Donald Trump plan for the $5 million Gold Card Visa for US wealthy Migrants. It is the highly prized US citizenship that he planned and attracts the rich investors. If this plan come into action, then it compound the woes of skilled Indian professionals stuck in long green card backlogs in US
US President announced plans for Gold card on Wednesday. This action is called as route to get US residency to allow immigrants for fee of $5 million (Rs 43.54 crore). he said that it will replace 35-year-old EB-5 visa program, that is available for foreigners to invest at minimum $1 million in US businesses.
“Gold Card” Visa Program set to effective from April
The Gold Card Visa program will expected to come into effects by april. Wealthy people will allow to buy this card and come in country. “They will be wealthy, and successful, and spend lot of money and pay taxes and employ many people, Trump said in reports.”
The $5 million price tag shows that only India’s super-rich and business tycoons can afford this route to get American residency. It increase woes of skilled professionals who are waiting for long time, to get green cards. The applicants under EB-5 category can get loans or pool funds, and green card visa require the full cash payment upfront from candidates
Difference between Gold Card Visa and EB-5
The difference between Gold Card Visa and EB-5 is huge. Under EB-5 program, the foreign investors have to shell out between $800,000-$1,050,000 in US businesses and create minimum 10 new jobs. It add 5–7 years waiting time for green card.
The proposed ‘gold card’ visa program by Trump increase the financial requirement by five times to $5 million. The high price make it path for middle-tier investors to get green card and avail US residency
Read Also: Ex-Congress MP Sajjan Kumar sentenced to life imprisonment in 1984 anti-Sikh riots Case