U.S. President Donald Trump announced on the 25th (local time) that he would implement a 'Gold Card' policy that grants permanent residency for a payment of $5 million (about 710 million won) instead of eliminating the investment immigration (EB-5) program, which previously provided permanent residency for an investment of at least $900,000 (about 1.3 billion won).
According to The Wall Street Journal (WSJ), Trump signed an executive order in the Oval Office on that day, saying, "Wealthy individuals will buy the Gold Card to enter the U.S." He added, "They will be wealthy and successful. They will spend a lot of money, pay a lot of taxes, and employ many people." He further noted, "We believe it (the Gold Card) will be very successful," estimating that over 1 million Gold Cards could be sold. He also mentioned that "the new visa program will be implemented in about two weeks." However, he stated, "It will be a strong path to obtaining citizenship while granting the privilege of a Green Card (permanent residency)," but clarified that it does not grant U.S. citizenship immediately.
The U.S. introduced the EB-5 program in the 1990s to attract foreign investment to economically disadvantaged areas and create jobs. The EB-5 program grants a Green Card to individuals who show they invested between $900,000 and $1.8 million in the U.S. and created at least 10 jobs. Spouses and children under 21 of those who invested under the EB-5 program also receive Green Cards.
During the event, Minister Howard Rutnick criticized the EB-5 program while mentioning past fraud cases. Minister Rutnick stated, "Those applying for the Gold Card will undergo scrutiny," and added, "We will ensure they become global citizens at a world-class level." He also mentioned that the Trump administration plans to use the revenue generated from the Gold Card to reduce the federal deficit.
However, it will be difficult for the Trump administration to unilaterally abolish the EB-5 program without the approval of Congress. The White House did not provide detailed explanations regarding this matter.