US President Donald Trump announced on Tuesday a plan to introduce a gold card residency permit, priced at $5 million per applicant, as a means of attracting affluent immigrants to the United States.
According to Trump, this premium visa—an upscale version of the traditional green card—is designed to bring in job creators and could serve as a strategy to help reduce the US national deficit.
“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,” Trump stated while addressing reporters in the Oval Office.
A Pathway for the Wealthy
The president, who has prioritized the deportation of millions of undocumented immigrants in his second term, positioned the gold card as a pathway to US citizenship for high-net-worth individuals.
“A lot of people are going to want to be in this country, and they’ll be able to work and provide jobs and build companies,” he explained. “It’ll be people with money.”
Trump indicated that sales of the gold card would commence within two weeks, emphasizing its potential demand.
“We’ll be able to sell maybe a million of these cards. We have it all worked out from a legal standpoint,” he added.
Vetting and Russian Eligibility
Trump assured that all gold card applicants would undergo thorough vetting. However, when asked whether wealthy Russians would qualify, he acknowledged the possibility.
“Possibly. I know some Russian oligarchs that are very nice people. It’s possible,” Trump remarked. “They’re not as wealthy as they used to be. I think they can. I think they can afford $5 million.”
The mention of Russian oligarchs comes amid ongoing Western sanctions imposed on many of them following Moscow’s invasion of Ukraine three years ago.
Trump has drawn international attention for unexpectedly opening negotiations with Russia to end the conflict, raising concerns in European capitals about a potential shift in US support for Ukraine.
Although Trump suggested that lifting sanctions on Russia might be considered in the future, he clarified that “at some point” does not mean it is currently under discussion.
A Revenue Source to Reduce Deficit
US Commerce Secretary Howard Lutnick, who stood alongside Trump in the Oval Office, underscored the economic motivation behind the initiative.
“We can use that money to reduce our deficit,” Lutnick stated.
Trump, known for branding his businesses with his name, even entertained the idea of naming the gold card after himself.
“Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’” he quipped.
