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President Donald Trump announced on Tuesday that the U.S. will introduce a “gold card” for wealthy foreign nationals, granting them the right to live and work in the country with a pathway to citizenship for a $5 million fee.
We’re going to be selling a gold card,” Trump stated from the Oval Office. “You have a green card—this is a gold card. It will cost about $5 million and will offer green card privileges along with a route to citizenship. Wealthy individuals will be able to buy this card to come to our country.
Trump mentioned that sales of the card will begin in about two weeks and suggested that millions could be issued. When asked if Russian oligarchs would be eligible, he replied, “Yeah, possibly. I know some Russian oligarchs who are very nice people.”
Commerce Secretary Howard Lutnick, standing beside Trump, said the new card will replace the existing EB-5 immigrant investor visa program. Under this program, foreign investors can obtain green cards by investing in U.S. projects that create jobs.
They’ll still need to go through vetting,” Lutnick assured, “to ensure they are outstanding global citizens.
The EB-5 program, established by Congress in 1992, grants green cards to immigrants who invest a minimum of $1,050,000—or $800,000 in economically distressed areas—to create jobs for American workers, according to the U.S. Citizenship and Immigration Services.
Trump and his family have previously used the EB-5 program to fund major real estate developments. However, the program faced bipartisan criticism during Trump’s first term, with lawmakers arguing it had strayed from its intended purpose and needed reform.
In 2019, the Trump administration attempted to raise the minimum investment requirement to $900,000 for targeted areas and $1.8 million elsewhere, but a federal judge struck down the rule in 2021, citing improper appointment of the Homeland Security secretary who enacted the change.
The program was last renewed in 2022 under President Joe Biden, with the minimum investment levels set at their current amounts.