US President Donald Trump has expressed his desire to grant citizenship rights to foreign investors who invest $5 million. The “Golden Card” will pave the way for legal permanent residency and citizenship. Trump stated that Russian oligarchs may also qualify to obtain the “Golden Card.”

While signing a series of executive orders in the Oval Office on Tuesday, Trump revealed his views on the Golden Card in response to a question. He said, “Rich people will come to our country by buying this card, they will succeed, spend a lot of money, pay a lot of taxes, and hire a lot of people, and we think this will be extremely successful.”

Commerce Secretary Howard Lutnick stated that the “Trump golden card” would replace the immigrant investor program. The EB-5 visa provides a pathway to legal permanent residency and citizenship for foreign nationals who invest in projects creating or maintaining jobs in the US.

Trump also mentioned, “You have a green card. This is a golden card. We will put a price tag of about $5 million on this card, and it will give you the privileges of a green card.”

The EB-5 visa program, established by the US Congress in 1990, grants citizenship to eligible investors who invest approximately $1 million in a company employing at least 10 individuals. Participation in the program has decreased since 2016, with only 37,000 EB-5 visas issued from 2016 to 2021 according to the US Government Accountability Office.