United States President Donald Trump on Tuesday (Feb 25) announced that his administration would now sell a "gold card" to wealthy foreigners. Similar to the coveted "green card," this would give rich foreign citizens the right to live and work in the US.

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How much would the 'Gold Card' cost? Can anyone buy it?

The 'Gold Card' would be available for anyone who can afford it, albeit they clear a vetting process. It would cost a whopping $5 million (over ₹435 million or £3.9 million) and help fast-track US citizenship. 

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The sale of these "gold cards" would begin in the next two weeks, said the US president, adding that millions of such cards could be sold to the highest bidders.

"We're going to be selling a gold card," announced Trump, speaking from the Oval Office at the White House.

"You have a green card. This is a gold card. We're going to be putting a price on that card of about $5 million and that's going to give you green card privileges, plus it's going to be a route to citizenship. And wealthy people would be coming into our country by buying this card."

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According to Trump, even Russian oligarchs — usually heavily sanctioned by the US — could buy this gold card and a US citizenship.

When asked if he would consider selling to Russian Oligarchs, Trump replied: "Yeah, possibly. I know some Russian oligarchs that are very nice people".

'Gold cards,' a new paid way to get US citizenship?

Not really. Commerce Secretary Howard Lutnick, who was standing alongside Trump as the announcement was made, said that the Gold Cards would replace the government's immigrant investor visa programme.

Watch | Trump: US will sell $5 million 'gold cards' to foreigners

 

EB-5 immigrant investor visa programme is the route through which foreign investors pump money into US projects that create jobs and then apply for visas to immigrate to the US. Currently, the programme issues green cards to immigrants who invest at least $1,050,000, or $800,000 in economically distressed zones called targeted employment areas, to create jobs for American workers.

Lutnick said that applicants would "have to go through vetting" to prove they are "wonderful world-class global citizens".

(With inputs from agencies)