Speaking to reporters on Tuesday, Trump said he planned to eliminate the EB-5 immigrant investor visa programme, which grants permanent residency to foreign investors who create or preserve US jobs.
Instead, he suggested introducing a "gold card" that would offer green card privileges and a pathway to citizenship for wealthy individuals willing to pay for it.
"We are going to be selling a gold card," Trump said, as cited by the Reuters news agency. "We are going to be putting a price on that card of about $5 million."
He added: "It's going to give you green card privileges plus its going to be a route to citizenship, and wealthy people would be coming into our country by buying this card."
Trump told reporters that details of the plan would be unveiled in two weeks.
When asked if Russian oligarchs could qualify for the new programme, Trump said: "Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people."
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Source: IAR, PAP, Reuters