Trump Offers $5 Million 'Gold Card' Visas to Attract World's Wealthiest

US President Donald Trump revealed on Tuesday that he intends to offer a new residency card called the "Gold Card" for $5 million, describing the idea as an alternative to the "green card".

"We're going to sell a gold card. You have a green card, this is a gold card. We're going to put a price on it for about $5 million," Trump told reporters in the Oval Office.

"Wealthy people will come to this country by buying this card. They're going to be rich, they're going to be successful, they're going to spend a lot of money, they're going to pay a lot of taxes, they're going to employ a lot of people," he explained.

Trump did not rule out the possibility that Russian oligarchs subject to US sanctions over Russia's invasion of Ukraine could benefit, saying: "I know some Russian oligarchs who are very good people," suggesting they might be "qualified" to apply for the card.

The United States has been implementing the EB-5 program for some time, which allows foreigners to obtain permanent residency in exchange for financial investments, but US Commerce Secretary Howard Lutnick described it as "a way to get a green card at a low cost", considering that it provided a wide scope for fraud.

Based on this assessment, Lutnick announced the suspension of the EB-5 program, stressing: "We will replace it (EB-5 residencies) with the Trump Golden Card," while Trump stood next to him in the Oval Office. The US president ran an election campaign in 2024 on the basis of tightening restrictions on illegal immigration.

Trump stressed that the "golden card" would attract people to the information technology sector who are capable of creating jobs, people of a very high level," adding: "I think companies will pay to bring people" under the new card.

The Republican billionaire added that major companies such as Apple and others "will be able to buy a golden residency card to bring in skilled workers," explaining that the holder of this card will not become an American citizen, but will pay taxes in the country. 

Trump believes that it is possible to "sell a million of these cards, maybe more than that," in his estimates, which could provide the United States with significant financial revenues and increase its economic attractiveness at the same time.