The president initially said his $5 million green card alternative would replace a visa for foreign investors that has become a favorite financing tool of major developers.

Immigration law experts say the “gold card” proposal is far more complicated and uncertain than President Donald Trump and Commerce Secretary Howard Lutnick made it sound when they announced it last week.

President Trump is floating the idea of a new "gold card" visa that would be sold to wealthy foreigners for $5 million.

The proposed program would replace the existing EB-5 visa program, which was established by Congress in 1990. According to the U.S. Citizenship and Immigration Services, the EB-5 program allows foreign investors to obtain a two-year green card by investing $800,000 or $1,050,000 in projects that create at least 10 new jobs.

President Donald Trump announced the United States will sell "a gold card" to foreigners allowing them to live and work in America.

In two weeks, President Trump plans to start selling an American citizenship “gold card” for “about $5 million.” A magician never shares his secrets, but this offers a chance to peel back the curtain on a classic trick where any outcome is a win — in this case, on his signature issue of immigration.

WASHINGTON — President Trump announced Tuesday that the US government will soon begin selling $5 million “gold cards” that convey green-card residency status and a path to citizenship for foreigners — predicting 1 million cards will be sold and that the initiative could quickly pay down the national debt.

President Donald Trump floated a new idea on Tuesday, sharing that the U.S. may soon sell “gold cards” to wealthy foreigners, giving them green cards for a fee of $5 million.