Former U.S. President Donald Trump has announced a new immigration plan called the “gold card,” which would offer a fast-track route to U.S. citizenship for wealthy individuals. This new program would replace the existing EB-5 investor visa.

Trump explained that the gold card would provide the same benefits as a green card but with additional privileges. It would allow wealthy individuals to live and work in the U.S. while also leading to citizenship.

“Wealthy people would be coming into our country by buying this card,” Trump said. “They’ll be successful, pay a lot of taxes, and create jobs.”

The EB-5 program, established in 1990, allows foreign investors to obtain a green card by investing at least $1 million in a U.S. business that creates at least 10 jobs. However, this program has limits on the number of visas issued each year.

Trump suggested that the federal government could sell up to 10 million gold cards to help reduce the U.S. deficit. He believes this new plan could be “fantastic” for the economy.

Commerce Secretary Howard Lutnick explained that the gold card would officially be a green card but at a higher price. He claimed it would eliminate fraud in the EB-5 system and provide a more secure path to U.S. residency and citizenship.

“It’s for wealthy individuals or talented people,” Trump said. “Businesses could also pay for skilled workers to get in.”

Lutnick stated that the new program would begin in two weeks, replacing the EB-5 visa system. The Homeland Security Department reported that about 8,000 people received investor visas in the year ending September 30, 2022.

The full details of the gold card program are expected to be announced soon.