President Donald Trump has announced a new “gold card” residency permit, priced at $5 million, aimed at attracting wealthy immigrants, including Russian oligarchs. The initiative, unveiled during a press briefing at the White House, is designed to boost the U.S. economy and reduce the national deficit.
“We’re going to be selling a gold card. You have a green card, this is a gold card,” Trump said. “It’ll be for people with money, people who can create jobs and build businesses in America.”
According to Trump, sales of the new visa could begin within two weeks, with the administration expecting to issue up to one million of these permits. The card would offer a pathway to U.S. citizenship, similar to the traditional green card but with an expedited process for high-net-worth individuals.
When asked whether Russian oligarchs would qualify, Trump responded, “Possibly. I know some Russian oligarchs who are very nice people. They’re not as wealthy as they used to be, but I think they can afford $5 million.”
The statement comes amid ongoing Western sanctions against Russian elites following the Ukraine war, which Trump has recently suggested he could negotiate an end to “within weeks.” While he denied that lifting sanctions on Russia was currently on the table, he did not rule it out in the future.
Commerce Secretary Howard Lutnick, standing beside Trump, emphasized that proceeds from the visa sales would be used to tackle the U.S. deficit. “This is a game-changer for the economy,” Lutnick said.
Trump, known for branding his business ventures, even hinted at a possible name for the new visa. “Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’” he joked.
The announcement has drawn mixed reactions, with critics arguing that the policy favors the ultra-rich while the administration continues its crackdown on undocumented immigrants. However, Trump maintains that the plan will attract the “best and brightest” to the U.S. economy.
The proposal is expected to be debated in Congress, but Trump’s administration insists that the legal framework is already in place for implementation.
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