US President Donald Trump has announced a new ‘gold card’ initiative, allowing American companies to hire Indian graduates from top US universities like Harvard and Stanford.
“We’re going to be selling a gold card,” Trump said from the Oval Office on Wednesday. “You have a green card. This is a gold card. We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges, plus it’s going to be a route to citizenship.”
Trump said the current immigration system has hindered top international talent, particularly from India, from staying and working in the US. “A person comes from India, China, Japan, and other countries, attends Harvard or the Wharton School of Finance… they receive job offers, but the offer is immediately revoked because there’s no certainty about whether that person can stay in the country,” he said.
Highlighting the consequences of such restrictions, Trump added, “They return to India or their home country, start businesses, and become billionaires, employing thousands.”
Trump stated that US companies can purchase a gold card to facilitate recruitment. “I want to be able to have that person stay in the country. These companies can go and buy a gold card, and they can use it as a matter of recruitment,” he said.
Also read: Donald Trump says he will offer ‘gold cards’ for $5 million, replacing investor visas
He also noted that the revenue generated from these sales would help reduce US national debt. “At the same time, the company is using that money to pay down debt. We are going to pay down a lot of debt with that,” he added.
The gold card initiative is expected to roll out in about two weeks, with Trump suggesting that millions of such cards could be “sold”.
Trump also said that the gold card will replace the government’s EB-5 immigrant investor visa programme, which allows foreign investors to gain US green cards by making minimum investments of $1.05 million—or $800,000 in economically distressed areas—into projects that create jobs for American workers, PTI reported.
(With agency inputs)
(Edited by : Sheersh Kapoor)
First Published: Feb 27, 2025 4:34 PM IST
