Washington: The US administration has launched a new immigration program called the “Gold Card,” marking another significant change. Under this scheme, foreign citizens can earn the opportunity to become permanent residents by depositing a large sum of money directly into the US Treasury.
Trump Announces Fast-Track Residency
President Donald Trump announced the program today, saying it’s a new way to bring high-skilled foreign workers to the United States on a permanent basis in a faster and simpler way. Online applications have also been opened.
What Exactly Is the Gold Card?
The Gold Card is a financially-based visa program that provides permanent residence, similar to a Green Card. However, it does not require family or employment-based sponsorship. Only applicants who make financial contributions can qualify. Gold Card recipients can apply for U.S. citizenship in the future through the normal process.
Cost and Application Process
A deposit of US$1 million (approximately Rs 8.4 crore) is required for the Individual Gold Card, which includes a non-refundable processing fee of $15,000.
A company sponsoring an employee for a Gold Card must pay $2 million per person. This includes a $15,000 processing fee. Companies can also “transfer” the card to another employee for an additional payment. A 5% fee and a 1% annual maintenance charge apply for the transfer.
Where Does the Money Go?
All deposits made under the Gold Card go directly to the US Treasury. The administration says this move is a way to strengthen the US economy and public finances.
Gold Card vs. Green Card
Green cards are available through a variety of pathways, including family, employment, exceptional talent, diversity lottery, and refugee/asylum. The investment-based EB-5 visa is also a path to a green card, but requires the investor to invest money in a business.
The Gold Card process is very simple: simply deposit the deposit and obtain permanent residence. Unlike the Green Card, it doesn’t require lengthy procedures, quotas, or complex documentation.
Why Has This Visa Been Created?
This visa program is primarily targeted at ultra-wealthy individuals and multinational corporations. It is not a route for ordinary immigrants.
A Major Policy Shift
The Gold Card plan is considered the largest financial-based change in US immigration policy. It is likely to intensify political, economic, and ethical debates.