Donald Trump announces ‘Gold Card’ for immigrants: Pay $5 million to move to US; Here's all you need to know

US President Donald Trump on Tuesday announced an all-new “gold card” for immigrants. Trump said these cards, priced at $5 million each, will be sold to foreigners who want to move to the United States and create jobs. 

According to the US President, the gold card will be a “premium version” of the Green Card, offering immigrants a pathway to citizenship.

Speaking to reporters, Donald Trump said he will replace the "EB-5" immigrant investor visa programme, which grants green cards to foreigners promising to invest in US businesses.

“We are going to be selling a gold card… We are going to be putting a price on that card of about $5 million,” the US President said.

“It's going to give you green card privileges plus its going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card,” he added.

Gold Card: Trump promises scheme details in two weeks

Donald Trump said that the details of the new Gold Card scheme will be out in two weeks.

Commerce Secretary Howard Lutnick, who was alongside Trump in the Oval Office when he signed the executive orders on Tuesday, said the move could replace the existing EB-5 programme.

The President, however, made no mention of the requirements for job creation for Gold Card visa holders.

He even indicated that the federal government could sell 10 million “gold cards” to reduce the deficit. Trump said the move “could be great, maybe it will be fantastic.”

“It’s somewhat like a green card, but at a higher level of sophistication, it’s a road to citizenship for people, and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long term status in the country,” he said.

US Gold Card: Can Russian Oligarchs buy it?

Trump's Gold Card scheme, which may replace the EB-5 Immigrant Investor Program that issues green cards, may allow Russian oligarchs to migrate to the United States.

Trump did not specify any group of individuals who will not be allowed under the upcoming programme and only indicated that the visa is applicable to wealthy people.

When a journalist asked him if Russian oligarchs, known for their wealth, would be eligible for the new US Gold Card visa scheme, Trump said it was possible.

“Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people,” he said.