Washington: US President Donald Trump is illegally sending back citizens of various countries entering the US and has also launched a campaign for this. On the other hand, Trump has introduced an offer for rich people, under which they can spend a large amount of money and acquire American citizenship. Let’s know what is this offer and what will be the effect on Indians?
Trump announced the Gold Card Scheme on Wednesday, which insisted on investing and increasing jobs. He said that immigrants can get a residence permit in the US by paying a fee of $ 5 million. The scheme will replace the current 35-year-old EB-5 visa program. Under the EB visa program, any person can invest $ 1 million in the US and receive a residence permit there.
What is different from Gold Card EB-5?
There is a lot of difference in both types of visa. Under the current EB-5 program, foreign investors are required to invest between $ 8 million to $ 1 million in US companies and create at least 10 new jobs. Apart from this, you will have to wait for 5-7 years for the green card.
The program, launched in 1990 to attract foreign investment, has been suffering from allegations of misuse and fraud for the past several years. Now the fee of the gold card visa scheme has been increased by five times to $ 5 million. Due to high cost, it will be difficult for middle class investors to take advantage of this scheme.
What will be the effect on Indians?
The price of $ 5 million means that only very rich and big businessmen of India can bear this easy way to settle in America. This may further increase the problems of those skilled professionals who have already been waiting for a long wait for the green card. In some cases this wait lasts for decades.
People applying under EB-5 can take loans or raise money, while those applying for gold cards will have to pay full cash. This has led to the reach of a large section of Indians. H-1B work visa is the most preferred route for Indians. Indians can also apply for gold card on H-1B visa, provided their repayment capacity is $ 5 million.
