On Friday, US President Donald Trump announced his $5 million "gold card," saying it will be available in less than two weeks.

Trump made the news on Air Force One, according to a report in the New York Post. Trump claimed he was buying the first card himself when asked who would be the first buyer. “For $5 million, this could be yours,” Trump told reporters. “That was the first of the cards. You know what that card is? It’s the gold card — the Trump card.” On February 25, Trump announced a new plan to launch the “Gold Card,” priced at $5 million. This card will give foreign nationals benefits similar to a green card — and even more. It is meant to take the place of the EB-5 visa program, which was created in 1990 to bring foreign investment into the U.S.

Commerce Secretary Howard Lutnick said that as many as 1,000 gold cards were sold in just one day. He also mentioned that more than 37 million people around the world are eligible to buy one. The gold card is a simpler version of the EB-5 visa program, which requires foreign nationals to invest $1 million in the U.S. in order to apply for a green card. A green card gives permanent residency and can lead to U.S. citizenship. Gold cardholders will enjoy similar benefits to green cardholders, such as the right to live and work in the U.S.

A CLA report explains that the gold card was introduced to attract wealthy investors to the US. Trump believed the card would benefit both the investors and the country. By charging a $5 million fee, the card was designed to bring in affluent individuals who would create jobs, pay taxes, and contribute to the US economy.

The goal was also to raise money. A Forbes report mentioned that the Trump administration estimated that selling 200,000 gold cards could generate $1 trillion in revenue, which would help reduce the national debt. The EB-5 program, launched by the U.S. Congress in 1990, has been a popular choice for investors. It allows immigrants to get a U.S. green card by investing at least $1 million in a business, or $800,000 if the investment is in a designated low-income area, on the condition that it creates at least ten jobs.

As per a report by the Times of India, 4,500 EB-5 visas were issued in 2024 alone. However, the program has often been criticised for being inefficient and open to fraud. Calling the EB-5 program “full of nonsense,” Lutnick said the new gold card will bring in “wonderful, world-class citizens.”