The 'Gold Card' program, an ambitious project of U.S. President Donald Trump, is projected to be difficult to realize in the short term. The Gold Card is an investment immigration system that grants U.S. permanent residency for an investment of $5 million (around 680 million won). President Trump announced in February that he would abolish the existing EB-5 investment immigration program and introduce the Gold Card policy.
On the 7th (local time), The Washington Post (WP) reported, "Realistically, it will take a long time for the Gold Card visa policy to be implemented, and it may not be implemented at all." Last month, the U.S. Department of Commerce opened an internet site for Gold Card applications and began accepting applications. According to the Financial Times (FT) in the UK, as of the 16th of last month, 68,703 foreigners had registered for the waiting list on this site.
The difficulty in realizing the Gold Card program is due to the need to resolve various legal issues. WP pointed out that the president does not have the authority to unilaterally create a new type of visa without the approval of Congress. Congressional approval is essential for implementing the Gold Card program, yet the Trump administration has not shown any particular movement toward obtaining such approval.
Doug Rand, a former senior adviser to the Director General of the U.S. Citizenship and Immigration Services (USCIS) during the Biden administration, stated that since the law was enacted in 1990 that established the current green card and temporary visa system, no administration has altered the criteria for visa eligibility. He noted, "President Trump has no legal basis for taking such action, and if he proceeds, he is likely to face lawsuits and almost certainly lose."
George Fishman, who served as the first deputy chief legal counsel for the Department of Homeland Security during the Trump administration, also commented that "in several cases, Congress has the upper hand over the administration in immigration policy formulation," and expressed skepticism about the possibility of such actions being carried out without congressional approval.
The U.S. Congress has shown a cautious approach to immigration system changes, not altering the types of visas for about 35 years. Furthermore, when former President Obama sought to grant legal status to children who had entered the country illegally, or when the Biden administration expanded the parole program without congressional approval, there was active backlash against actions that could infringe upon Congress's authority.
Although congressional approval is essential for implementing the Gold Card program, the current Congress has been passive regarding the related processes. Alex Noraste, an immigration policy expert at the Cato Institute, noted that "the Republican-controlled Congress has shown considerable resistance to creating pathways to permanent residency or citizenship." He stated that during a hearing by the House Judiciary Committee's subcommittee on visa systems held on the 25th of last month, there was no mention of the Gold Card, and instead, legislators demanded a more thorough review of existing visa procedures.
The prioritization of visa issuance to the wealthy has also been pointed out as problematic. Kate Hooper, a senior policy analyst at the Immigration Policy Research Institute, reported that some countries that implemented systems similar to Trump's 'Gold Card,' which carried similar costs, changed their policy direction due to controversies over granting unlimited residency rights to the wealthy. In the past, Spain abolished a similar system after experiencing soaring housing prices due to an influx of wealthy individuals.
As the likelihood of the Gold Card program entangling in various legal issues increases, immigration lawyers have begun warning their clients to refrain from applying. Philadelphia immigration attorney Ron Klasko stated, "Some clients from Canada and Europe have expressed interest in the visa, but until the program is clarified, there's little meaning even in putting their names on the waiting list."