India, Nov. 25 -- The U.S. Citizenship and Immigration Services (USCIS) is advancing with the proposed "Gold Card" visa pathway that would allow foreign nationals to obtain permanent-resident status by donating $1 million to the U.S. Treasury.

According to Fragomen, the draft form that would be used to apply for the Gold Card program is now under federal review.

This gold card initiative would significantly reshape or even replace the current EB-5 visa programme, which has been criticised for fraud and inefficiency. Under EB-5, foreign investors must invest in a U.S. business and create at least 10 full-time jobs.

At the time of the Gold Card program, Howard Lutnick, U.S. Secretary of Commerce, said that the EB-5 program is "full of no...