US President Donald Trump during an executive order signing in the Oval Office of the White House in Washington, DC, US, on Tuesday, Feb. 25, 2025. Trump signed an executive action directing the Commerce Department to examine possible copper tariffs, the latest in a string of measures aimed at imposing sector-specific levies that offer to reshape global supply chains. Photographer: Yuri Gripas/Abaca/Bloomberg
President Trump announced plans to introduce a new visa program called the “Trump Gold Card,” designed to attract wealthy foreigners to America. During a press conference in the Oval Office on Tuesday, Trump revealed that for a $5 million investment, individuals would be able to apply for lawful permanent residency in the United States.
The announcement comes as Trump expressed confidence that the program would invite “very high-level people” into the country, benefiting the economy and potentially contributing to efforts to pay down 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 wealthy, and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes,” he stated.
Trump’s Commerce Secretary, Howard Lutnick, elaborated on the initiative, explaining that it would replace the existing EB-5 immigrant investor visa program. The EB-5 program has allowed foreign investors to obtain residency by investing at least $1.05 million in new businesses that create jobs, or $800,000 in targeted areas with high unemployment. Lutnick criticized the EB-5 program, referring to it as “full of nonsense, make-believe and fraud,” assuring the public that the new “gold card” applicants would undergo thorough vetting.
When prompted about the potential for Russian oligarchs to apply for the new visa, Trump responded with a hint of humor, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
The new visa program is expected to roll out in two weeks. As the administration prepares for the launch, details regarding the application process and requirements are anticipated to be released soon.
