US President Donald Trump announced on Tuesday a plan to introduce a new “gold card” residency permit, priced at $5 million each.
He stated that this high-value alternative to the traditional green card would attract job creators and help reduce the US national deficit.
“We’re going to be selling a gold card. You have a green card, this is a gold card. We’re going to be putting a price on that card of about $5 million,” Trump told reporters in the Oval Office.
Trump, who has prioritized the deportation of undocumented migrants in his second term, said the gold card would serve as a pathway to US citizenship.
“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. “It’ll be people with money.”
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According to Trump, sales of the new residency permits would begin in about two weeks. “We’ll be able to sell maybe a million of these cards. We have it all worked out from a legal standpoint,” he added.
The former real estate mogul emphasized that all applicants would undergo thorough vetting. When asked if wealthy Russians would be eligible, Trump confirmed it as a possibility.
“Possibly. I know some Russian oligarchs that are very nice people. It’s possible,” he said. “They’re not as wealthy as they used to be. I think they can. I think they can afford $5 million.”
Many Russian oligarchs have faced Western sanctions since Moscow invaded Ukraine three years ago. Trump’s decision to engage in sudden negotiations with Russia to end the war has raised concerns in Europe, with fears that he may compromise Ukraine’s position.
While Trump did not rule out the possibility of lifting sanctions on Russia in the future, he stated that it was not currently under consideration.
US Commerce Secretary Howard Lutnick, who stood alongside Trump during the announcement, noted that revenue from gold card sales could be used to reduce the national deficit.
Trump also floated the idea of branding the new permits with his name. “Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’” he remarked.
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