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President Trump said he is planning to introduce a new visa to attract rich foreigners to America — something he is calling a “gold card.”

For $5 million, people will be able to apply to become lawful permanent residents. Trump said the program would be rolled out in two weeks, would bring in “very high-level people,” and said the proceeds from the program could help pay down the 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 wealthy, and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes,” Trump told reporters at an unrelated event in the Oval Office on Tuesday.

Trump’s Commerce Secretary Howard Lutnick called it the “Trump Gold Card” and said it would effectively replace the current EB-5 immigrant investor visa. That program gives residency to foreigners who invest at least $1.05 million in a new business that creates jobs — or $800,000 if the business is in a rural area, high unemployment area or an infrastructure project.

Lutnick told reporters the EB-5 program was “full of nonsense, make-believe and fraud.” He emphasized that applicants for the “gold card” would be vetted.

Asked by a reporter whether Russian oligarchs could apply for “gold cards,” Trump said — seemingly tongue-in-cheek — “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”

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Asma Khalid

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The new visa program would effectively replace the current EB-5 investor visa program, and the proceeds could be used for deficit reduction.

Trump introduces a green card for the rich: the gold card

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