President Donald Trump has unveiled a new immigration initiative, introducing a "gold card" visa available for purchase at $5 million, aimed at attracting affluent foreigners to the United States. This program is designed to replace the existing EB-5 Immigrant Investor Program and offers permanent residency along with a pathway to U.S. citizenship.

Speaking from the Oval Office, President Trump described the "gold card" as providing "green card privileges plus," emphasizing its role as a route to citizenship for individuals of substantial wealth or exceptional talent. He highlighted the anticipated economic benefits, stating that these individuals would "be spending a lot of money and paying a lot of taxes and employing a lot of people."

Commerce Secretary Howard Lutnick elaborated on the program's framework, noting that it would supplant the "ridiculous" EB-5 program, which he criticized for being "full of nonsense, make-believe and fraud." The new initiative aims to streamline the process by setting a clear financial requirement and ensuring thorough vetting to confirm that applicants are "wonderful, world-class global citizens.

The administration projects significant interest in the "gold card," with President Trump suggesting the potential sale of up to a million cards, which could generate substantial revenue to address the national deficit. He also mentioned that the program could be appealing to a diverse group of wealthy individuals, including Russian oligarchs, stating, "I know some Russian oligarchs that are very nice people."

While the proposal aims to boost economic growth by attracting high-net-worth individuals, it has also raised questions regarding the implications of granting residency based primarily on financial capacity. Details about the implementation timeline and specific eligibility criteria are expected to be released in the coming weeks.