President Trump announced a new visa program called the "gold card" on Tuesday, aimed at attracting "very high-level people."
The gold card is described as a sophisticated upgrade to the green card, offering a pathway to citizenship.
The program comes with a steep $5 million price tag per applicant.
Trump unveiled the plan while signing executive orders, including one on copper import tariffs, in the Oval Office.
Commerce Secretary Howard Lutnick detailed that the gold card will replace the fraud-prone EB-5 visa program for wealthy foreign investors.
The administration plans to be selective, targeting "world-class global citizens" who are wealthy and job creators.
Trump suggested Russian oligarchs could qualify, jokingly noting their reduced wealth but ability to pay.
The program is expected to generate significant revenue, with Trump estimating sales of possibly over a million cards.
Companies might use the gold card to bring in skilled workers, footing the $5 million fee.
Specific eligibility criteria remain unclear at this early stage.
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