Donald Trump’s ‘Gold Card’ Plan: US Companies Can Secure Indian Talent for $5Mn

United States President Donald Trump on Wednesday announced to replace the employment-based EB-5 visa with a new "gold card" citizenship initiative. This gold card will allow American companies to hire Indian graduates from top US universities, among others, by paying $5mn.

This specific visa system would help companies to buy gold card to help secure immigration status for prospective employees.

Defending the move after his first full cabinet Trump said, "I get calls from, as an example, companies where they want to hire the No. 1 student at the school, person comes from India, China, Japan, lots of different places, and they go to Harvard to Wharton School of Finance, they go to Yale.”

He also highlighted that these companies make job offers, but the offers are immediately rescinded because nobody knows whether that person can stay in the country or not

“I happen to think it’s [gold card] going to sell like crazy. It’s a bargain,” he predicted.

Commerce secretary Howard Lutnick informed that the “Trump Gold Card” would replace EB-5 visas in two weeks. He also highlighted that the EB-5 program has been accused of facilitating fraud.

What is Gold Card?

While details are not clear, it is predicted that the gold card will not require an investment in the US business or the creation of new employment. Unlike the EB-5 programme, which grants permanent residency (green card) to foreigners who invest at least $1.05mn in American businesses and create at least 10 jobs for Americans.

The gold card, on the other hand, just could be a purchase of a Green Card by paying a sum of $5mn to the US government.

It is mostly likely that the USCIS will regulate the issuance of the card. To administer the investment part of the scheme, they also may work closely with the Department of State and the Department of Commerce.

It is being looked at as the "clear and simple" route to residency offered by the scheme. It is expected that this scheme will bring not only high-net-worth immigrants to the US but also stimulate the economy.

It is also argued that if the gold card comes without a requirement to invest “in jobs-creating enterprises”, with zero contribution to its economy, passive investors could gain residence in the US.