Trump will introduce a "gold card" to replace the existing immigrant investor program

U.S. President Donald Trump on Tuesday proposed a new "Gold Card" program as an investor visa for foreigners that would cost up to $5 million to buy a "gold card" that could lead to a path to U.S. citizenship.

Reuters reported that Trump told reporters that he would replace the EB-5 immigrant investor program with a "gold card." EB-5 grants green cards to foreigners who commit to invest in the United States.

Trump said, "We're going to sell a gold card. Let's put a price on the card, about $5 million.

"It will give you the privilege of a green card and be your path to citizenship, and rich people will come into our country by buying that card." Trump said details of the plan would be released in two weeks.

When a reporter asked if Russian oligarchs were eligible for gold cards, Trump added that it was possible for Russian oligarchs to receive gold cards. "Yes, it's possible. I know some Russian oligarchs and they are very nice people."

On Tuesday, Commerce Secretary Tom Lutnick said, "The EB-5 program is full of nonsense, falsehood, and fraud, and it's a way to get a low-priced green card." So the president says it's better to end this ridiculous EB-5 than to keep it. We're going to replace it with a Trump Gold card."