US President Donald Trump said on Tuesday (local time) that he plans to offer a ‘gold card’ visa with a path to citizenship for $5 million, replacing a 35-year-old visa for investors. “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, and we think it’s going to be extremely successful,” Trump said in the Oval Office.

Commerce Secretary Howard Lutnick said the ‘Trump Gold Card’ would replace EB-5 visas in two weeks. EB-5s were created by Congress in 1990 to generate foreign investment and are available to people who spend about $1 million on a company that employs at least 10 people. Lutnick said the gold card—actually a green card, or permanent legal residency—would raise the price of admission for investors and do away with fraud and “nonsense” that he said characterise the EB-5 program. Like other green cards, it would include a path to citizenship.