US President Donald Trump has unveiled plans for a new immigration Gold Card program, allowing companies to purchase residency privileges for $5 million for highly talented employees, offering a pathway to citizenship.

Announced on Tuesday, the initiative primarily targets wealthy individuals who can buy the card for themselves, as well as top-tier professionals that companies want to retain without dealing with work visa uncertainties.

“Apple and other companies will be able to buy a card for people who graduate as top students from elite schools and whom they want to employ,” Trump stated in Washington.

The Gold Card would provide green card privileges and a pathway to citizenship, addressing challenges with H-1B visa lotteries and long green card wait times, particularly for Indian applicants.

According to Commerce Secretary Howard Lutnick, the Gold Card program will replace the existing EB-5 investor visa, which requires investments between $800,000 and $1.05 million for job creation. The new system would be geared toward wealthy individuals and job creators, ensuring they contribute significantly to the US economy.

Trump also emphasized the financial benefits of the program, suggesting it could generate trillions in revenue and help reduce the US national debt. “A million cards would be worth $5 trillion, and if you sell ten million, that’s $50 trillion,” he said.

The program, which could launch in two weeks, does not require Congressional approval, as it functions similarly to allocating green cards. However, it may face restrictions due to existing green card limits set by Congress.

Trump also hinted at scrapping the diversity visa lottery, which grants green cards to citizens of underrepresented countries. “Why do we give out lotteries of green cards?” Lutnick questioned, to which Trump responded, “We shouldn’t give them away.”

The EB-5 investor visa program is set to expire in 2027, and Lutnick criticized it as “full of nonsense, make-believe, and fraud,” reinforcing the need for a revamped system like the Gold Card program.