With aim to retain 'wealthy Indians', Trump unveils gold card, says US wants productive people | WATCH
Trump has introduced a new 'gold card' visa program, offering a potential pathway to US citizenship for a $5 million investment. The initiative, intended to replace the existing EB-5 visa, is expected to benefit Indian graduates and wealthy investors.
FollowUS President Donald Trump has introduced a new 'gold card' visa program, offering a potential pathway to US citizenship for a $5 million investment. The initiative, intended to replace the existing EB-5 visa, is expected to benefit Indian graduates and wealthy investors while generating substantial revenue for the country.
Speaking at his first cabinet meeting of his second term on Thursday, Trump emphasized that the program would enable American companies to hire Indian graduates from US universities, addressing long-standing immigration challenges that force skilled professionals to leave the country after completing their studies.
"A person comes from India, China, Japan, or many other places, attends Harvard, the Wharton School of Finance, or other top institutions, and then receives job offers. But those offers are rescinded because they don’t know if they can stay in the country," Trump said. He noted that many such graduates return to their home countries and build successful businesses, creating thousands of jobs overseas instead of contributing to the US economy. "We want people who are productive," he added.
Also read: Donald Trump on his $5 million 'Gold Card' visa idea: 'It will sell like crazy'
The gold card visa aligns with global trends, as several countries, including Portugal, offer investment-based residency programs. Under Trump’s plan, wealthy individuals investing $5 million could secure a path to US citizenship. He believes the program will be in high demand, stating, "If we sell a million, that’s $5 trillion dollars," suggesting the revenue could help reduce national debt.
The new visa system will replace the EB-5 program, which currently grants residency to investors who put at least $1 million into job-creating businesses. Trump argues that the gold card will be more attractive to affluent individuals who can contribute significantly to the US economy. "They’ll be successful, spend a lot of money, pay taxes, and employ many people. We think it’s going to be extremely successful," he said.
Trump expressed confidence in the marketability of the program, saying, "I happen to think it’ll sell like crazy. It’s a market. But we’ll know very soon." While Congress determines citizenship qualifications, Trump asserted that the gold card initiative would not require congressional approval.
US Commerce Secretary Howard Lutnick, also present at the meeting, confirmed that the gold card visa would replace the EB-5 program but provided few specifics. He criticized the current EB-5 system as "poorly overseen and poorly executed," adding that the new system would ensure that applicants are "wonderful world-class global citizens."
Details regarding eligibility criteria, restrictions, and the number of visas to be issued remain unclear. However, the shift is expected to have a significant impact, especially as the EB-5 program saw a record issuance of over 12,000 visas in the fiscal year 2024. The proposed gold card visa could mark a major shift in US immigration policy, particularly for high-skilled Indian professionals and wealthy investors seeking long-term opportunities in the country.
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