US President Donald Trump announced on Tuesday plans to eliminate the EB-5 immigrant investor visa program and replace it with a new “gold card” system, allowing foreign investors to gain a path to US citizenship for $5 million.

Speaking to reporters, Trump outlined his intention to phase out the EB-5 program, which historically granted green cards to foreign nationals investing in job-creating US businesses. Instead, he proposed a straightforward buy-in system, where investors would be able to purchase a “gold card” for $5 million, offering them green card privileges and a pathway to citizenship.

“We are going to be selling a gold card,” Trump stated. “We are going to put a price on that card of about $5 million. It’s going to give you green card privileges, plus it’s going to be a route to American citizenship.” He added that further details on the initiative would be released in the coming weeks.

When asked whether Russian oligarchs could apply for the new program, Trump did not rule out the possibility. “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people,” he remarked.

The EB-5 Immigrant Investor Program, established in 1990, was intended to stimulate the US economy through foreign investment. However, Trump and his administration have criticized it as ineffective and vulnerable to fraud.

Commerce Secretary Howard Lutnick reinforced this view, calling the EB-5 program “full of nonsense, make-believe, and fraud.” He described Trump’s new “gold card” initiative as a more transparent and higher-value alternative.

“The EB-5 program … it was full of nonsense, make-believe, and fraud, and it was a way to get a green card that was low price,” Lutnick told reporters. “So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end it. We’re going to replace it with the Trump gold card.”

The proposed $5 million buy-in citizenship program marks a dramatic shift in the US immigration system, potentially benefiting wealthy foreign investors while ending the long-standing EB-5 visa framework. With final details still pending, Trump’s “gold card” initiative is expected to spark debate over the future of US investor immigration policy.