India, Feb. 26 -- US President Donald Trump on Tuesday announced his plans to offer a "gold card" visa with a path to citizenship for $5 million, replacing a 35-year-old EB-5 visa for investors. The move has raised concerns among Indian nationals awaiting US green cards.

Commerce secretary Howard Lutnick said the "Trump Gold Card" would replace EB-5 visas in two weeks. EB-5s were created by Congress in 1990 to generate foreign investment and are available to people who spend about $1 million on a company that employs at least 10 people.

Lutnick said the gold card - actually a green card, or permanent legal residency - would raise the price of admission for investors and do away with fraud and "nonsense" that he said characterise the EB-...