President Trump has proposed a new immigration program called the “gold card,” designed to attract wealthy foreigners willing to pay $5 million for U.S. residency. The gold card, similar to a green card, would offer permanent residency, work rights, and a path to U.S. citizenship. Unlike the current EB-5 visa program, which requires an investment of $1 million and additional job creation requirements, the gold card would be simpler, with applicants needing to pay a set amount without specific job creation criteria.

The gold card program aims to raise significant funds for the U.S. government, with Trump suggesting that it could generate trillions of dollars if scaled. He also expressed hope that the program could attract a large influx of foreign millionaires. Applicants would undergo vetting, but specifics were not provided. Trump emphasized that the gold card would not require Congressional approval and would operate under existing legal frameworks for residency.

The proposal aims to replace the EB-5 program, which has faced criticism for fraud and abuse. Other countries, including the U.S., offer similar investor visa programs, often called “golden visas.”