President Donald Trump announced on the 25th a bold new policy, dubbed the “Gold Card,” which would eliminate the current EB-5 investment immigration program and instead offer permanent residency for a $5 million payment, with a pathway to citizenship included.

According to The Hill and The Independent, Trump revealed during a press conference in the White House Oval Office that the “Gold Card permanent residency” would be available for purchase at $5 million. He explained, “This card is similar to a Green Card but offers a higher level of benefits and includes a route to citizenship.”

Trump stated, “Wealthy people will buy this card to come to the U.S. They are successful individuals who will spend a lot of money, pay significant taxes, and create many jobs. This policy will be highly successful and is a completely new approach that has never been tried before.”

Alongside this, Commerce Secretary Howard Lutnick announced that the Trump administration plans to scrap the existing EB-5 investment immigration program and replace it with the “Gold Card.” Trump added that sales of the Gold Card would begin in about two weeks and claimed that the policy does not require Congressional approval.

The EB-5 program allows individuals to apply for permanent residency by investing a certain amount in U.S. businesses and creating full-time jobs. However, Lutnick criticized it as “an inefficient system riddled with fraud and deception” and “a way of offering Green Cards at too low a price.” He elaborated, “Of course, applicants for the new program will undergo rigorous vetting, and only world-class investors who pass this process will be allowed to come to the U.S. The President will personally issue these permanent residencies, and the funds invested through this program can be used to reduce the national deficit.”

Trump also addressed whether Russian oligarchs—emerging tycoons tied to President Vladimir Putin’s support network—would be eligible to purchase the Gold Card. When asked, he replied, “Yes,” adding, “They may not be as wealthy as they once were, but I think they can still come up with $5 million.”

The basic structure of the “Gold Card” appears similar to the existing EB-5 investment immigration program. However, while the EB-5 visa requires investments ranging from $900,000 to $1.8 million depending on the region, along with the creation of at least 10 jobs, the Gold Card significantly raises the investment threshold to $5 million, marking its most distinctive feature.

It remains uncertain whether the Trump administration can unilaterally terminate the EB-5 program. The program was reauthorized by Congress in 2022, and legal debates are expected over whether it can be abolished without Congressional consent.

<Hyung-Seok Han>