President Donald Trump says he wants to offer wealthy immigrants "gold cards" that would give a pathway to citizenship in exchange for a $5 million purchase price.
"You have a green card. This is a gold card," President Trump said in the Oval Office on Tuesday. "We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges, plus it’s going to be a route to citizenship."
Such a program would be similar to the existing EB-5 visa program, which the U.S. began in 1990 to encourage job creation by foreign investors.
Generally, EB-5 recipients may apply for a green card, which confers lawful permanent residence, if they invest at least $1,050,000 in a new U.S. business that employs at least 10 people who are eligible to work in the U.S. in full-time roles.
RELATED STORY | How much would DOGE have to save for you to potentially get a $5,000 check?
Speaking alongside the president in the Oval Office, Commerce Secretary Howard Lutnick said the proposed "gold card" system would replace the EB-5 visa program, potentially within the next two weeks. Lutnick emphasized that all applicants would receive thorough vetting, and suggested the proceeds of the program could go toward reducing the national debt.
"Why do we give out lotteries of green cards? Why do we give out EB-5 for green cards? The President of the United States understands that the right answer is, 'why don't we eliminate the deficit of the United States of America instead?'" Lutnick said.
