President Donald Trump has announced a new initiative on Tuesday to offer high-priced residency permits, dubbed “gold cards,” for $5 million each — and indicated that Russian oligarchs might be eligible to apply.
Trump framed the plan as a way to draw job creators to the United States and potentially help lower 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 said during a press briefing in the Oval Office.
The president, who has prioritized deporting millions of undocumented immigrants during his second term, described the gold card as a potential pathway to U.S. citizenship for wealthy individuals looking to live and invest in the country.
“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,” Trump said. “It’ll be people with money.”
According to Trump, sales of the cards are expected to begin within 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.
Trump emphasized that applicants would be subject to a thorough vetting process, though he didn’t rule out the possibility of wealthy Russians participating in the program.
“Possibly. I know some Russian oligarchs that are very nice people. It’s possible,” Trump said when asked whether Russians could apply. “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, many Russian oligarchs have been impacted by Western sanctions. Trump has raised concerns in Europe by engaging in direct talks with Moscow, sparking speculation that he may compromise on Ukraine’s future.
While Trump acknowledged that lifting sanctions against Russia might be considered “at some point,” he clarified that it wasn’t currently being discussed.
Standing alongside Trump, U.S. Commerce Secretary Howard Lutnick supported the gold card proposal, noting its potential financial impact.
“We can use that money to reduce our deficit,” Lutnick said.
Trump, known for branding properties and businesses with his name, even suggested the gold card could carry his personal stamp.
“Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’” he remarked.
