U.S. President Donald Trump on Tuesday said Russian oligarchs would “possibly” be able to apply for a $5 million “gold card” via a new scheme that grants a pathway to American citizenship to wealthy foreigners.
“Hey, I know some Russian oligarchs that are very nice people,” a jovial Trump said in response to a question about whether they would be eligible for the gold card, saying “it’s possible” they could obtain one.
“They are not as wealthy as they used to be; I think they can afford $5 million,” Trump joked.
Trump and U.S. Commerce Secretary Howard Lutnick announced on Tuesday the plan to issue gold cards granting legal residency to wealthy foreigners, replacing an existing program for overseas investors.
For “about $5 million,” the new visas will bestow “green card privileges plus, it’s gonna be a route to citizenship,” Trump said. “Generally speaking, it will be people with money and people that create jobs,” he added. A green card allows foreigners to live and work in the U.S.
Oligarchs are wealthy and politically connected businesspeople who benefitted from Russia’s post-Soviet privatization, often leveraging their influence over politics, media and key industries while blurring the lines between business and government.
Some of the most infamous Russian oligarchs include Roman Abramovich, Oleg Deripaska and Alisher Usmanov, who have faced sanctions and controversy over their ties to the Kremlin.
In his last speech from the Oval Office in January, former U.S. President Joe Biden warned of a rising ultra-wealthy “oligarchy” in America posing threat to the country’s democracy, and urged U.S. citizens to defend institutions against “powerful forces.”
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