President Donald Trump announced a new initiative in the Oval Office, revealing plans to introduce a “gold card” program for wealthy foreigners seeking US residency. The program would grant individuals the right to live and work in the US, along with a pathway to citizenship, in exchange for a $5 million fee. Trump emphasized that the “gold card” would offer privileges beyond those of a traditional green card.

Commerce Secretary Howard Lutnick explained that the new card would replace the existing EB-5 immigrant investor visa program, which requires a minimum investment of $1,050,000 to create jobs in the US. The EB-5 program, established in 1992, has faced bipartisan criticism for straying from its intended goals and has been utilized by businesses associated with Trump for property developments.

Trump’s proposal sparked discussions about potential sales to Russian oligarchs, to which he responded affirmatively. Lutnick assured that thorough vetting processes would ensure the suitability of cardholders as “world-class global citizens.”

In 2019, the Trump administration attempted to increase the minimum investment amounts for the EB-5 program, but a federal judge overturned the change in 2021 due to procedural issues. The program was subsequently renewed in 2022 by the Biden administration, with updated minimum investment requirements.

The introduction of the “gold card” program represents a significant shift in US immigration policies, with implications for both wealthy foreign investors and the broader immigrant community. The initiative aims to attract affluent individuals to contribute to the US economy while navigating the complexities of citizenship acquisition.