US President Donald Trump on Tuesday revealed a “Gold Card”, the high-end version of a Green Card, as a route to citizenship for “affluent individuals”.

The Card will cost $5 million for those ready to obtain one, which will provide the Cardholders, he mentioned, “green card privileges plus.” “We’re going to be offering a gold card. You have a green card, this is a gold card. We’re going to be placing a price on that card of approximately $5 million, and that’s going to offer you green card privileges plus,” Trump stated in the Oval Office.

“It’s going to be a path to citizenship. And prosperous individuals will be entering our country by purchasing this card. They’ll be affluent and they’ll be accomplished and they’ll be spending considerable amounts of money, paying substantial taxes, and employing numerous people,” the US President elaborated.

He stated that the new citizenship option will be introduced in two weeks, and added that he didn’t think his administration needed Congress approval for its rollout. However, Trump did not disclose how the program would be implemented. Commerce Secretary Howard Lutnick implied that the new ‘Gold Card’ plan might serve as a potential replacement for the existing EB-5 programme, which allows immigrant investors to obtain Green Cards by investing in US businesses. He suggested that the funds raised from the ‘Gold Card’ could go directly to the government.

“The president said instead of maintaining this kind of absurd EB-5 programme, we’re going to end the EB-5 program. We’re going to substitute it with the Trump gold card,” he mentioned. “They’ll be able to pay $5 million to the US government without going through vetting, of course, but we’re going to ensure they are superb world-class, global citizens,” Lutnick added.

He further explained that such people can come to the US and secure a Green Card. “They can invest in America, and we can utilize that money to reduce our deficit,” he concluded.