President Donald Trump announced the abolition of the existing investment immigration system, EB-5, and stated that a 'Gold Card' would be sold for $5 million to grant green cards to wealthy foreigners who can create jobs in the U.S.

After signing an executive order at the White House on the 25th, President Trump said, "We will sell the 'Gold Card.' There is a green card, but this is a gold card," adding, "We will price this card at about $5 million."

He explained that the Gold Card would grant "green card privileges to very high-level individuals" and would be a pathway to citizenship, but clarified that it would not grant citizenship immediately. He expressed optimism that "wealthy individuals will buy this card and come to the U.S.," stating, "They will succeed, pay a lot of taxes, and employ many people."

President Trump indicated that the sale of the Gold Card would begin in about two weeks and added that Russian oligarchs could also purchase the Gold Card. He projected, "We could sell a million cards," estimating that "a million cards would amount to $5 trillion (approximately 715.1 trillion won)."

Commerce Secretary Howard Lutnick, who attended the signing event, stated, "Of course, Gold Card applicants will have to go through a screening process," and emphasized that they would verify whether they are global citizens of world-class standards. He also mentioned that the existing investment immigration (EB-5) system would be abolished and replaced by the Gold Card, criticizing the EB-5 program as "nonsense and a scam." He pointed out that "the EB-5 program was a way to obtain a green card for a pittance."

Currently, the EB-5 system grants green cards to foreign investors who invest a certain amount in U.S. corporations that create jobs, with investment amounts ranging from $800,000 to $1.05 million depending on the region.

EB-5 investment immigration is a program that provides U.S. green cards to foreign investors, but it has several issues. Among them, three major problems can be identified:

Lack of transparency and poor management of investment funds

Investment funds in the EB-5 program must be invested in businesses within the U.S. and should create jobs. However, some investors often find that their invested funds are not used as intended or are invested in poor projects. As a result, investors face difficulties in recovering their funds and may not obtain green cards if the business fails.

False investments and fraud cases

There are some cases of abuse in the EB-5 program. For example, investors often receive false information that a project in the U.S. is genuinely aimed at job creation, leading them to invest based on this misinformation. Such fraud and misconduct result in significant losses for investors and undermine the program's credibility.

High investment amounts and limited opportunities

To obtain a green card through the EB-5 program, one must invest at least $800,000 (in specific areas). This high investment amount creates a situation where many people find it difficult to access. Additionally, the number of green cards offered through this program is limited, leading to fierce competition, and in some areas, the predetermined quotas have already been exceeded. This creates uncertainty for investors and makes it challenging to find investment opportunities in certain regions.

These issues have been pointed out as the main reasons why the EB-5 program has lost credibility and fails to function as an effective immigration tool.