United States President Donald Trump recently proposed a new “Gold Card” residency permit as an alternative to the existing green card system.

The “Gold Card” with a price tag of $5 million (about N7.5billion) will be launched in two weeks and is expected to replace the existing EB-5 immigrant investor visa programme.

“We’re going to be selling a gold card. 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,” Trump told reporters in the Oval Office.

“It’s going to give you green card privileges plus a route to American citizenship,” Trump said.

While claiming the programme could generate significant revenue and help pay down the national debt, Trump suggested selling one million gold cards, predicting strong interest from wealthy individuals.

Currently, the EB-5 Immigrant Investor Programme grants green cards to foreigners who invest in US businesses and create or preserve jobs.

Created by Congress in 1992, the EB-5 programme allows foreigners to invest at least $1.05 million (or $800,000 in economically distressed areas) in US projects to gain a green card. While the programme has helped finance developments – including ones linked to Trump’s family – it has also faced criticism for being misused.

Trump had during his first term attempted to increase the minimum investment to $1.8 million, but a US judge overturned the move in 2021. The Biden administration later set the current investment levels at $1.05 million/$800,000 when it renewed the programme in 2022.

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“The EB-5 programme … it was full of nonsense, make believe and fraud, and it was a way to get a green card that was low price. So the president said, rather than having this sort of ridiculous EB-5 programme, we’re going to end the EB-5 programme. We’re going to replace it with the Trump gold card,” Commerce Secretary Howard Lutnick told reporters on Tuesday.

Trump’s plan is to replace this programme with the “Gold Card” system, which according to him will offer similar residency rights but with a direct purchase option for wealthy individuals.

Difference between Green Card and Gold Card

Green Card: Grants permanent residency in the US, typically through employment, family sponsorship, or investment (via EB-5).

Gold Card: Offers the same residency benefits but for a $5 million purchase price, fast-tracking the process for wealthy applicants.

“We are going to be putting a price on that card of about $5 million,” he added.

“It’s going to give you green card privileges plus its going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card,” Trump said, adding that details about the scheme would come out in two weeks.

Trump added that it was possible Russian oligarchs could qualify for the gold cards, when asked by a journalist if those people would be eligible. “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people,” he said.

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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