U.S. President Donald Trump has proposed a new immigration initiative that would replace the current EB-5 investor visa program with a “gold card” option available for $5 million, offering a pathway to American citizenship. The EB-5 program, which grants green cards to foreign investors supporting U.S. businesses, has faced criticism for alleged fraud and inefficiencies. Trump aims to introduce the “gold card” as a more streamlined and lucrative alternative, attracting wealthy individuals to invest in the country.

Under the proposed scheme, the gold card would provide not only permanent residency but also a route to citizenship, potentially appealing to affluent individuals seeking American nationality. Trump hinted at the inclusion of Russian oligarchs in the eligibility criteria, emphasizing the potential for diverse participation in the program.

Commerce Secretary Howard Lutnick characterized the EB-5 program as rife with deception and inefficacy, prompting the administration to phase it out in favor of the new initiative. The Trump administration’s push for the gold card aligns with its broader agenda to revamp the immigration system and stimulate economic growth through foreign investment.

With further details expected to be unveiled in the coming weeks, the proposed gold card program reflects the administration’s strategic shift towards attracting high-net-worth individuals to bolster the U.S. economy and immigration landscape.