US President Donald Trump unveiled plans on Tuesday to introduce a new “gold card” residency permit, priced at $5 million each, as a high-value alternative to the traditional green card. The initiative, aimed at attracting wealthy individuals to the United States, could also be extended to Russian oligarchs, Trump suggested.
Speaking to reporters in the Oval Office, Trump explained that the gold card would serve as a pathway to US citizenship for affluent individuals willing to invest in the country.
“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 said. He added that the program would target “people with money” who can contribute to job creation and economic growth.
The president emphasized that the initiative could help reduce the US national deficit. “We’ll be able to sell maybe a million of these cards. We have it all worked out from a legal standpoint,” he stated. Sales of the gold cards are expected to begin within two weeks.
Trump assured that all applicants would undergo thorough vetting but did not rule out the possibility of Russian oligarchs applying for the program. “Possibly. I know some Russian oligarchs that are very nice people. It’s possible,” he said. “They’re not as wealthy as they used to be. I think they can. I think they can afford $5 million.”
The announcement comes amid ongoing tensions between Russia and the West, particularly following Moscow’s invasion of Ukraine three years ago, which led to sanctions against several Russian oligarchs. Trump’s recent efforts to negotiate an end to the war have raised concerns among European allies, though he clarified that lifting sanctions on Russia is not currently being considered.
US Commerce Secretary Howard Lutnick, who was present during the announcement, highlighted the potential financial benefits of the gold card program. “We can use that money to reduce our deficit,” he said.
In a nod to his branding expertise, Trump even suggested naming the new cards after himself. “Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’” he quipped.
The gold card initiative marks a significant shift in US immigration policy, focusing on attracting high-net-worth individuals while maintaining strict vetting processes.
