After President Trump floated the Gold Card balloon for immigrants for $5 million, the rich Indians are now scrambling for EB5 visas.
EB5 Visas – The Only Hope For Indians
As we know, the Gold Card is now 6.5 times costlier than the $ 800,000 EB5 visa that grants permanent resident rights for recipients to the US.
The country head for India at Davies and Associates LLC, Sukanya Raman said “We are experiencing a surge in interest for the EB-5 visa petition. Our office is inundated with inquiries, and many clients are eager to file their I-526E petitions promptly to secure their EB-5 applications before any potential changes to the current law,” in a media interaction.
So far, there is no clarity on whether the Trump Gold Card would replace the existing EB-5 visa programme.
On top of that many fear the window is too slim given how quickly policies are chopped and changed in Trump’s second presidency.
Considering the scenario, clients initially planning to apply for the EB-5 visa are now accelerating the processing of their applications, said the experts.
The managing partner, LawQuest, Poorvi Chothani said, “This is a great option instead of sinking $5 million as Trump has said that he will “sell” the Gold Card and has not said that the Gold Card will be granted for an investment of $ 5 million.”
Gold Card – A Trial Balloon
When it comes to the gold card, the programme so far has only been a trial balloon.
It doesn’t even provide any details as to when it might come into effect and the requirements to qualify.
According to the expert, any changes to the current immigration programmes will need an act of parliament to take effect.
On the other hand, the EB-5 immigrant investor programme requires foreign nationals to invest in US businesses, they will have to create at least 10 full-time jobs per investor.
So far, the EB-5 programme is a guaranteed and existing pathway with established legal backing as of day, according to the Immigration Advisor at Davies and Associates, Alex Jovy.
Basically, the EB-5 leads directly to a Green Card and eventually results in US citizenship after five years.
The Gold Card program is primarily meant for UHNI and investors, not for the entry-level or mid-career professionals, including skilled workers from India.
Moving ahead, experts said that it is highly unlikely that US companies would invest such a substantial amount to hire individual talent through this route considering the $5 million price tag.
It appears that the accessibility to Trump’s Gold Card programme is limited to the ultra-wealthy.
So it won’t be an exaggeration to say that its long-term viability depends on corporate adoption and legal challenges.
The managing partner, Accord Juris, Alay Razvi said, “It can be perceived as selling US citizenship to the highest bidder, raising ethical concerns.”
