America’s Gold Card Visa

Why in News?

The United States is planning to introduce a new ‘Gold Card’ visa program, which will grant immediate citizenship to wealthy foreign investors. To qualify for this visa, investors must invest $5 million (approximately ₹43.5 crore) in the U.S.

What is the Gold Card Visa?

The Gold Card Visa is a special investment-based immigration program that grants permanent residency (PR) or citizenship to foreign nationals who make a significant capital investment in a country.

• Several countries, including Antigua & Barbuda, Portugal, Spain, Malta, Cyprus, Latvia, Hungary, Greece, Dominica, Saint Kitts and Nevis, Saint Lucia, and Grenada, offer golden visas that allow foreign investors to obtain permanent residency or citizenship.
• The United States is now preparing to launch a similar program, which will replace the existing EB-5 visa program. Under this new scheme, investors will receive green card privileges, enabling them to become permanent U.S. residents.
• This visa is an attractive option for individuals who wish to settle permanently in a developed country like the U.S. and take advantage of its business, economic, and personal opportunities.
• The primary goal of this visa is to attract foreign capital and strengthen the economy. Governments benefit from such programs as they not only boost investment but also contribute to the growth of local industries, infrastructure, and job creation.
• Countries like the U.S. use this policy to attract wealthy global investors, stimulating economic growth and opening new business opportunities. The Trump administration’s proposed plan aims to accelerate foreign capital inflows into the U.S. economy and increase government revenues.

Key Features of the Gold Card Visa

• Investment-Based Permanent Residency – Applicants who meet the minimum investment requirements can live, work, and conduct business in the U.S.
• Faster Citizenship Process – Compared to traditional green card programs, this visa offers a shorter path to citizenship. For example, the EB-5 visa takes 5-7 years, while the Gold Card Visa promises a faster process.
• Boost to Foreign Investment – The program is expected to increase Foreign Direct Investment (FDI) in the U.S., strengthening the economy. Investors and entrepreneurs will get better opportunities to expand their businesses in the country.
• Job Creation – The capital influx will help grow local industries and generate new employment opportunities.
• Benefits for Family Members – Investors’ spouses and children will also receive permanent residency and later be eligible for citizenship.
• Contribution to Economic Growth – This visa program is designed to strengthen the U.S. economy. The Trump administration estimates that the initiative could generate $5 trillion in revenue, helping to reduce the national debt.

Conditions for Obtaining Citizenship Under the Gold Card Visa

• Minimum Investment Requirement: Each country has a different minimum investment threshold for obtaining citizenship.
  • Under the proposed U.S. Gold Card Visa, a minimum investment of $5 million (approximately ₹43.5 crore) is required.
  • UAE – Requires an investment of 2 million AED (approximately ₹4.5 crore) for a 10-year residency permit.
  • Portugal – Requires a minimum investment of €500,000 (approximately ₹4.5 crore) or participation in a job creation program.
• Approved Investment Types: Different countries allow specific investment options for obtaining residency and citizenship. Some key investment categories include:
  • Real Estate – Investment in land, residential, or commercial properties.
  • Business Capital – Investment in a company, startup, or industry.
  • Government Bonds – Investment in bonds issued by the respective country’s government.
  • Economic Development Funds – Contribution to government-approved development projects.
• Minimum Residency Period: Before obtaining citizenship, many countries require a minimum period of residence.
  • Under the traditional EB-5 visa, investors had to reside continuously in the U.S. for five years before applying for citizenship. However, the Gold Card Visa is expected to offer a faster pathway.
  • Some countries require residents to stay for a specific number of days per year, while others do not impose residency requirements.

Process for Obtaining a Gold Card Visa

• Application Submission: The investor must submit an application along with the required financial documents to the immigration authorities of the respective country. The application includes investment plans, proof of capital sources, and legal documents.
• Background Verification: The government conducts a thorough background check to ensure the investor’s capital originates from legitimate sources. Authorities verify the investor’s record for economic crimes, tax evasion, or illegal activities.
• Investment Confirmation: The government verifies that the required funds have been transferred to an approved investment channel. If the investment is in a business venture, its authenticity and compliance are also reviewed.
• Permanent Residency Approval: Once all conditions are met, the investor and their family receive Permanent Residency (PR), allowing them to live, work, and conduct business in the country.
• Citizenship: After obtaining PR, some countries allow investors to apply for citizenship after 5-10 years. Certain countries may require language proficiency tests, cultural adaptation assessments, or additional legal procedures before granting citizenship.

Difference Between Gold Card Visa and EB-5 Visa

The United States offers two major investment-based immigration programs for obtaining residency and citizenship – the Gold Card Visa and the EB-5 Visa. While both aim to attract foreign investors, they have different requirements and benefits.

• Timeframe: 
  • The Gold Card Visa grants immediate citizenship to investors.
  • In contrast, EB-5 visa holders must live in the U.S. for 5-7 years before they can apply for citizenship.
• Minimum Investment: 
  • The Gold Card Visa requires a minimum investment of $5 million (₹43.5 crore).
  • The EB-5 Visa requires an investment of $800,000 – $1 million (₹7-8 crore), which must be directed toward a job-creating U.S. business.
• Use of Loans:
  • The Gold Card Visa does not allow loans, meaning investors must pay the full amount themselves.
  • The EB-5 Visa, on the other hand, allows investors to use borrowed funds under certain conditions, making it more accessible to a wider range of applicants.
• Job Creation Requirement:
  • EB-5 visa applicants must create at least 10 jobs for American workers as part of their investment.
  • The Gold Card Visa has no job creation requirement, as it is purely based on capital investment.
• Residency and Citizenship Process:
  • EB-5 visa holders must go through a lengthy application process, including petition filing, approval, and fulfilling residency conditions before they qualify for a Green Card. Only after five years of permanent residency can they apply for U.S. citizenship.
  • The Gold Card Visa, however, offers a direct and faster route to citizenship, making it a more straightforward and appealing option for high-net-worth individuals.

Implications for Indians

• The EB-5 visa has been a popular route among Indian investors, with 733 Indians obtaining U.S. permanent residency through this program in FY24. If the Gold Card Visa replaces the EB-5 program, this affordable residency pathway will be closed for many Indian investors.
• The Gold Card Visa will primarily benefit only the ultra-rich Indians who can afford the higher investment amount. Meanwhile, skilled professionals (from IT, STEM, medicine, and engineering backgrounds) who do not meet the financial eligibility may find it increasingly difficult to secure U.S. residency and citizenship.
• The implementation of the Gold Card Visa could further lengthen the Green Card waiting list, making it even harder for H-1B visa holders and other skilled professionals to transition to permanent residency in the U.S.
• This could lead to widening economic disparities within the Indian-American diaspora, creating a divide between wealthy investors and skilled professionals struggling with prolonged immigration delays.

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