Key Takeaways:

• Trump announces a $5 million 'Gold Card' visa for wealthy foreigners, replacing the EB-5 program.
• The Gold Card promises green card privileges and a route to U.S. citizenship without job creation requirements.
• Concerns arise over the impact on Indians and other immigrants facing lengthy green card backlogs.

President Donald Trump has unveiled a new immigration initiative known as the 'Gold Card', which will allow wealthy foreigners to settle in the United States for an investment of $5 million. The announcement heralds a shift from the existing EB-5 investor visa program aimed at promoting job creation through investments. Trump declared, “You have a green card, this is a gold card,” emphasizing that the program will provide a route to citizenship for affluent individuals willing to invest in the U.S. economy.

The EB-5 visa, in contrast, was initially established to stimulate the economy by requiring foreign investors to inject at least $1.05 million into a business that generates at least ten jobs for Americans. Under the new Gold Card proposal, there are no job creation stipulations, allowing those who can afford it direct access to residency and a potential path to American citizenship.

Commerce Secretary Howard Lutnick criticized the EB-5 program, calling it "full of nonsense" and suggesting the Gold Card will attract "wonderful world-class global citizens." While Trump noted that wealthy individuals could potentially include Russian oligarchs, he stated that all applicants would undergo rigorous vetting processes to ensure they meet the program’s standards.

In recent years, thousands of Indians have sought to benefit from the EB-5 program, which may soon be overshadowed as this new scheme prioritizes affluent investors. With over one million Indians currently in green card backlogs, the Gold Card presents both opportunities and challenges. Critics argue that it prioritizes wealth over merit, potentially exacerbating existing inequalities within the U.S. immigration system.

The Trump administration anticipates selling up to one million Gold Cards, which could generate substantial revenue—estimated in trillions—to help reduce the national debt. As this proposal unfolds, many questions linger regarding its implications for existing visa holders and the broader immigration landscape in the United States.

For further details, you can read more from Newsweek and India Times.