Trump Announces Plan To Sell ‘Gold Visa’ For $5 Million, Says Russian Oligarchs Could Qualify

President Donald Trump revealed a new immigration program to offer “gold visas” for $5 million. ”We’re going to be putting a price on that card of about $5 million and that’s going to give you Green Card privileges, plus it’s going to be a route to citizenship,” Trump said in the Oval Office.

Trump is expecting wealthy people to buy this card and come into the country to spend money and pay taxes. He said it is possible that Russian oligarchs could receive gold cards, which could be similar to green cards.

Secretary of Commerce Howard Lutnick explained Trump’s administration wants to end the EB-5 Immigrant Investor Program and replace it with the gold card.

The EB-5 Program allows people who invest in a commercial enterprise in the U.S. and create 10 full-time jobs to apply for permanent residency.

Lutnick described the EB-5 program as a “fraud,” saying it’s a low-priced way to get a green card. “We’re going to make sure they’re wonderful world-class global citizens,” Lutnick said of future gold card applicants.

Trump projects the gold card to attract “high-level people,” leading to job creation.

The US has various visas for foreigners seeking to live and work in the U.S. with different parameters and conditions.

It’s unclear how long it will take to obtain a gold card and the complete list of requirements it will have.

The announcement comes after Trump’s administration laid off thousands of federal workers through the new Department of Government Efficiency directed by Elon Musk.