Korean Wealthy Also Tempted... $7 Million Gold Card Green Card, Will It Pay Off All U.S. Government Debt? [AK Radio]

Trump Criticizes "Investor Immigration as Too Cheap"
High Interest Among Wealthy South Koreans Due to Inheritance Tax Issues

The Trump administration has begun system testing for the "Gold Card" program, which grants immediate U.S. permanent residency to wealthy foreigners who pay $5 million (approximately 7.1 billion KRW). On the 16th, Elon Musk, head of the Government Efficiency Department, announced, "The Gold Card, America's new permanent residency card, has entered the testing phase." This program entered the testing stage after President Trump first announced it in February.

The image of the gold card revealed during a press conference held by U.S. President Donald Trump on his Air Force One on the 3rd of last month (local time). Photo by Reuters Yonhap News

President Trump expressed high expectations, stating, "There are 37 million potential customers worldwide, and if we sell just 100,000 cards, we could pay off all U.S. government debt." According to the U.S. government, the number of reservations has already surpassed 1,000. Unlike the existing EB-5 investor visa, which requires investment in a U.S. business or fund, the Gold Card program grants permanent residency in exchange for a direct donation to the U.S. government.

The existing EB-5 visa grants permanent residency to those who invest $800,000 to $1 million (about 1 billion to 1.5 billion KRW) in a U.S. business, but the Gold Card requires a direct payment of $5 million to the U.S. government. President Trump has previously complained that this price is too low. However, since the payment for the Gold Card is considered a donation rather than an investment, it cannot be recovered. As a result, there are expected to be significant obstacles before the Gold Card program can be fully implemented.

The EB-5 visa is primarily issued by state governments to stimulate local economies, so it requires approval from both the U.S. Congress and state governments. Some critics have expressed concerns that granting permanent residency without background checks in exchange for money could provide an escape route for economic criminals from other countries or facilitate money laundering. In fact, after the announcement of the Gold Card, inquiries about investor immigration have surged, leading some to analyze that the Trump administration made a strategic announcement to increase demand for investor immigration.

South Korea ranks fourth in the world for investor immigration, with about 1,200 people choosing this option last year. China is first with 15,000, but in terms of population ratio, South Korea's level is also quite high. The main reason South Koreans choose investor immigration is the burden of inheritance tax. South Korea applies a 50% inheritance tax rate to assets over 3 billion KRW, which is much higher than the OECD average of 15%. In contrast, the United States offers a tax exemption of about 19 billion KRW per parent, and a combined 38 billion KRW for both parents, making it an attractive option for wealthy individuals.

If the Gold Card is actually introduced, there is a possibility that the cost of investor immigration for wealthy South Koreans will increase significantly, potentially reducing demand. However, for now, it is expected that attention will be focused on whether the Gold Card program will be implemented and on the progress of inheritance tax reform in South Korea. Meanwhile, after the Trump administration's announcement of the Gold Card, inquiries about the EB-5 visa have reportedly increased due to concerns that the existing investor immigration program might be abolished.