US President Donald Trump has unveiled a new immigration initiative offering high-net-worth individuals the opportunity to purchase a “gold card” residency permit for $5 million.
Speaking at the Oval Office on Tuesday, Trump described the initiative as a premium alternative to the traditional green card, aimed at attracting wealthy investors who can create jobs and contribute to the economy.
“We’re going to be selling a gold card. 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,” he stated.
Trump emphasized that the revenue from these sales could be used to reduce the US national deficit, adding that the program would be launched in about two weeks.
“We’ll be able to sell maybe a million of these cards. We have it all worked out from a legal standpoint,” he noted.
The initiative also opens the possibility for Russian oligarchs to apply. When asked whether wealthy Russians would be eligible, Trump responded, “Possibly. I know some Russian oligarchs that are very nice people. It’s possible. They’re not as wealthy as they used to be. I think they can. I think they can afford $5 million.”
Since Moscow’s invasion of Ukraine three years ago, many Russian oligarchs have been sanctioned by Western nations. Trump, who has initiated sudden negotiations with Russia to end the war, acknowledged that lifting sanctions “at some point” was a possibility but not currently under consideration.
US Commerce Secretary Howard Lutnick, standing alongside Trump, backed the initiative, stating that proceeds from the program could help address the national deficit.
Trump even entertained the idea of branding the initiative with his name. “Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’” he remarked.
AFP
