“Gold Card” US Visa Explained: Will the Indians-Origin-Immigrants Get Impacted?
The Oval Office has floated the idea of bringing a “Gold Card” system where the investor immigrant can get US citizenship through the Gold Card visa. As per Reuters, the aim is to replace the visa programs of foreign investors by putting a $5 million tag to get American citizenship.
It’s important to understand what is the rationale behind replacing the “EB-5” immigrant visa with the gold card, as it can determine who will have the opportunity to access the path to citizenship. But can it truly replace the EB-1A visa system? Tune in to know more.
Why is the “Gold Card” US Visa Announced?
The Gold Card visa is a fee-based model in which an investor pays $5 million for access to all green card features and US citizenship. According to BBC sources, “the citizenship is aimed towards high-level people.”
It shows the government’s intent to shift the visa standard from investment-based citizenship to wealth-based citizenship. Based on European Parliament data, the members of the EU nations follow the “Citizenship by Investment” policy, offering individuals the “Golden Passport” if they intend to invest in the nation-states and pay a certain fee to the legislative department.
According to the press release from the Oval Office, the President has claimed that this Gold Card Visa will attract many well-established people. “They’ll be wealthy, and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes.”
Commerce Secretary Howard Lutnick stated that the Gold Card visas will be efficient and will replace the current EB-5 visa program, and offered the press more details.
Understanding the Existing EB-5 Visa
The existing EB-5 investor visa program started in 1990, requires a person to invest $800,000 to $1.05 million in the country and generate a minimum of 10 jobs in that province.
The EB-5 visa model focuses on employment generation in the country and providing the investor with a green card, which begins the naturalization process. According to Business Standard, “the visa targets to create a maximum number of jobs in the economy.”
Currently, EB-5 visa holders are classified into two broad categories: reserved and unreserved. As per USCIS, the investors who have sole proprietorship, partnership, or wholly owned subsidiary are the ones who have fulfilled the norms of the visa criteria and are considered the reserved ones.
Under the unreserved categories come the ones where investors’ investment is still catching up, and they are in the process of getting into the reserved categories by following the norms.
Source: About the EB-5 Visa Classification
Escapes in the EB-5 Visa Program
The escapes or gaps of the EB-5 visa program are that the project details are not transparent, and the country's regional centers, which have questionable oversight, decide on the individual's permanent citizenship.
The reports of Financial Express claim that “the investors face uncertainty for at least two years, where they don’t understand whether the amount they have invested will be fruitful for citizenship or not.”
The capital is at risk for the investors, and if there are any discrepancies in the job documentation process, where a minimum of 10 jobs need to be created in the region can be the reason for visa cancellation.
Why “Gold Card” is Promoted as a Better Alternative
Reuters mentioned that “The President’s office claimed by adding further details to the plan, the scheme will be introduced within two weeks.” The White House seemed to have a positive view of the new visa policy, as they claimed that the EB-5 visa is loosely monitored and hinders wealthy individuals from accessing the citizenship of country.
“Gold Card type features are already in the legislative rule of countries like Portugal, where one can get citizenship of the country by investing €500,000 in the government’s fund”, as claimed by BBC. It is also interesting to note that where most of the countries are closing their lucrative form of Visa, which comes at a hefty price, the US is on the verge of starting it from scratch. One potential example is the Spanish Golden Visa, which is terminated by the government only until April 3rd, 2025. According to a report published in Financial Express, Applicants were paying €657,204 to get eligible for the Spanish Golden Visa program.
How will Indians be impacted by the New Visa Policy?
Indians have a long backlog in some employment-based categories where many people have a backlog for a green card that exceeds more than 50 years, as mentioned in a News 18 article. With this Gold Visa, the dream of many higher middle-class or middle-class people of living a life of opportunity in the USA is over. It is now only available to HNI clients who have the potential to invest such a hefty amount in the government in return for citizenship.
However, “it has a detrimental effect on the average Indian who wants to migrate, as it’s offering the business tycoons the option to get citizenship by making it difficult for skilled professionals,” as per the India Today article.
This shift in the Visa program is a sign of what the current government wants. It’s focusing more on wealthy individuals than skilled employees from other nations. For people with exceptional abilities, an EB-2 visa is still applicable, and they can apply for that separately. However, we will put in a few words of hope here. We are a great proponent of EB-1A, witnessing EB-1 visa success rate first-hand. Our mission is aimed at one unique goal: to convince the aspirants that if you can showcase your extraordinary ability, the EB-1A visa won’t be a far-off dream. We have a step-by-step mentorship program to make your EB-1A dream come true. We also have a free assessment of your EB-1A readiness waiting for you here. Try it today.
Source: How Gold Card Will Impact Indian Applicants For Green Cards?
The GCEB1 is a partner of your dreams who can help you prepare so that you get eligible for EB-1, EB-2 NIW, and O-1 visa policies. Get in touch with a professional who can guide you in your visa matters and help you navigate the regulatory norms.
Disclaimer: The data or facts mentioned in the above article are sourced from different platforms. GCEB1 doesn’t have any say in the concept. For more and better first-hand knowledge, please contact a professional immigration lawyer.
