Trump says US will sell $5m ‘gold card’ for residency to wealthy foreigners

President Donald Trump announced on Tuesday that the US will sell a new “gold card” to wealthy foreigners. This card will give them the right to live and work in America and offer a path to citizenship for a $5 million fee.

“We’re going to be selling a gold card,” Trump said from the Oval Office. “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, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card.”

Trump said they will start selling these cards in about two weeks and suggested millions could be sold.

When asked if Russian oligarchs could buy these cards, Trump said: “Yeah, possibly. I know some Russian oligarchs that are very nice people.”

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Commerce Secretary Howard Lutnick, who stood beside Trump, explained that this card will replace the government’s EB-5 immigrant investor visa program. The current EB-5 program lets foreign investors put money into US projects that create jobs and then apply for visas to move to America.

“They’ll have to go through vetting, of course,” Lutnick said, “to make sure they’re wonderful world-class global citizens.”

Congress created the EB-5 program in 1992. Currently, it offers green cards to immigrants who invest at least $1,050,000, or $800,000 in economically struggling areas, to create jobs for American workers.

Businesses connected to Trump and his family have used this program to fund major property developments.

The program faced criticism from both Republicans and Democrats during Trump’s first term. Many lawmakers warned it had strayed from its original goals and needed reform.

In 2019, the Trump administration tried to raise the minimum investment amounts, but a federal judge struck down this change in 2021, ruling that the acting Homeland Security secretary who approved the rule hadn’t been properly appointed.

The Biden administration last renewed the program in 2022, raising the minimum investment requirements to their current levels.