President Donald Trump has proposed a new “gold card” visa, offering wealthy foreign investors the chance to secure U.S. citizenship by making a $5 million investment.

Currently, the U.S. provides a similar option through the EB-5 Immigrant Investor Program. This program, established in 1990, allows investors to obtain a visa by investing in U.S. businesses and creating at least 10 full-time jobs for American workers. However, Trump’s “gold card” proposal would replace the EB-5 program with a new system that simplifies the process while offering more benefits.

“We’re going to sell a gold card,” Trump told reporters. “It will cost about $5 million and provide green card privileges, along with a direct path to U.S. citizenship.” Trump emphasized that the program would appeal to wealthy individuals looking to invest in the U.S. as a means of gaining citizenship.

When asked about the possibility of Russian oligarchs obtaining the card, Trump confirmed it was a possibility, adding, “I know some Russian oligarchs who are very nice people.”

Commerce Secretary Howard Lutnick also supported the proposal, criticizing the current EB-5 program. He argued that it had been plagued by fraud and low investment thresholds. “Instead of the flawed EB-5 program, we’re replacing it with the Trump gold card,” Lutnick said.

Similar programs exist in other countries, such as the United Kingdom’s Tier 1 (Investor) visa, which offers a path to citizenship for those investing between five and 10 million pounds.

Further details on the “gold card” visa are expected to be released in the coming weeks, as the Trump administration continues to push forward with its immigration reform agenda.