Investment Immigration Reform
"The First Buyer is 'Me'"
U.S. President Donald Trump unveiled the physical version of the 'Gold Card,' a permanent resident card worth 5 million dollars (approximately 7.26 billion KRW).
President Trump is showing the 'Green Card,' a permanent resident card, aboard Air Force One. Photo by AP Yonhap News
On the 3rd (local time), The Washington Post and others reported that President Trump revealed the 'Gold Card' engraved with his face while talking to reporters aboard Air Force One, the presidential aircraft. Although plans related to the Gold Card were announced at the end of February, this is the first time the physical card has been revealed. The quantity is expected to be in the millions. President Trump introduced it by saying, "Do you know what this is? The Gold Card, the Trump Card." When a reporter asked, "Who is the first buyer?" President Trump answered, "Me."
When asked, "Who is the second buyer?" President Trump replied, "I don't know, but for now, I'm the first," and explained, "Card issuance will begin within two weeks." He then asked, "Isn't this interesting? Is there no one who wants to buy one?"
At the end of February, President Trump announced plans to reform the EB-5 visa program for investment immigration, offering permanent resident privileges to wealthy foreigners through the sale of the Gold Card. The price is 5 million dollars per card, and it is expected to provide a pathway leading to citizenship in addition to the regular U.S. permanent resident 'Green Card.'
The EB-5 program grants permanent residency to foreigners who create jobs in the U.S. Although it varies by state, applicants typically need to pay between 800,000 dollars (approximately 1.1 billion KRW) and 1.05 million dollars (approximately 1.5 billion KRW). However, President Trump has significantly raised the investment amount required for foreigners immigrating through investment to 5 million dollars. He introduced the card by saying, "Not only can you enjoy permanent resident privileges, but it will also open the path to citizenship. Wealthy people will buy this card to come into our country." He also described the Gold Card as "similar to the Green Card, but with a higher level of sophistication."
President Trump expects to sell more than one million Gold Cards. Selling one million cards would generate 5 trillion dollars (approximately 7200 trillion KRW) in revenue, which he believes will help resolve the U.S. fiscal deficit of 35 trillion dollars (approximately 5 quadrillion KRW).
Additionally, when asked whether he is considering selling Gold Cards to Russian oligarchs, President Trump responded, "Probably yes," adding, "I know some very kind Russian oligarchs."
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