'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 indicated that details about the scheme would be revealed in two weeks, with expectations that it could attract a large number of buyers.
When asked whether Russian oligarchs would be eligible to purchase the gold card, Trump responded: 'Yeah, possibly. I know some Russian oligarchs that are very nice people.'
Commerce Secretary Howard Lutnick, appearing alongside Trump, confirmed that the new initiative would replace the EB-5 program, which currently grants green cards to foreign investors who invest in U.S. businesses that generate jobs.
'They'll have to go through vetting, of course,' Lutnick said, 'to make sure they're wonderful world-class global citizens.'
The EB-5 program, established by Congress in 1990, allows immigrants to obtain green cards by investing at least $1,050,000, or $800,000 in economically distressed areas, to stimulate job creation, according to the U.S. Citizenship and Immigration Services (USCIS).
Trump and his family's businesses have previously benefited from the EB-5 program to fund major property developments. However, the program has faced bipartisan scrutiny, with lawmakers criticizing it as being misused and in need of reform.
During his first term, the Trump administration attempted to increase the minimum investment threshold to $900,000 in targeted areas and $1.8 million in other locations, but a federal judge later overturned the change in 2021 due to procedural issues in its approval.
The EB-5 program was last renewed under President Joe Biden's administration in 2022, with the investment thresholds adjusted to their current levels.
The proposed gold card program would mark a significant departure from the EB-5 framework by offering direct residency and a path to citizenship at a set price, a move likely to reignite debate over the role of wealth in U.S. immigration policy.
Wycliffe Nyamasege
