WASHINGTON 

US President Donald Trump is ending the EB-5 investor visa program for foreigners, which grants permanent residency, and has announced the launch of a new "Trump Gold Card" worth $5 million.

Trump made the announcement Tuesday at the Oval Office, stating that the card will provide holders with Green Card privileges and serve as a pathway to US citizenship.

"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," he said.

The program could start in two weeks.

Commerce Secretary Howard Lutnick described the EB-5 program as an underpriced way to obtain a Green Card, adding that under the new system, qualifying individuals will pay $5 million to the US government.

"They'll have to go through vetting, of course, but to make sure they're wonderful world-class global citizens, they can come to America," said Lutnick.

Asked if a Russian oligarch will be eligible for a gold card, Trump responded: "Yeah, possibly. I know some Russian oligarchs, they are a very nice people."

The EB-5 investor visa currently grants a Green Card to those who invest a minimum of $800,000 in a US commercial enterprise that creates at least 10 jobs for US citizens.