U.S. President Donald Trump proposed a 'Gold Card' visa system that would allow wealthy foreigners to obtain permanent residency and citizenship in exchange for $5 million (approximately 680 million won), aiming to address the rising national liability. He claimed that this system could fully pay off the U.S. national liability of $36.2 trillion.
During the first cabinet meeting of his second administration held on the 12th (local time) at the White House, Trump said, "Gold Cards will sell tremendously," adding, "If 10 million people buy them instead of 100,000, $50 trillion will come in, allowing us to pay down the liability and still have $15 trillion left over." He explained that the Gold Card would include 'Green Card privileges' equivalent to permanent residency, and citizenship could be acquired after a certain period.
Trump emphasized that this system would innovate the U.S. immigration system and contribute to national finances, but legal experts expressed skepticism. Immigration attorney Charles Cook pointed out in a recent interview with CNN that just because a foreigner can afford the $5 million fee doesn't necessarily mean they are willing to reside in the U.S. and pay taxes. Sharbari Dalal-Dheini, Director General of the American Immigration Lawyers Association, also noted that the president lacks the authority to create a new immigration program without legislation from Congress, citing a lack of legal basis.
Despite concerns about the feasibility of the 'Gold Card', Trump's proposal has reignited discussions about national liability in the U.S. According to the U.S. Treasury Department, the national liability exceeds $36 trillion, and private liabilities such as household and credit card debts are also surging. Some economists warn that this liability structure poses a burden on long-term fiscal sustainability.
Separately from political backlash, Trump's comments are expected to spark debate over policies aimed at attracting wealthy immigrants. Currently, in some U.S. states, permanent residency is granted through an investment immigration (EB-5) program for investments over $800,000, but there is no precedent for the 'premium visa' at the $5 million level proposed by Trump.
The New York Times (NYT) analyzed the proposal, stating, "The idea of solving the liability crisis at once by attracting a large number of wealthy individuals has significant political symbolism," but it also noted that "the practical implementation and social acceptability remain unclear."