Trump unveils $5 Million "Gold Card" Residency plan

US President Donald Trump announced a new initiative on Tuesday to sell "gold card" residency permits for $5 million each, presenting it as a premium alternative to the traditional green card. He argued that the initiative would attract job creators and could be leveraged to help reduce the national deficit. "We’re going to be selling a gold card. You have a green card, this is a gold card," Trump told reporters in the Oval Office.

The Republican president, who has prioritized the deportation of undocumented migrants in his second term, described the gold card as a pathway to U.S. citizenship for high-net-worth individuals. "A lot of people are going to want to be in this country, and they’ll be able to work and provide jobs and build companies," he said. He projected that sales of the cards, expected to begin within two weeks, could reach one million. "We have it all worked out from a legal standpoint," he added.

Trump assured that applicants would be subject to thorough vetting but did not rule out the possibility of wealthy Russians being eligible. When asked specifically about Russian oligarchs, he responded, "Possibly. I know some Russian oligarchs that are very nice people. It’s possible. They’re not as wealthy as they used to be. I think they can. I think they can afford $5 million."

Since Russia’s invasion of Ukraine three years ago, several oligarchs have faced heavy sanctions from Western nations. Trump's decision to engage in direct talks with Russia over the conflict has raised concerns in European capitals, with fears that he may compromise Ukraine’s interests. However, he stated that lifting sanctions on Russia was not currently under consideration but remained a possibility "at some point."

Standing alongside Trump in the Oval Office, U.S. Commerce Secretary Howard Lutnick supported the gold card initiative, emphasizing its financial benefits. "We can use that money to reduce our deficit," Lutnick stated. The proposal aligns with Trump's broader economic strategies, which have often included unconventional funding methods.

In a characteristic branding move, Trump hinted at the possibility of naming the program after himself. "Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’" he remarked.