“The green card is a gold card,” U.S. President Donald Trump said on Saturday. “We will start selling gold cards in two weeks. We will set a price of about 5 million dollars for this card.” Trump made the remarks to reporters at an executive order signing ceremony held at the Oval Office in the afternoon. The government has decided to abolish the investment immigration (EB-5) system, which gives permanent residency to foreigners who invest more than a certain amount of money in U.S. corporations that create jobs, 35 years after the system was enacted.
“Gold cards will go on sale in two weeks. It will be a privilege and a way to acquire citizenship,” Trump said. “I think it will be very successful for rich people to buy these cards and come into our country and spend a lot of money, pay a lot of taxes and hire a lot of people.” “They have to go through a screening process to prove they are great global citizens,” said Secretary of Commerce Howard Rutnick, who was present at the signing ceremony. “Then they can come to the U.S. and invest, and we can use that money to reduce the deficit.” The U.S. national debt is about $36 trillion, which is close to the highest level since World War II. “We will be able to sell more than a million copies,” Trump said.
Currently, the U.S. visa program paves the way for foreign investors to give permanent residency if they invest more than $1 million and create at least 10 jobs to acquire citizenship in the future. According to the data from the Department of Homeland Security, about 8,000 people received investment immigration visas from September 2021 to September 2022. About 100 countries around the world, including the U.S., are rich in paying this kind of so-called Golden Visa. However, Trump’s “gold card” is compared to visas from other countries in that it does not require job creation, real estate purchases, or bank accounts. Axios said, “$5 million is one of the most expensive programs in the world,” adding, “It continues the early theme of the Trump administration that money can precede general rules.”
Rutnick said the EB-5 program, which was enacted by Congress in 1990 and re-approved in 2022, is “full of ridiculous regulations.” The Hill, a political media outlet, said, “It is unclear whether Trump will be able to end the EB-5 program without going through Congress,” but Trump said, “It will not require congressional approval.” Asked if the so-called “Oligarch,” Russia’s new chaebol and Russian President Vladimir Putin’s support group, would be eligible to purchase gold cards, he said, “They are not as rich as they used to be, but I know a few good Russian chaebols. There is a possibility.”
SAM KIM
US ASIA JOURNAL
