Image Source: Business Standard
Living in the 21st century is such a blessing. As long as one has money, very little is out of reach. Gone are the days when only your ‘birth’ determined your ‘nationality’ – now, citizenship can be purchased much like a pen or a pizza. Quite a few countries are into this business with the United States making headlines recently as the newly elected President Mr. Donald J. Trump introduced the concept of “Gold Cards”. Given that the USA is one of the most sought-after destinations for Indian immigrants, this move naturally raises the question, what would be the impact of gold cards on Indians and what are the factors we must be looking for in the coming days?
But first, let’s understand what this gold card program is. This initiative is set to replace the existing US EB-5 visas, also known as the employment-based 5th preference visas. EB-5 visas essentially enabled foreigners to get a green card as long as they made an investment of about 800,000 to 1.05 million dollars in the USA and plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.
Although preferred by many foreigners to obtain a green card, this program had its own problems. One of its major drawbacks was that it had a long wait time and it also had transparency issues. Gold cards seem to solve these issues by charging a flat fee—albeit way higher, nearly 5 times of what was required under EB-5. Gold cards would allow the US to get lump sum money which would solve its extreme debt situation as well as enhance transparency. Additionally, it would allow the uber rich individuals to get USA citizenship at a much faster pace..
So far, everything sounds promising, right? Well, the devil is in the details. According to Mr. Trump, selling gold cards could wipe out the USA’s 35 trillion dollars deficit. However, to achieve this, the country would need to sell 7 million Gold Cards, generating $35 trillion. The problem? There simply aren’t that many ultra-wealthy individuals outside the U.S. who can afford it. Current estimates suggest that only about 3 million people worldwide might be eligible for this program. Moreover, the USA is not the first nor is it the only country offering gold cards. The UK, Australia, UAE and several EU nations have also introduced similar programs. However, these initiatives didn’t fare well in these countries. Some countries, like Ireland, have already discontinued their programs, while others, such as Spain, are planning to phase them out. Many have also modified their “Golden Visa” schemes due to concerns over an influx of questionable foreign wealth and potential links to money laundering and terrorism. In fact, EU officials urged countries to stop these programs 3 years ago in 2022 precisely for these reasons.
All the details of the USA’s gold cards program are yet to be released but until then, there are a few key points to consider.
First, how are the gold cards going to affect H1B visa applicants (popular amongst Indian immigrants to obtain green cards)? Until now, we only know that it is going to increase the wait time of the H1B visa holders, which was already running into decades sometimes. Second, there are concerns about potential misuse of the program. History has shown how wealthy fraudsters, such as Nirav Modi, exploited the U.K.’s Golden Visa program to launder massive sums and evade justice using their newly acquired citizenship. A similar loophole in the U.S. could create problems not just for America but also for countries like India, which is already grappling with widespread corruption. The Gold Card program could effectively turn the U.S. into a safe haven for such financial criminals.
This raises an important question: Will the U.S. be going to conduct rigorous background checks on those applying for the Gold Card. The concern isn’t just about tracking the individuals but also scrutinizing the origins of their wealth. There have been past instances—such as during the EB-5 visa program—where applicants presented “squeaky clean” financial records while hiding illicit transactions in undisclosed accounts. If that happened before, what’s stopping it from happening under the Gold Card program as well?
The program has yet to specify whether the primary applicant will be the only one getting citizenship or if their spouse and kids will also get the citizenship? Another unanswered question is whether Gold Card holders and their families will be required to stay in the U.S. for a certain number of days to maintain their status.
Finally, would we see significant migration of wealthy Indians to the USA with the introduction of Gold Card visa? India is already dealing with brain drain, raising concerns about the potential outflow of its high-net-worth individuals as well. While the concern is valid, a mass exodus of wealthy Indians to the U.S. seems unlikely. Historically, similar programs have not seen overwhelming participation from India. For instance, under the UK’s golden visa program, only 254 Indian investors opted for this visa, versus more than 4000 from China during the same time period (2008-2020).
Considering all these factors, it seems that while certain sections of Indian citizens may be impacted by the U.S. Gold Card program, the overall effect might not be significant. Not to mention, EB-5 won’t immediately be scrapped with the introduction of gold cards. People who invest in EB-5 before September 2026 will be “grandfathered in” if the program lapses.
Before wrapping up, it’s worth noting that the U.S. isn’t the only country looking to sell citizenship at a premium. Nations like Saudi Arabia and Oman are also considering similar programs as a way to boost revenue and manage debt, much like Greece, Portugal, and others have attempted. What do you think would happen if India decides to do the same?
References:
Chadha, S. (2025, March 3). What happens to EB-5 if Trump’s $5 million ‘Gold Card Visa’ takes over? Business Standard. https://www.business-standard.com/finance/personal-finance/what-happens-to-eb-5-if-trump-s-5-million-gold-card-visa-takes-over-125030300557_1.html
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