Gold Card Plan: The US has announced a new immigration policy. Its name is Gold Card. As the name suggests, this policy easily provides US citizenship to rich people on investment of $ 5 million (about 43 crore rupees). Now years are not waiting, no long paperwork, just invest Rs 43 crore in America and become citizens of the world’s most powerful country.
This new plan of Trump may replace the old EB-5 visa plan. The condition was to invest $ 1 million (about 87.3 million rupees) and 10 jobs should be made available in the US. The question is whether America is the only country that invites the rich of the world to itself? Is there any such policy of India? The answer is yes. India also offers such. Its name is Permanent Residence Status (PRS) scheme.
The PRS scheme allows foreign investors to live in India on temporary basis, provided they fulfill certain conditions. India’s PRS does not provide citizenship and has more stringent provisions than the new American plan.
Before discussing India’s PRS scheme, let’s understand the American Golden Visa Card and the EB-5 scheme. On 25 February, Trump announced the ‘Gold Card’ proposal, although he did not explain the plan. In order to take advantage of this scheme, an investment of $ 5 million from non-Americans will be necessary and this will make the path of citizenship easier.
Trump has targeted the EB-5 program. Commerce Secretary Howard Lutenik termed the EB-5 program as “nonsense” and “fraud”, saying that this is an easy way to buy green cards at low prices. The Green Card, officially known as a permanent resident card, allows the cardholder to live and work permanently in the United States.
The EB-5 program launched in 1990 allows foreign investors to become a minimum of $ 1,050,000 (or economically threatened $ 800,000) and generate jobs, not an American citizen but a permanent resident.
Lutnik said that the Trump administration wants to convert EB-5 with gold cards, which will cost more, but investors will get more rights. There is also a new discussion about the H-1B visa, which Indian professionals use to work in the United States.
India’s permanent residence status for investors (PRS)
Like the US EB-5 and now the Gold Card, India’s PRS scheme offers foreign investors to live in India for a long time. The PRS scheme launched in 2016 does not provide Indian citizenship.
According to the government’s information Invest India, foreign investors will have to bring at least $ 1.1 million (Rs 10 crore) (Rs 10 crore) (Rs 10 crore) (Rs 10 crore) (Rs 10 crore) or about 2.8 million $ 2.8 million (Rs 25 crore) within 18 months to be eligible for the PRS scheme.
This investment will create jobs for at least 20 Indians every year. Subsequently, the person will be provided a B-1 (investor) visa and will not require registration with the concerned Foreign Regional Registration Officer (FRRO)/Foreign Registration Officer (FRO).
Once the terms of investment and employment are met, he can apply online for PRS through FRRO. PRS holders are allowed to buy houses for private use and they are exempted from general minimum wage requirements for foreign jobs in India.
There is a provision to provide B-1X visa to the investor’s spouse and dependents, which is connected to the investor’s professional visa on the same conditions. The B-1X visa allows them to work or study in the private sector of India without a separate visa. According to a statement released in 2016 by the Ministry of Home Affairs, the scheme will encourage foreign investment in India and facilitate the Make in India program.
Comparison of Indian and American plans
The main difference between American and Indian citizenship programs is that American gold card increases investors’ chances of becoming an American citizen, while India’s PRS only provides long -term residence for 10 years, which also has the option to renew for the next 10 years. According to Invest India, it is a multi-entry visa.
However, the conditions of India’s PRS are strict. For example, investors will have to create jobs and the scheme does not include Pakistani citizens or people of Pakistani origin, ie Pakistani cannot take advantage of it. The American plan may be open to all wealthy investors. However, some restrictions may be announced later.
PRS is not a guarantee.
If the investor does not meet the expected investment or employment standards. An involved in criminal activities. If a person is mentally unhealthy and he is declared as such by the court, his PRS status can be withdrawn.
In such a situation, the investor and his family will have to leave India within three months and whatever property they have according to the FEMA rules of India will have to be confiscated. It has to be sold within a year. It is said that the PRS scheme did not get much support. According to a 2018 report, no foreigner applied for this scheme in the first two years.
