US President Donald Trump has announced plans to introduce a new “gold card” residency permit, priced at $5 million per applicant, with eligibility potentially extending to Russian oligarchs.

Speaking at the Oval Office on Tuesday, Trump stated that the initiative aims to attract job creators and generate revenue to help reduce the US national deficit.

“We’re introducing a gold card. You have a green card; this is a gold card. We’re setting the price at about $5 million,” Trump told reporters.

The Republican president, who has prioritised the deportation of millions of undocumented migrants during his second term, described the new card as a potential pathway to highly coveted US citizenship.

“Many people want to be in this country, and they’ll be able to work, create jobs, and build companies,” Trump said. “This will be for people with money.”

Trump revealed that sales of the cards would commence within the next two weeks.

“We anticipate selling perhaps a million of these cards. We have ensured legal compliance,” he added.

The former real estate mogul emphasised that all applicants for the gold card would undergo rigorous vetting. When asked whether wealthy Russians could apply, Trump suggested it was a possibility.

“Possibly. I know some Russian oligarchs who are very nice people. It’s possible,” Trump remarked. “They’re not as wealthy as they used to be, but I think they can afford $5 million.”

Several Russian oligarchs have faced Western sanctions since Moscow’s invasion of Ukraine three years ago.

Trump has unsettled European leaders by unexpectedly engaging in negotiations with Russia to end the conflict, raising concerns that he might compromise Ukraine’s position in the process.

Asked whether he would consider lifting sanctions on Russia, Trump said, “It could happen at some point, but it’s not on the table right now.”

US Commerce Secretary Howard Lutnick, who stood beside Trump in the Oval Office, expressed optimism about the gold card initiative.

“We can use that money to reduce our deficit,” Lutnick stated.

Trump, known for branding a range of hotels and casinos throughout his business career, even suggested that the new residency permit could bear his name.

“Someone asked, ‘Can we call it the Trump Gold Card?’ I said, ‘If it helps, use the name Trump,’” he quipped.