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US President Donald Trump has unveiled plans to introduce a new “gold card” residency permit, priced at $5 million each.
Trump said sales of the new visa, a high-price version of the traditional green card, would bring in job creators and could be used to 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 told reporters in the Oval Office.
The Republican president, who has made the deportation of millions of undocumented migrants a priority of his second term, said the new card would be a route to highly prized US citizenship.
“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,” Trump said. “It’ll be people with money.”
Trump emphasized that the new card would be a route to highly prized US citizenship, but only for those who can afford it.
The gold card program may also be open to wealthy Russians, including oligarchs who have been hit by western sanctions.
Trump mentioned that he knows some “very nice people” among the Russian oligarchs, implying that they might be eligible for the program.
Trump has caused shock in European capitals by suddenly opening negotiations with Russia to end the war, amid fears that he could be willing to sell Ukraine short.
The US president told reporters that lifting sanctions on Russia was possible “at some point” but was not currently on the table.
US Commerce Secretary Howard Lutnick, standing at Trump’s side in the Oval Office, said of the gold cards that “we can use that money to reduce our deficit.”
Trump, who has branded a series of hotels and casinos in a long business career, even suggested the new cards could also be named after him.
“Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’” he said.
It’s worth noting that Trump’s immigration policies have been a topic of controversy, and this new program may raise concerns about favoring wealthy individuals over others.
The program’s details, including the vetting process and eligibility criteria, are yet to be fully disclosed.
