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US President Donald Trump has announced a new immigration initiative that would allow wealthy individuals to purchase a high-priced “gold card” US residency permit for $5 million.
The move, he said, aims to attract job creators and help reduce the national deficit.
“We’re going to be selling a gold card,” Trump told reporters in the Oval Office on Tuesday.
“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.”
The Republican president, known for his hardline stance on immigration, said the gold card would provide a pathway to US citizenship and bring in individuals who can “work, provide jobs, and build companies.”
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He estimated that up to one million of these cards could be sold.
Critics question Russian oligarch eligibility
The proposal has already drawn scrutiny over potential eligibility for Russian oligarchs, many of whom have been hit by Western sanctions following Moscow’s invasion of Ukraine.
When asked whether Russian elites could apply, Trump 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, but I think they can afford $5 million.”
Trump’s openness to Russian applicants comes amid concerns in Europe over his recent negotiations with Moscow.
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Some fear he may compromise Ukrainian interests in his bid to end the war.
While he acknowledged that lifting sanctions on Russia could be considered “at some point,” he insisted that no such decision was currently being made.
Standing beside Trump, US Commerce Secretary Howard Lutnick backed the plan, highlighting its potential financial benefits.
“We can use that money to reduce our deficit,” he stated.In a characteristically flamboyant remark, Trump even floated the idea of branding the new residency permit after himself.
“Somebody said, ‘Can we call it the Trump gold card?’ I said, ‘If it helps, use the name Trump,’” he quipped.
Sales of the gold card are set to begin in approximately two weeks.