Trump proposes $5 million ‘Gold Card’ as new route to U.S. citizenship

Speaking to reporters on Tuesday, Trump criticized the existing EB-5 program, which grants green cards to foreign investors who contribute significantly to U.S. businesses and job creation. Instead, he outlined a plan to introduce the gold card, which he said would provide green card privileges along with a direct route to citizenship.

"We are going to be selling a gold card," Trump stated. "We are going to be putting a price on that card of about $5 million." He added that the initiative is intended to attract wealthy individuals willing to invest in the U.S. economy, with further details expected to be announced in the coming weeks.

When asked whether Russian oligarchs could qualify for the program, Trump acknowledged the possibility. "Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people," he remarked.

The EB-5 Immigrant Investor Program, established by Congress in 1990 and managed by U.S. Citizenship and Immigration Services (USCIS), was designed to stimulate economic growth through foreign capital and job creation. However, the program has faced scrutiny over allegations of fraud and misuse.

Commerce Secretary Howard Lutnick reinforced the administration’s stance, stating, "The EB-5 program... was full of nonsense, make-believe, and fraud, and it was a way to get a green card at a low price. So, the president said, rather than having this sort of ridiculous EB-5 program, we're going to end it and replace it with the Trump gold card."

According to Reuters, the proposal is expected to generate debate over the accessibility of U.S. citizenship and the role of investment-based immigration policies.