US President Donald Trump recently announced that he is planning to launch a special scheme called Gold Card Scheme for the rich people around the world. Under the scheme, anyone who invests $5 million (about Rs 43 crore) in the US will be granted US citizenship. Trump claims that this scheme will not only attract foreign investors, but will also help strengthen the US economy.
But how effective is this strategy? Will it really help create jobs and increase investment in the US or is it just a political move?
What is the Gold Card Scheme?
According to US President Donald Trump, this scheme will replace the 35-year-old EB-5 visa program. Under the current EB-5 visa, foreign investors are required to invest about $1 million in the US, in return for which they and their families get a green card.
But the Gold Card Scheme will make this process even easier. Under this:
- Investors will have to invest $5 million.
- The investor will get US citizenship immediately, while the EB-5 visa takes 5-7 years.
- Gold card holders will be given some special benefits, which green card holders do not get.
- This investment will help create jobs and economic growth in the United States.
- Trump believes that if 1 million gold cards are sold, it will generate $5 trillion in income, which can be used to reduce America’s debt.
What is the difference between an EB-5 Visa and a Gold Card?
| Features | EB-5 Visa | Gold Card |
| Time of obtaining citizenship | 5-7 Years | Immediately |
| Minimum amount of investment | $1 million ($800,000 in special areas) | $5 million |
| Loan or funding permission. | Yes | No, full payment is required. |
| Conditions for job creation | At least 10 jobs. | Not mandatory |
The Gold Card Scheme is designed for those who can make a big investment in the US economy directly and get citizenship immediately. However, this scheme will be possible only for extremely rich people, because the amount of 5 million dollars is very large.
Will the Gold Card be beneficial for Indian investors?
Every year, thousands of people from India apply for permanent residency in the US, including IT professionals, doctors, businessmen and people associated with higher education. But the Gold Card Scheme will not be beneficial for them because:
A whopping amount of $5 million – only the super-rich and big industrialists of India can take advantage of this scheme.
Harm to skilled professionals – Many Indians wait for decades for a green card. With the gold card scheme, only rich people will get citizenship immediately, which can harm professionals.
Cash Payment Mandatory – While investors in the EB-5 visa were allowed to take loans or use other funding, it will be mandatory to make the entire payment for the Gold Card in cash, which will make it more difficult for Indians.
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Green Card vs. Gold Card: Which is Better?
What is a Green Card?
- This is one of the ways to get permanent residency in the US.
- Under this, the investor has to invest at least $1.05 million.
- They have to start a business in the US and employ at least 10 Americans.
- It can take 5 to 7 years to get a green card, but after that the person gains the right to live and work in the US.
Is a gold card better than a green card?
The biggest feature of the Gold Card is that it gives US citizenship immediately, while Green Card holders have to go through a long process to get citizenship. But the big condition for this is that the person must invest $5 million, which is not possible for everyone.
Will Trump’s plan succeed?
Trump’s plan is still being proposed and will have to go through several legal processes to be implemented. However, if it is approved, it could prove to be economically beneficial for the US.
But this plan is also being criticized because:
Beneficial only for the rich – This scheme will benefit only those who are already rich, while for skilled professionals and middle-class investors this is not an opportunity.
Impact on the immigration system – This can lead to disparities in traditional US green card and visa programs.
Political controversy – There is a political debate in the United States about this plan of Trump. Many believe that it is like selling citizenship in exchange for money, which is not morally justified.
Donald Trump’s Gold Card Scheme can give rich people around the world the opportunity to invest in America and get citizenship. However, its biggest challenge is its high cost and limited reach. This scheme will be possible only for those who are extremely rich.
From the Indian point of view, this scheme can be beneficial only for big business tycoons, while it will be of no use for ordinary citizens and skilled professionals. The real impact of this scheme will be seen only when it is officially implemented and its rules are clarified. At the moment, this is just a proposal, but if it is approved, it can prove to be a big change in America’s immigration policy.
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