US President Donald Trump announces a $5 million “gold card” residency visa aimed at wealthy investors, including Russian oligarchs

[dropcap]U[/dropcap]S President Donald Trump has unveiled plans to introduce a new “gold card” residency permit priced at $5 million, aimed at attracting wealthy investors and job creators to the United States.

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Speaking from the Oval Office on Tuesday, Trump said the gold card would serve as a high-value alternative to the traditional green card and could eventually lead to US citizenship.

The revenue from the program, he added, would be used 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. We’re going to be putting a price on that card of about $5 million,” Trump told reporters.

He expressed confidence in the program’s potential, predicting the US could sell up to a million of these cards and emphasizing that only carefully vetted individuals would be eligible.

Trump framed the initiative as a way to attract “people with money” who could “work, provide jobs, and build companies.”

When asked if wealthy Russian oligarchs could apply, Trump confirmed it was a possibility. “I know some Russian oligarchs that are very nice people.

It’s possible,” he said, noting that some of them might still afford the steep price despite western sanctions imposed following Moscow’s invasion of Ukraine three years ago.

Trump hinted at the idea of branding the new visa program with his own name, joking that “Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump.’”

US Commerce Secretary Howard Lutnick, who stood alongside Trump during the announcement, backed the plan, emphasizing its potential to raise significant funds. “We can use that money to reduce our deficit,” Lutnick said.

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Sales of the gold card visas are expected to begin in two weeks, though details about the application process and eligibility criteria remain forthcoming.