US President Donald Trump has announced a plan to introduce a new gold card residency permit, priced at $5 million each, as a high-value alternative to the traditional green card. He stated that the initiative aims to attract wealthy individuals who can contribute to job creation and economic growth while also assisting in reducing the national deficit.
Speaking to reporters in the Oval Office, Trump emphasised that the gold card would provide a path to US citizenship for affluent investors. He expressed confidence in the scheme, predicting that up to a million of these permits could be sold, asserting that all legal aspects had been accounted for. The initiative is expected to be launched within the next two weeks.
Trump, who has prioritised stricter immigration policies and mass deportations during his presidency, assured that applicants for the gold card would undergo thorough vetting.
When asked whether Russian oligarchs would be eligible to apply, he acknowledged the possibility, stating that he knew some “very nice” Russian oligarchs who might be able to afford the price tag. He also remarked that many Russian billionaires had seen their wealth diminish due to Western sanctions imposed following Russia’s invasion of Ukraine three years ago.
The former real estate mogul suggested that the new residency card could even bear his name, revealing that some had proposed calling it the “Trump Gold Card.” US Commerce Secretary Howard Lutnick, who stood beside Trump during the announcement, added that the revenue from the gold card scheme could be used to tackle the country’s budget deficit.
Trump’s comments regarding Russian eligibility come during concerns in Europe over his sudden willingness to engage in peace talks with Russia. Some fear he may be open to making concessions at Ukraine’s expense. However, Trump clarified that while lifting sanctions on Russia was a possibility in the future, it was not currently being considered.
