President Donald Trump has introduced a highly anticipated ‘gold card’ program, offering a pathway to U.S. citizenship and legal status to individuals willing to invest $1 million. The program was launched on Wednesday, December 10, with a website for applications becoming live as Trump initiated the initiative at the White House alongside business leaders.

Just before the launch, Trump announced on Truth Social that the ‘Trump Gold Card’ provides a direct route to citizenship for qualified individuals. The program aims to replace the existing EB-5 visas, which were established in 1990 to attract foreign investment by requiring a $1 million investment in a company employing at least 10 people.

Under Trump’s program, individual applicants must provide the full investment amount, while corporations will need to contribute double the sum for each foreign-born employee. The president views this updated version as a means to attract and retain top talent while generating revenue for the federal government.

All funds collected through the program will be allocated to the U.S. government, with expectations of generating billions for the Treasury Department towards positive national endeavors. The initiative essentially offers a green card, granting permanent legal residency with a clear pathway to citizenship, a feature Trump considers superior to the current green card system.

Notably, the president did not outline specific job creation requirements for participating corporations or set limits on the program, unlike the existing EB-5 program. Instead, he highlighted the challenges faced by businesses in recruiting talented graduates from U.S. universities due to visa constraints.

Trump emphasized the importance of enabling businesses to hire skilled individuals without uncertainty surrounding their ability to stay in the country.