Donald Trump's $5 million Gold Card in demand! Indian professionals from these sectors show big interest; what happens to EB-5 visa?
Donald Trump's $5 million Gold card programme, though not officially launched, has already generated a significant interest among Indian professionals. Immigration specialists have noted heightened interest, especially among high-net-worth individuals (HNIs).
The proposed $5 million Gold Card visa scheme has received an exceptional response, attracting over 70,000 registrations shortly after the official website launched last month. The initiative specifically targets ultra-wealthy individuals and investors, rather than early-career or mid-level professionals.
Trump's Gold Card: Who Is Interested?
The programme has garnered particular attention from Indian professionals working in the US across technology, financial services and medical sectors, primarily in the age bracket of 28-45 years, according to an ET report.
Whilst exploring existing immigration pathways like EB-5, these professionals are eagerly anticipating details about the Gold Card programme specifics.
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Indian nationals are making enquiries regarding Trump's Gold Card, according to Prachi Shah, who established and leads her namesake legal practice. "Most of the interest so far is coming from professionals in the tech, finance, and healthcare sectors," Shah said.
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"Nearly 50% of interest is probably coming from the Middle East and a few wealthy countries, many of which are home to sizeable Indian diaspora populations who may also factor into the programme's uptake," Sukanya Raman, country head, Davies & Associates, LLC, an immigration law firm told the financial daily.
Whilst initial interest from Indian High Net-worth Individuals appears substantial, it remains to be seen how many preliminary enquiries will result in actual applications, noted Keshav Singhania, who heads the private client division at Singhania & Co, a legal firm.
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No Official Launch Of Gold Card
It is important to note that the Gold Card programme presently lacks legislative support. Experts suggest that the programme's publicity is primarily driven by marketing efforts rather than genuine demand.
The current online registration portal appears to collect only basic details without requiring substantial documentation, according to experts.
"Without such filters, it is difficult to ascertain whether these registrants are genuinely interested and eligible, or simply curious," Shah said.
"We are urging caution to our clients until the legislation framework is in place and full details are made available," said Singhania.
The Trump Gold Card website presently displays a notification registration system for those interested in receiving updates about the programme's launch.
Alexander Jovy, a lawyer, points out that the United States lacks both a legal structure and an official policy or executive order to initiate a Gold Card immigration programme.
"While the idea is gaining traction, it remains a proposal, not a legally recognised immigration pathway," he said.
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With Gold Card, What Happens To EB-5?
Speculation suggests that the Gold Card might replace the current EB-5 visa programme, spurring an increase in EB-5 applications due to its lower investment requirements, as previously reported by ET.
According to experts, the Gold Card and EB-5 programmes can operate simultaneously as distinct schemes.
Whilst people await the official introduction of the Gold Card, numerous individuals are considering well-established alternatives such as EB-5, H-1B, or National Interest Waiver programmes.
Rajneesh Pathak, who established Global North Residency and Citizenship, told ET that his firm, which specialises in immigration and investment advisory services, is receiving enquiries from clients regarding how the Gold Card might affect the EB-5 programme's future.
"We are advising our clients that at this stage EB-5 is live and kicking ...also Gold Card can be a success only if it comes with no tax on global income," Pathak said.
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