Why Trump 'Gold Card' is a bad deal for Indians and their families

The Trump ‘Gold Card’ is finally here

The pathway to citizenship that US President Donald Trump first announced in September has been launched. Trump had said that the ‘Gold Card’ would allow wealthy individuals to obtain legal residency, otherwise known as a green card, in America for the sum of $1 million (Rs 9.044 crore).

The development comes as the United States continues to crack down on both legal and illegal immigration. However, days after the card has been unveiled, many say this is a bad deal for Indians and their families.

Let’s take a closer look.

A brief look at the Gold Card

The programme has been introduced by Trump as a path to citizenship for high-net-worth individuals (HNIs). It is an alternative to investor visas under which foreigners had to put $1 million in American businesses and hire at least 10 people.

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Under this ‘Gold Card’ scheme, individuals have to contribute $1 million (Rs 9.044 crore) to the US government to become applicable. The website says that individuals, for a $15,000 (Rs 13.56 lakh) processing fee for the Department of Homeland Security and after a background check, will obtain residency in the US ‘in record time’.

Companies can also sponsor foreign-born workers for the card with a contribution of $2 million (Rs 18.088 crore). This is to be paid after the government verifies that the worker will ‘substantially benefit’ the United States. The website says “applicants must be eligible for lawful permanent resident status, admissible to the United States, and a visa must be available.”

The programme has been introduced an alternative to investor visas under which foreigners had to put $1 million in American businesses and hire at least 10 people. Image Credit: White House

“The Trump Gold Card is a visa; therefore, national security and significant criminal risks are a basis for revocation,” it adds.

Once you receive the ‘Gold Card’ you will have permanent resident status – the same as those holding EB-1 or EB-2 visas, according to the website.

The EB-1 visa covers priority workers such as those with “extraordinary ability” in the sciences, arts, education, business, or athletics; outstanding professors and researchers or multinational managers and executives. The EB-2 visa is given to foreign workers with advanced degrees or those of “exceptional ability”, including requests for national interest waivers.

Why this is bad for Indians and their families

Because despite Trump’s boasts, the ‘Gold Card’ does not immediately give you permanent residency – which is a pathway to citizenship.

Trump has not created a new visa category with his ‘Gold Card’. Instead, this Gold Card scheme simply lumps applicants under the existing EB-1 and EB-2 categories. Applicants do not receive any special priority or any reservation once they file for the ‘Gold Card’.

Also, those who want their family to apply under this scheme, including spouses and children under 21, must make an additional $1 million (Rs 9.044 crore) contribution to the government as well as a $15,000 (Rs 13,56,600) processing fee per member.

Trump has not created a new visa category with his ‘Gold Card’. Reuters

But that’s not even the biggest problem, which is the lengthy backlog for these categories under which ‘Gold Card’ holders must apply. US immigration law caps the number of green cards it can give out every year at 1.40 lakh. No country is allowed to be allotted over 7 per cent of green cards. This, naturally, has created a major bottleneck.

To give you some idea of the scope of the issue, the EB-1 is currently examining applications from those who filed on or before April 2023. Meanwhile, EB-2 (India) is currently looking at applications for those who filed on or before May 15, 2013.

This essentially means that you will be waiting years for your EB-1 visa to be considered. Meanwhile, for the EB-2 visa, you could be waiting for decades.

Experts have already raised the red flag on this.

The Times of India quoted New York–based immigration attorney Cyrus D Mehta as saying, “If you are born in India, beware of Trump’s Gold Card, as you will be stuck in the India EB-1 or EB-2 backlogs for years and even decades after you have shelled out $1 million or more and won’t see your green card for a very long time or never.”

So, for Indian families, remember, what Trump is selling isn’t really gold.

With inputs from agencies