- President Trump regards this program as a means of reducing America’s burgeoning national debt, which has reached $35 trillion.
- One of the major advantages that President Trump has with this executive order is that he does not require congressional approval, unlike many of his past policies that were obstructed by Congress.
- If the Gold Card program is prioritised over H-1B visas, H-1B approvals may dwindle and this would come as a disadvantage to Indian professionals who view America as a first choice among economic hubs.
President Donald Trump is already renowned for his unusual executive policies, and following the same trend, he has come up with yet another unprecedented and out-of-the-box concept. According to this new policy, he will provide U.S. citizenship in return for an investment of $5 million. The theory is that anyone who is rich, skilled, and would like to put $5 million into the U.S. economy would be awarded a “Gold Card,” giving them the same advantages as a green card holder. The reasoning behind this policy is two-pronged. First, it seeks to stem illegal immigration by favouring skilled and financially sound people who can contribute to American wealth instead of becoming a financial drain on the system. Second, it wants to make the United States the most desirable place for foreign investors.
Most importantly, President Trump regards this program as a means of reducing America’s burgeoning national debt, which has reached $35 trillion. The Trump administration would print around 200,000 Gold Cards and reap $1 trillion in funds. If they could sell 10 million Gold Cards, it could eradicate the U.S. national debt.
Former Plans and Legal Changes
This policy is intended to replace the current EB-5 Immigrant Investor Program, which is used to demand that immigrants invest at least $1 million in the U.S. economy (or $500,000 in high-employment areas) and create a minimum of 10 jobs in exchange for a green card. However, President Trump has now increased the investment level from $1 million to $5 million. Some other nations, such as Canada, Australia, Spain, and Portugal, also have similar investment-immigration schemes in place. But the significant point is that none of them has fixed the cost of acquiring citizenship at a price as steep as $5 million, thus the U.S. policy being the most costly one of this type.
One of the major advantages that President Trump has with this executive order is that he does not require congressional approval, unlike many of his past policies that were obstructed by Congress. However, legal challenges may arise when Green Card holders are granted permanent citizenship, as this process would require congressional approval. There may be differences of opinion, even within the Republican Party, as certain factions are not in favour of an open immigration policy in the U.S., as seen recently with the H-1B visa debate.
Trump, over the years, has criticized the Democrats for their open-border policies, citing that they have resulted in more crime, corruption, and threats to national security. However, the “Gold Card” policy too has some issues of concern. The Financial Action Task Force (FATF) previously cautioned that selling citizenship for money exposes nations to the risk of facilitating corruption and criminalization.
Impact on India
There are several possible issues that a nation such as India could encounter as a result of President Trump’s Gold Card initiative. This initiative is meant to draw rich and skilled individuals, but it might also speed up brain drain—a phenomenon that has already been on the rise. This issue was more pronounced when President Trump said that American businesses would be able to employ Indian labour in return for an investment of $5 million.
The Trump government appreciates Indian workers for their expertise and role. This works to the U.S. economy’s advantage but proves to be a complicating factor for India. One of the significant challenges is the H-1B visa program. Even in the Republican Party, views about the H-1B visa are divided, generating a hot debate. If President Trump gives the Gold Card program priority over H-1B visas, H-1B approvals may dwindle. This would come as a disadvantage to Indian professionals who view America as a first choice among economic hubs. There are high chances of the disbursement of H-1B visas slowing down, which will make it increasingly difficult for highly skilled Indian immigrants to move into the country.
The second worry is investment outflow. Several investors who have been investing in India for years may now prefer to invest in the U.S. because of this new policy of immigration. If large numbers of Indian businesspeople and entrepreneurs decide to redirect their investments to the U.S., India might encounter economic problems, especially in industries dependent on domestic capital.
Aayush Pal is a freelance writer on contemporary geopolitical developments. The views expressed in his work are entirely his own.
Balaji Subramanian 
Aadeepto Majumdar 
Shashank Pandey