President Donald Trump has announced plans to introduce a new visa program, dubbed the “Gold Card,” aimed at attracting wealthy foreigners to the United States.

For a $5 million investment, applicants would gain lawful permanent residency, with the opportunity to eventually become U.S. citizens.

$5 million pathway to U.S. residency sparks debate

During an Oval Office press briefing, Trump described the initiative as a way to bring in “very high-level people” who would contribute significantly to the U.S. economy.

He also suggested that proceeds from the program could help reduce the national deficit.

“It’s going to be a route to citizenship, and wealthy people will be coming into our country by buying this card.

They’ll be successful, they’ll be spending a lot of money, and they’ll be paying a lot of taxes,” Trump told reporters.

Replacing the EB-5 visa with a “gold standard”

Commerce Secretary Howard Lutnick referred to the program as the “Trump Gold Card,” emphasizing that it would replace the existing EB-5 immigrant investor visa.

The EB-5 program currently offers residency to foreigners who invest at least $1.05 million in a business—$800,000 in rural or high-unemployment areas.

However, Lutnick dismissed the current system as being full of “nonsense, make-believe, and fraud.”

He is optimistic that the Gold Card applicants would undergo strict vetting.

When asked whether Russian oligarchs could apply, Trump responded with a smirk, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”

The announcement has already sparked debate.

With supporters praising it as a bold economic strategy, while critics argue it creates a pay-to-play system for U.S. citizenship.

As the program is set to roll out within two weeks, many are waiting to see how it will shape America’s immigration landscape.