Wealthy foreigners willing to pay around $5 million—potentially including Russian oligarchs—will soon be able to apply for a new U.S. visa known as the "Trump Gold Card", President Donald Trump announced from the Oval Office on Tuesday night.
“It’s going to be a route to citizenship,” Trump said. “Wealthy people will be coming into our country by buying this card. They’ll be successful, they’ll spend a lot of money, they’ll pay a lot of taxes.”
When asked whether Russian oligarchs would be eligible, Trump responded:
“Yeah, possibly. I know some Russian oligarchs that are very nice people.”
The Trump Gold Card would replace the existing EB-5 immigrant investor program, which currently grants visas to individuals who invest at least $1 million—or $800,000 in distressed areas—to create jobs in the U.S.
Commerce Secretary Howard Lutnick emphasized that all applicants would be thoroughly vetted to ensure they are “wonderful, world-class global citizens.”
Despite the steep $5 million price tag, the visa-for-sale program is expected to be popular among the global elite. However, some potential applicants may be deterred by America’s worldwide taxation system, which requires U.S. citizens to pay taxes on income earned anywhere in the world.
The introduction of the Trump Gold Card comes as the president continues efforts to deport millions of undocumented immigrants. The program also marks a shift from America’s traditional image as a refuge for hardworking, poor immigrants seeking a better life.
Political comedian Jason Selvig summed up the irony, rewriting the famous Statue of Liberty inscription:
“Give me your tired, your rich, your huddled masses of oligarchs.”
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