President Donald Trump announced on February 25 that his administration will implement a policy granting U.S. permanent residency in exchange for a $5 million payment.
Speaking at the White House after signing an executive order, Trump stated, “You have a green card. This is a ‘gold card.’ We’re going to be putting a price on that card of about $5 million and that’s going to give you green card privileges.”
Trump added that the gold card program will become available in approximately two weeks.
“Wealthy people will be coming into our country by buying this card,” he said. “They’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful.”
He also noted that Russian oligarchs, including those who are part of President Vladimir Putin’s support group, would be eligible to purchase the gold cards.
Meanwhile, Commerce Secretary Howard Lutnick announced that the Trump administration will abolish the EB-5 Immigrant Investor Program.
EB-5 allows foreign nationals to obtain U.S. permanent residency by making a significant investment in American businesses that create jobs.
On the same day, Trump signed an executive order directing an investigation into U.S. copper imports under Section 232 of the Trade Expansion Act.
Section 232 permits the government to impose emergency import restrictions or high tariffs on foreign products if they are deemed a threat to U.S. national security.
BY EUNBIN KIM, YOUNGNAM KIM [kim.youngnam@koreadaily.com]
