President Donald Trump addresses the media after signing an Executive Order at the White House on February 25, 2025. He is joined by Health Secretary Robert F. Kennedy Jr. on his left and Commerce Secretary nominee Howard Lutnick on his right. Getty Images
President Donald Trump announced on Tuesday that the U.S. will introduce a "gold card" program, allowing wealthy foreigners to live and work in the country. The program will cost $5 million per applicant and will provide a pathway to U.S. citizenship.
“We’re going to be selling a gold card,” Trump said from the Oval Office. “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, and that’s going to give you green card privileges, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card.”
Trump said the sales will begin in about two weeks and suggested that millions of these cards could be sold. When asked if Russian oligarchs would be eligible, he responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
Commerce Secretary Howard Lutnick, who stood beside Trump, explained that the new program will replace the current EB-5 immigrant investor visa. The EB-5 program allows foreign investors to obtain green cards if they invest at least $1.05 million in U.S. businesses, or $800,000 in economically struggling areas, and create jobs for American workers.
“They’ll have to go through vetting, of course,” Lutnick added, “to make sure they’re wonderful world-class global citizens.”
The EB-5 program, which was created in 1992, has faced criticism from both Republicans and Democrats. Lawmakers have argued that it has strayed from its original purpose and needs serious reform.
During Trump’s presidency, his administration attempted to raise the minimum investment to $900,000 for projects in distressed areas and $1.8 million elsewhere. However, a federal judge overturned the change in 2021, ruling that the acting Homeland Security secretary who approved it had not been properly appointed.
Trump and his family have also benefited from the EB-5 program, using it to fund real estate projects. The program was last renewed in 2022 under President Joe Biden, with the minimum investment amounts increasing to their current levels.
The proposed "gold card" program is expected to attract significant interest from wealthy foreigners. However, critics may argue that selling residency and citizenship raises ethical concerns and could lead to more scrutiny from lawmakers.
