US President Donald Trump has announced that American companies will now be able to hire Indian graduates from US universities under the newly introduced ‘Gold Card’ citizenship initiative. This move is expected to benefit Indian students by providing a pathway to US citizenship while allowing American firms to retain top international talent, albeit at a hefty price to the organisation.
The ‘Gold Card’ Initiative
Trump unveiled the ‘Gold Card’ on Wednesday as a premium alternative to the existing Green Card system. The program is designed primarily for wealthy foreign investors willing to pay USD 5 million for US residency and eventual citizenship.
During his announcement, Trump criticized the current immigration system for forcing highly skilled graduates to leave the US due to visa restrictions. He illustrated the issue by saying, “A person comes from India, China, Japan, lots of different places, and they go to Harvard, the Wharton School of Finance… they are made job offers, but the offer is immediately rescinded because you have no idea whether that person can stay in the country. I want to be able to have that person stay in the country. These companies can go and buy a gold card, and they can use it as a matter of recruitment. We’re going to start selling, hopefully, in about two weeks now.”
Trump also noted the economic losses incurred by the US when top graduates return to their home countries to establish successful businesses. He emphasized, “They go back to India, or they go back to the country where they came from, and they open up a company, and they become billionaires. They’re employing thousands of people.”
How the Gold Card Visa Differs from EB-5
The ‘Gold Card’ visa presents a significant contrast to the existing EB-5 program, which grants residency to foreign investors who invest between USD 800,000 and USD 1.05 million in US businesses while also creating at least 10 jobs. The EB-5 program has faced criticism for fraud and inefficiency, with long wait times of 5-7 years for a Green Card.
In contrast, Trump’s ‘Gold Card’ visa raises the investment requirement to USD 5 million while eliminating the job creation mandate. Trump believes this will attract elite investors and streamline the process, saying, “If we sell a million, that’s USD 5 trillion dollars.”
Commerce Secretary Howard Lutnick echoed Trump’s sentiments, calling the EB-5 program “filled with make-believe, loopholes, and fraud.” He argued that the ‘Gold Card’ would ensure only high-net-worth individuals gain access to US residency through a more rigorous screening process.
Key Features of the Gold Card Program
- $5 Million Investment Requirement – Investors must contribute to US-based projects.
- Permanent Residency – Gold Card holders receive Green Card benefits.
- Path to Citizenship – A direct route to naturalization.
- Strict Vetting Process – Applicants must prove a legal source of funds and pass background checks.
- Fast Implementation – Expected to roll out within two weeks.
Who Will Benefit from the Gold Card?
According to reports, wealthy investors from countries such as the UK, Russia, China, India, South Africa, South Korea, Vietnam, Taiwan, Hong Kong, and Venezuela are among the top applicants. Trump described the program as an exclusive alternative to the EB-5 visa, saying, “It’s like a Green Card but at a higher level—sophisticated, exclusive, and only for the best people.”
Will There Be a Demand for the Gold Card?
Despite Trump’s optimism, skeptics question whether ultra-high-net-worth individuals will be eager to invest in the program. Critics point out that:
- The $5 million price tag may deter investors when the EB-5 program offers a pathway to a Green Card for just $800,000.
- Many wealthy individuals prefer tax havens like Dubai, Singapore, and Hong Kong over the US due to heavy taxation on worldwide income.
- The claim that “millions” of millionaires will apply is unrealistic. The EB-5 program, despite lower investment requirements, has only attracted a few thousand applicants each year.
- European countries such as Spain and Portugal have increased investment thresholds to reduce immigrant influx, rather than attracting more applicants.
One analyst summarized the situation:
“This program can neither replace EB-5 due to legal reasons, nor outpace EB-5 by inviting millions of millionaires. It’s just another grift program for the ultra-rich friends of the administration.”
How Will the ‘Gold Card’ Affect Indians?
The ‘Gold Card’ initiative will have significant implications for Indians, particularly students, investors, and business professionals. Here’s how different groups may be impacted:
1. Indian Students in the US
- Easier Path to Citizenship – Indian graduates from US universities may find it easier to stay in the country if they secure employment with firms willing to sponsor them.
- Reduced Visa Uncertainty – The program could provide an alternative to the H-1B visa, which often involves long waiting periods and lottery-based selections.
- High Costs Remain a Barrier – While Indian students will benefit from better job prospects, they may not have the financial means to invest $5 million for a direct pathway to citizenship.
2. Wealthy Indian Investors & Businesspersons
- New Citizenship Option for the Ultra-Rich – High-net-worth individuals in India looking for US residency may see the ‘Gold Card’ as an alternative to the EB-5 visa.
- Investment vs. Local Opportunities – With ₹43 crore ($5 million), investors may weigh the benefits of US residency against lucrative opportunities in India’s booming startup and real estate markets.
- Limited Appeal Due to Taxation – US global taxation policies might deter Indian investors who prefer tax-friendly destinations like Dubai or Singapore.
3. Indian Professionals & the Middle Class
- No Direct Benefit – The high investment threshold means middle-class Indians, even highly skilled professionals, won’t benefit directly from this program.
- H-1B Still the Main Route – Most skilled Indian workers will still rely on the traditional H-1B visa system, which remains competitive and uncertain.
4. Impact on Indian Economy
- Brain Drain Could Increase – If the program helps more Indian graduates stay in the US, India may lose top talent that could otherwise contribute to its growing economy.
- Wealth Outflow – If ultra-rich Indians take advantage of the program, large sums of capital could flow out of India rather than being invested domestically.
Overall, while the ‘Gold Card’ may benefit a small percentage of wealthy Indians and select graduates, it does not address the broader challenges faced by the majority of Indian professionals seeking US opportunities.
Final Words
While Trump’s ‘Gold Card’ initiative aims to attract wealthy investors and top graduates, its actual success remains uncertain. The program faces skepticism due to its high cost, potential lack of interest from ultra-rich investors, and its questionable ability to replace the existing EB-5 program. As the rollout approaches, the long-term impact of this policy shift on US immigration and economic growth remains to be seen.
