Washington: U.S. president Donald Trump had worked intra-presidency to limit the flow of immigrants to the nation. Deportations of illegal residents increased under his administration, but so did programs that draw wealthy immigrants. This was one of the programs, which is known by the title of the ‘Gold Card’ visa scheme, to help wealthy people settle down in America. This initiative prompted worldwide debate on the effect it might have, specifically on skilled workers waiting in line for a green card to the U.S.
What Is The ‘Gold Card’ Visa?
The ‘Gold Card’ visa program, which takes inspiration from the Trumpian style of luring businesses, was anticipated to be in place by around April. We originally anticipated that this scheme would grant around 10 million visas. The program was similar to green card programs in other countries, granting fast-track residency to wealthy individuals who made a massive contribution to the American economy.
Under this scheme, the applicants had to pay a fee of USD 5 million (around ₹43.54 crore) for permanent residency. It had been more than 35 years since the current (EB-5) visa system for immigrants was instated, and the program was designed to take its place. The EB-5 program, which allowed foreign nationals to get a U.S. visa in exchange for a minimum of $1 million in the mouths of American enterprises,
What it means for skilled professionals in India
Immigration Minister Alex Hawke (middle) at the launch of the ‘Gold Card’ visa, which came under fire from skilled Indian professionals stuck in the Green Card queue for years. The switch to being wealth-based rather than skills-based with the new program under which people are not scored well, even if they have outstanding expertise, raised fears among many professionals that it would mean even longer waits for employment-based green cards, too. One of the most significant changes in U.S. immigration policy of the Trump administration was the transition from a skills-based system to a model based on profits or investments.
Comparison Chart of EB-5 and CoI ‘Gold Card’ Visa
Under its previous version, the EB-5 program mandated foreign investors to invest between $800,000 and $1.05 million in U.S. businesses with a requirement to create at least ten new jobs. Furthermore, there was a backlog of five to seven years for applicants to do so before getting their green cards. This led to criticism of the EB-5 for abuses and fraud, prompting discussions about system reform over time.
The ‘Gold Card’ visa made the financial requirement prohibitive for mid-level investors, who would have previously used lower ‘Silver Card’ visas, raising the burden to $5 million. But it provided a far quicker and less complicated path to an American green card. It removed the job creation element (which does exist for EB-5), therefore streamlining the application process for applicants.
An Ultra-Rich Attraction Strategy Plan
Trump said Saturday the program will be “massive profit-wise.” The attraction of rich people, he said, would provide economic growth, higher tax income and jobs. As per his administration, this policy would attract financially sound and achieved individuals who would pay high dividends to the United States economy in the form of investments and expenditure.
Despite the program’s success in attracting high-net-worth individuals, many professionals and middle-class investors expressed concerns about losing out on opportunities. This was a significant change from previous U.S. immigration trends that prioritised potential talent and human capital above financial capital.