U.S. President Donald Trump has announced a new “gold card” program, allowing wealthy foreigners to live, work, and pursue U.S. citizenship for a $5 million fee.
Speaking from the Oval Office, Trump described the initiative as a premium alternative to the traditional green card, claiming it would attract affluent investors worldwide. The program is set to launch in two weeks, with Trump suggesting that millions of these cards could be sold.
When asked if Russian oligarchs could purchase the card, Trump responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
Commerce Secretary Howard Lutnick revealed that the new program would replace the EB-5 immigrant investor visa scheme. The EB-5 program, introduced in 1992, currently requires foreign investors to commit at least $1,050,000—or $800,000 in targeted areas—to projects creating American jobs.
Lutnick assured that buyers would undergo rigorous vetting to ensure they meet U.S. standards as “world-class global citizens.”
Trump-affiliated businesses have previously utilized the EB-5 program to fund large-scale property developments. However, the EB-5 scheme faced bipartisan criticism for drifting from its original objectives.
In 2019, the Trump administration attempted to raise the program’s minimum investment threshold, but a federal court overturned the move in 2021. The Biden administration renewed the program in 2022, implementing the current investment requirements.
With the introduction of the “gold card,” Trump aims to revamp U.S. immigration options for wealthy investors, promising expedited citizenship and residency privileges.
