Donald Trump's latest endeavor entails selling "gold cards" worth $5 million in exchange for permanent residency in the United States as a means to attract rich foreigners to the country.

The US president announced the plan during a press briefing at the White House on Tuesday afternoon, stating that the United States would offer "green card privileges plus" and a "path to citizenship" for purchasers. 

"Wealthy people will be coming into our country by buying this card. They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people," the president said. 

US Commerce Secretary Howard Lutnick, who stood alongside Trump in the Oval Office during his speech, announced that the "gold card" program would replace the EB-5 visa scheme, which grants visas to foreign investors.

Under the new program, applicants will pay a $5 million fee directly to the US government and undergo vetting, according to Lutnick. While many nations have citizenship or residency-by-investment programs, these have faced scrutiny over security concerns, potential corruption, and the risk of tax evasion.

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US officials provided no specifics on who would qualify for the "gold card" scheme. When asked whether Russian oligarchs might be eligible, Trump responded, "Yeah, possibly. I know some Russian oligarchs who are very nice people."  

Trump’s proposal—originally set for announcement next week but unveiled early—comes as his administration intensifies its crackdown on immigrants, carrying out the mass deportations he pledged during his campaign.

Trump admin sacks 20 immigration judges, offers no explanation

In this context, the Trump administration dismissed 20 immigration judges without explanation, a move that was confirmed by a union official on Saturday amid broader efforts to reduce the size of the federal government.

Matthew Biggs, president of the International Federation of Professional and Technical Engineers, said 13 judges who had not yet been sworn in and five assistant chief immigration judges were fired on Friday without notice. Two additional judges were dismissed under similar circumstances the previous week. It remains unclear whether these positions will be filled.

The US Department of Justice’s executive office for immigration review, which oversees the courts and its approximately 700 judges, did not respond to a request for comment on Saturday.

Immigration courts are currently facing a backlog of over 3.7 million cases, according to Syracuse University’s Transactional Records Access Clearinghouse, and asylum cases often take years to resolve. 

Read more: Trump signs executive order to halt illegal immigration through south