U.S President, Donald Trump, has announced a controversial new immigration scheme allowing wealthy foreigners to buy their way into the United States with a $5 million ‘golden card’—a program he claims will boost investment and job creation.

Speaking at the White House on Tuesday, the President, described the initiative as “a high-end version of the green card” that would provide long-term residency and, eventually, a path to U.S. citizenship, reports N1. 

“Wealthy people will come to this country by purchasing this card,” Trump said. “They will be rich, they will be successful, they will spend a lot of money, pay a lot of taxes, and employ many people.”

The proposal immediately sparked concerns over who might benefit. Trump suggested that Russian oligarchs—many of whom remain under U.S. sanctions following Russia’s invasion of Ukraine—could be eligible. Further highlighting Trump's close connection to Russia, although seemingly at odds with the main message of the campaign - Make America Great Again. 

“I know some Russian oligarchs who are very good people,” he said, without elaborating on whether sanctioned individuals would be excluded.

The scheme, expected to launch in two weeks, would replace the existing EB-5 visa program, which has allowed foreign investors to gain U.S. residency by funding job-creating projects. However, U.S. Commerce Secretary Howard Lutnick defended the overhaul, arguing that the EB-5 program had become a “cheap way to get a green card” and was prone to fraud.

Critics are likely to see the ‘golden card’ proposal as yet another example of Trump’s transactional approach to immigration—offering a fast track for the ultra-wealthy while tightening restrictions for others. Whether Congress or the courts allow the plan to proceed remains to be seen.