President Donald Trump announced Tuesday plans to launch a new 'Gold Card' visa program that would cost $5 million per applicant, replacing the existing EB-5 investor visa system within two weeks [1][2].

The new program would provide holders with green card privileges and a path to U.S. citizenship, targeting wealthy foreign investors who can contribute to the American economy [3].

'They'll be wealthy and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people,' Trump said during an Oval Office announcement [1].

Commerce Secretary Howard Lutnick explained that the Trump Gold Card would replace the existing EB-5 program, which he criticized as being 'full of nonsense, make-believe, and fraud' [2]. The current EB-5 program requires approximately $1 million investment and the creation of at least 10 jobs [6].

While Trump suggested the program could potentially generate revenue by selling 'maybe a million of these cards,' experts note that the power to create new visa categories typically lies with Congress [9]. The administration maintains that congressional approval would not be required as they're 'not doing citizenship, we're doing the card' [3].

When asked about potential applicants, Trump indicated that Russian oligarchs could 'possibly' be eligible, noting that applicants would undergo vetting to ensure they are 'wonderful, world-class global citizens' [4][5].

The announcement comes as the administration pursues broader immigration policy changes, with the EB-5 program having reached its highest usage in fiscal year 2024 with 12,839 visas issued [3].