In a bold move former U.S. President Donald Trump has unveiled a new residency initiative called the Gold Card, priced at a hefty $5 million. Set to replace the existing EB-5 Immigrant Investor Visa program, this proposal promises to fast-track residency for wealthy individuals, offering green card privileges with a direct purchase option.

Currently, the EB-5 program allows foreigners to invest in U.S. businesses to create jobs and gain permanent residency. The "Gold Card" however will bypass the typical investment process, giving the affluent a direct route to U.S. residency for a $5 million purchase, speeding up the process significantly.

Trump’s plan aims to generate substantial revenue, which he believes could be used to address the national debt. The former president predicts that selling one million "Gold Cards" will be highly attractive to wealthy individuals across the globe, especially considering its appeal for those seeking quicker access to U.S. citizenship.

The initiative comes as a response to the *EB-5 program’s issues, which has been criticized for misuse despite its success in financing major developments, including projects linked to Trump’s own businesses. The Gold Card will offer the same residency benefits but with a streamlined, premium option for those with the financial means to pay.

The full details of the program will be announced in two weeks, but it is expected to revolutionize the way wealthy foreign nationals approach U.S. immigration.