President Trump has announced plans to introduce a new visa program, dubbed the “gold card,” aimed at attracting wealthy individuals to the United States. For a fee of $5 million, individuals can obtain lawful permanent residency, with the program set to launch in two weeks. Trump envisions the initiative as a means to bring in affluent individuals who would contribute significantly to the economy through spending and tax payments, thus aiding in reducing the national deficit.

Describing the “gold card” as a pathway to citizenship, Trump highlighted that successful and wealthy individuals would be the target demographic for this program. The proposed visa, referred to as the “Trump Gold Card” by Commerce Secretary Howard Lutnick, is intended to replace the existing EB-5 immigrant investor visa program. Lutnick criticized the current EB-5 program as being rife with fraud and inefficiencies, emphasizing that stringent vetting procedures would be implemented for “gold card” applicants.

During a press event, when asked about the eligibility of Russian oligarchs for the program, Trump humorously noted that they could potentially apply, adding a lighthearted comment about knowing some amiable Russian oligarchs. The “gold card” initiative signals a shift in U.S. immigration policy towards attracting wealthy individuals through a high-value investment-based residency program, with a focus on vetting and legitimacy in the application process.