M gold card visa replaces EB-5, impacts Indian immigrants
Talented graduates forced to leave
Trump also said that the current immigration system does not enable top international talent, particularly from India, to stay and work in the US.
The US President said that when a person comes from India, China, Japan, lots of different places, and study in Harvard, the Wharton School of Finance, they are made job offers. However, the offer is immediately rescinded because companies have no idea if the person will be allowed to stay on in the country.
These talented graduates forced to leave the US end up being successful entrepreneurs and billionaires in their own countries and hire thousands of people.
How gold card plan differs from EB-5 visa
Trump's new gold card programme seems be a premium version of the existing Green Card unlike the existing EB-5 visa programme.
EB-5 visa programme grants residency to investors who spend at least US$ 1 million on businesses, while the green card is being sold for $5million.
The EB-5 has to employ ten or more people but this criteria does not seem to exist for the new plan.
Both offer a long-term residency and a pathway to citizenship.
Applicants face a long wait of 5–7 years for a green card under the EB-5, while the gold card offers a much faster and more streamlined path to US residency.
Since its launch in 1990, the EB-5 programme has been marred by allegations of fraud and misuse
Also read: Trump to offer $5m Gold Card visas with path to citizenship; who is it for?
When will it come into force?
Trump's new scheme is likely to come into effect by April, with around 10 million such gold card visas likely to be up for grabs initially.
According to the news report, Trump said vetting people who might be eligible for the gold card will “go through a process” that is still being worked out.
Replying to a question on whether China or Iran will not be allowed to participate, Trump suggested it will likely not “be restricted to much in terms of countries, but maybe in terms of individuals.”
Nothing new
Experts, however, said the US's new gold card plan is nothing new as golden visas are currently being offered by more than 100 countries around the world to wealthy individuals and investors.
That list includes the United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.